All Forum Posts by: Rachel H.

@Logan M. Yikes, sorry to hear!

Over the years, I've seen a couple fire-damaged homes come up here and there. Like @Dave Rav mentioned, a lot of fires happen due to cooking issues in the kitchen. 

Many parks due require residents to have insurance on their homes, if owned. Makes sense why you've decided to sell your park-owned homes. 

Thanks for sharing this story! 

@Mitchell Hammack If the home is located in an area with other mobile homes, it's best to check with the zoning department to see if there are any restrictions when bringing in another home on the lot. In some areas, there are limitations on the types and ages of home you can bring in these existing subdivisions which vary by area. 

Other than that, you may want to talk to a few local mobile home dealerships. They may be able to give you an idea of what the costs are in the area to move a mobile home (depending on its size), location and other fees involved (i.e. utility hooks ups, permits, etc). 

In the past, I've found speaking with mobile home dealerships to be a good resource when it comes to market insight and referrals. 

After adding up the costs, if it's too much - you might want to look into bringing in a partner and/or private lender into the deal. This can help offset the costs and lower your risk, if that concerns you. 

Hope that helps! 

@Brian Lubeck If you're selling the homes to tenants and only charging lot rent, it should be separated from the sale of the homes themselves. I would not bundle them together as a payment for the home which can be confusing. 

Yes, this may raise a red flag with your bank since the homes were collateral for the loan. Just something to be aware of. 

Hope that helps! 

@Craig James Conrad No, not really. You're not under any obligation to have a reason to not give a renewal option. If the lease expires, the lease expires. 

To offset things, you could even raise the rent for the new occupants when the lease expires. When in doubt, it's best to go with your gut especially when evaluating existing and/or prospective tenants. 

Hope that helps! 

@Craig James Conrad Yes, most definitely! I'd be conservative with your numbers regarding the number of bedrooms and occupants allowed. 

If not done properly, this may be an issue down the road if the county gets involved for any reason whatsoever. 

Hope that helps! 

@Michelle Felkey You could always bring in a partner and/or private lender. Another option would be to ask for seller financing. 

If funds are low to buy and hold, you could always try finding deals for other investors by bird-dogging and wholesaling to build up cash until you have more funds available. 

Hope that helps! 

@Kenneth Fernandez You may want to talk to a few mobile home dealerships. They may be able to offer some insight on financing and the market. 

Another option is to talk to your local manufactured housing association. They may have a few other referrals of lenders who may be able to help.

Lastly, small banks or credit unions may be an option as well. 

Other than that, seller financing or bringing in a partner may offer other financing solutions as well. 

Hope that helps! 

@Marco-Dane Samuels You might want to get a few other estimates and opinions from other HVAC contractors which may help in making an informed decision. As a mobile home investor myself, I find that talking to more contractors and getting multiple bids gives me the information I need to make a sound decision when it comes to fixing and/or replacing items. 

Regarding your question about a one stage or two stage system, you may want to pose this question to the HVAC contractors you speak to. I'd highly recommend talking to contractors who are well versed on mobile homes and have done work on them when it comes to fix-up work. 

Hope that helps! 

@Ofir Aizik The best thing to do would be to visit your local real estate investment club. Talk to people there actually doing deals. Usually, word gets around as to who's doing what and what type of investing and niche they're in. 

Another option is to call on bandit signs in the areas you want to buy. Many times, these investors can be wholesalers as well. Call them up and tell them exactly what you're looking for in terms of a deal including what areas you want to buy, price range and how much work you want to put in. See how you can work together. 

Also, you can call local agents listing investment properties and fixer uppers in the areas you want to buy. Let them know what you're looking for as well and see how you can work with them to create a win/win situation. 

Many times, deals are found through networking and knowing who to talk to in the areas you want to buy when it comes to being a successful real estate investor. 

Hope that helps! 

@Andres Mata I've looked into this myself. If you're interested, I can send you a few resources. Feel free to DM with any questions. Hope that helps!