All Forum Posts by: Dave Rav

Dan,

Sounds like you have a great deal!  As someone else mentioned, its all about your goals.  You have mentioned at least TWICE now your goal is CF and avoiding the capital gains tax hit on selling early.  

So, our discussion moves right to that the long-term buy and hold.  Your options are 1) Seller financing - this has been hashed out in previous posts in your stream here.. 2) Lease Option.  

Couple things here:  Seller financing.  Someone mentioned 5%.  Look, there are no rules on what rate you charge.  Frankly, if someone can't get a loan and you are willing to offer seller fi, you may be able to charge more.  After all, you are providing a service.  I encourage creativity here!

Lease Options.  I do a lot of these.  Great methodology.  Also allows you to retain some of the rental tax advantages.  Typically, you get more independent tenants who value the property as well.  This caters to your goal of reducing landlord burden

**disclaimer, I am not a lender or tax accountant.  Check with your local licensed pro's and state laws

I hear what youre saying, but if its truly a good investment that puts off great cashflow you should think long and hard about this.  A few investors in my circle all agree that when we purchase MHPs we hold on to them. Also worth noting is MHPs, generally speaking, are shrinking in number as many municipalities aren't allowing new Park development. 

@Tyler Rasmussen 's idea is a perfect one - do that!

FHFA is charging a refi fee.  This applies to any loan that which is sold to Fannie or Freddie. You may want to research it.  You may be exempt if you already locked your loan.  Ask your loan officer.  (frankly, I'd fight them (lender) to pay for at least half the fee)

Everyone take note...the Freddie/Fannie refi fee rollout date was bumped to Dec 1

I agree with @Stephanie P.  Especially, in today's environment, that is a good rate.  Non-owner occupied will ALWAYS get you a slightly higher rate.  Personally, as an investor, I'd even be ok at 3.75%.  Still super competitive, and historically low for an investment property loan.  That rates bests any and all my investment properties dating back to 2010.

Be advised of the new refi fee!  Fannie and Freddie (FHFA) just added a new fee to refi's on loans backed by them.  I believe this goes into effect Sept 1.  Will you loan be backed by FHFA?

Thanks for letting the group know about this!  I'm pretty overextended at the moment, so I personally won't be attending but maybe others will check it out

@Patricia Taveras great point here.  The foundation is one thing that has been on my mind regarding trying to sell.  This one is only on concrete block with skirting; I am aware some banks like a more perm foundation

@Daniel Smithson

@Rachel H.

Thanks folks!  I appreciate your thoughts.  Daniel, its unfortunate you don't have a presence as a dealer in SC!  At any rate, I did enjoy your perspectives on MH sales.  Rachel, I am going to reach out to some local dealerships tomorrow.  Thus far, I've reached out to a few iBuyers

@Rachel H. thanks "Mobile Home Girl"!  I always appreciate your insight.  

The points you listed are ones that I also have thoughts on here.  I am concerned a traditional sale of a land-home package may have a greater chance of complication, compared to sale of a stick built.  I too have considered approaching a MH dealer!  How does that work?  Would they buy it, or merely put me in their "inventory" and I'd pay them a sales fee?  As for real estate agents, any thoughts on how to find ones that work exclusively with MHs or land-home pkgs?  I was just going to call the various brokerages.