Hello, I am 33 years old, just married and currently building a 3200 SqFt modular home in Baltimore County MD. Projected value is approximately 75k more than i am spending on the total project. My dad not too long ago did the same thing and had over 100 k in equity. This has left me very interested in continuing to do this to create income and wealth for my family.
I have a contractor who is very savvy with Modular and have found a great Modular Manufacturer. These relationships are awesome and i trust going into business using these two entities as resources. But before i get started i wanted to poll some experts or at least some folks who may have had this idea prior to me.
1. All of my research tells me that modular is a superior product when it comes to cost, energy efficiency and quality of construction vs stick built. Other than public perception, are there any reasons i should be hesitant in pulling the trigger on the idea of starting a development company using the modular concept? I am a bit hesitant because it seems like a no-brainer as far as the amount of money i could make building and selling these. But as they say "Too Good to Be True"?
2. Because of my first marriage, i have a rental property that i have completely lost control of. other than being 60k upside down on the property, I recently found out that there are over 20k in delinquent condo fees. Because my ex just filed bankruptcy this is all falling on me. I have decided to file bankruptcy and cut my losses. My credit has already taken a massive hit as I am in the process of allowing a foreclosure. With all this considered, I am looking to start an LLC or S Corp taking my mom on as a partner leveraging her credit which is really strong with a 780 Credit Score. Any advice as to how much of a possibility this is or if I'm being unrealistic. Please help!!
@Rob Carr Welcome to Bigger Pockets! Are you going to sell this house or keep it for a rental? It sounds like a great investment if you can come away with profits like that. I've seen cool modular homes like Method Homes and other popular green buildings that aren't your traditional small eaved manufactured homes. Some markets love manufactured home, I'm not sure about your area, but if this one does well, then that's a good sign.
Thanks for responding. I'm actually heading your way tomorrow for work. Excited to see Seattle!!
I am looking to sell. I may try to rent down the road but for now I'm looking to flip. Entire process once land is aquisitioned is about 3.5 months. So it would be great to do 2-3 a year starting off.
@Rob Carr It doesn't sound like a bad idea if all the numbers work! Welcome to Seattle, where it is actually raining like crazy this week!
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