Hello everyone! My name is Tony and I live in Eastern NC and I'm still a newbie but I do own 6 doors currently. There are a lot of great deals in my area on manufactured homes (double wides) on private lots in rural areas which is a big plus in my market. I'm finishing up my first BRRRR and up next is the appraisal and cash out for the next place. We're cancelling the titles on the manufactured homes through the local license plate agency (they handle all MH titles as well as vehicles) then having my real estate attorney attach it to the deeds as real property, has anyone else here done that and if so how did it change the appraisal? I know it's increasing the taxes a good amount but it's the only way I could get good coverage through the insurance companies. I've got a few local investor friends that are selling off their portfolios and one that's selling all his rural places and building a new subdivision. Any insight, advice, etc is welcome! I love learning all I can about this business and networking with you all! I am closing my home improvement business to focus on rehabbing my own BRRRR and I have a lot of experience in working on these types of homes so that part doesn't bother me at all! Thanks in advance, Tony Holloman

@Tony Holloman

Hi Tony. If you find a bank that will refinance the mobile homes titled as real property in eastern NC, please let me know! I couldn't find one.

@Patricia Taveras is it a double wide or single wide? Is it for personal residence or investment property, what type of loan are you looking for in particular? I can't find anyone to loan money of single wides but I know of a few lenders that will do different types of loans on mobile homes with permanent foundation titled or attached as real property so long as you own the land/home if it's titled.

@Patricia Taveras

I've got a great wholesaler of repo/foreclosed mobile homes. I've got a 3 bedroom 2-1/2 bath with huge bonus room 2000 model Titan Homes 28x80 that has all osb sheathing and subflooring, everything 16" on center with real sheetrock in main areas of home. Has two master bedrooms and bathrooms, one on each end, the main master up front also has retreat/nursery/office with new metal roof in Wallace NC that has to be moved if you may be interested in it and have somewhere to put it $34k! Have pictures and video of it, wife doesn't like floor plan 🤷‍♂️🤦‍♂️

@Tony Holloman

Double wide on permanent foundation. Investment property. Own it outright. Would love to pull a loan out against it to invest in another investment property.

@Tony Holloman

What wind zone is it?

@Patricia Taveras I'll have to check and see. Not sure off top of my head. Are you wanting a business loan or personal loan for it. If you're wanting line of credit business loan call Southern Bank in Rocky Mount NC and talk to Debbie Boyette. If you're wanting a mortgage loan on it call Telco Credit Union in Greenville NC and talk to Angie Harris. Tell either of them I referred you please.

@Patricia Taveras

It's a wind zone 1

@Tony Holloman

Thank you! And will do! If I can ever help you in any way, please let me know.

@Tony Holloman

Ok thanks. In order for me to put one anywhere in New Bern, it has to be wind zone 2. I'm not looking to invest outside of New Bern at the moment. But thanks for the heads up. And thanks again for the banking info!

@Patricia Taveras

You're welcome, let me know if you decide to use either of those places and how it goes please! Awesome, I love networking with people especially those in my region. If I can help you in any other ways lmk, I've got an abundance of knowledge in all things construction and mobile homes. If my wholesaler has any WZ2+ come up I'll let you know. If you run across any WZ1 lmk.

@Patricia Taveras

A little FYI, Southern Bank has their own appraiser so that's a savings in itself but they only do LOC loans, they have up to 15 year terms though and it can be redone at that point if you'd like. Debbie Boyette is amazing to deal with! She was recommended to my by a realtor friend and she's very humble for her position and nice as can be! That's who I'm using on the one I'm finishing up now (it'll be my first loan on a property ever so I'm learning a lot, the ones I have now were bought with profits from the construction business). The LOC loan is going to work best for my overall plan right now, I'll use 30 year loans on each place after that and pay off LOC to keep going.

@Tony Holloman I’ve heard of investors that buy these on private land, and then put them on a permanent foundation so they qualify for conventional financing. It immediately increases the value because now it can be accessed buy buyers using a 30 year fixed.

@Tony Holloman . Wow sounds nice. I’m in Texas but am interested. Would it be possible to have it transported so far?

@Jonathan Hulen

That's what I'm doing, I was wondering if anyone had done it and how much it changed the appraisal.

@Bridget Gilder

Yes it could but I'd imagine that'd be a pretty hefty bill from a mover if you could find one that'd go that far. Most of the ones I know don't cross state lines, may have something to do with licensing or permits.

@Tony Holloman If you'll be attaching the land to the mobile homes, it'll usually increase the appraisal since it will be classified as real property (instead of personal property). Yes, usually this will increase your taxes. 

Regarding the appraisal, it will depend on the appraiser as well as what similar homes have sold for in the last 6 months in that area. What the county values the home will also depend on their appraiser as well. 

Hope that helps! 

@Rachel H.

Thank you!