All Forum Posts by: Blake Petty

Pros, cons, and grey areas of buying modular instead of stick built houses for rentals.

I’ve been searching through the forums and can’t seem to find a post on this topic within 5 years ago. I currently have a couple vacant lots in a neighborhood and I’m deciding on new construction or going modular.
Is there any cost advantage of mods?

Is there any difference in appreciation?

Is there a price gap in rent rates?

So i have recently bought my first 3 investment properties last year and everything is going almost perfect (praise the Lord). 3-4 people who are close to me have heard what im doing and all are willing to invest somewhere around $20k-$25k with my next deals to make some money with me. Heres the problem: im ignorant on how to structure something like this and what kind of return i should promise them to keep them happy enough to reinvest on more deals.

@Ko Kashiwagi

Thanks for the reply, the house in question is a traditional stick built house. But was considering going modular on the vacant lots i own in the same neighborhood.

This is my first investment and need help understanding how to leverage my equity for more doors.

Last november (2024) i bought 3 connected properties in a neighborhood going through a renaissance. The purchase price including closing costs was ~$33,000 for all 3 lots together. One has a house (built 1911 870sq/ft) that i have been renovating. Up until now i have been using a private investor’s capital who wanted to see me get started in RE. Currently ive used 52,000 of his money. I am getting a construction loan ($60,000 at 6.5% interest only first 12 months) to finish the rest of the house to get turn key ready. All in all i will have $98-$105k invested in this house (52k from investor and rest from loan). The house has appraised for a finished value of $155k. Is there a way i can pay my private investor back (he only wants what he put in) and still have capital to put a downpayment on a modular house to place on one of the other properties?

Looking to get my real estate agent license… does anyone have one they recommend?? I’m in low state SC near North Charleston.

@Mitch Messer

Thank you Mitch, let me rephrase myself for success:

I’ve read books like “think and grow rich”, and “more than enough” and listened to all BiggerPockets podcasts dealing with wholesaling that I could find. I currently have no issues finding off market houses and property. However, I need done guidance on how to go about find buyers. If I land a deal as a result from your helping me then I’d be more than happy to pay $500 to your favorite charity.

Thanks, Blake

Guys I’m desperate and need someone who knows what they are doing in wholesaling. I will not be a waste of time