All Forum Posts by: Rachel H.

@Adrian Smude Most definitely! Maybe if enough people chime in here about wanting a separate category for mobile home investing (apart from the mobile home park investing category), one will be added. Hope so! 

@Dave Meyers The main difference between site built homes (single-family homes) and manufactured homes is the way they are built. 

Usually, manufactured homes are built in factories (regulated by HUD) which are then transported to each site where they are placed (blocked and set). On the other hand, site built homes are built on site needing to be built up to code in the area the home will sit.

Regarding value, it will depend on the market (like anything in real estate) meaning value is determined by supply and demand and what people are willing to pay. 

As for resources, you may want to search online for books and resources on the history of manufactured homes and how they came about. This will give you a better idea of the purpose of manufactured homes and why people live in them. 

Hope that helps! 

@Lawrence Smith You'd have to check with your local zoning department to see what you can do and how to do it with that piece of land. Most times, you'll need the address and legal description so they can look it up. 

Usually, there's a process involved which can take time. 

Hope that helps! 

@Julia Parton You may want to check with your local manufactured housing association. Many times, they provide sample contracts for their members. 

Other than that, you could try networking at your local real estate investment club to see if there are other mobile home park owners in the area. You may be able to take a look at what they use, if you build rapport with them. 

Hope that helps! 

@Rosemary Montgomery It sounds like the title company/attorney is just trying to protect themselves asking for a personal guarantee. As others have stated here, if you're putting down 55% it's not likely you'll walk away from the deal anyways with or without a personal guarantee. 

If you feel more comfortable talking to the closing attorney/title company in person to go over things, it's best to do that before you close if you decide to go ahead with the deal. 

Best of luck with things! 

@Zenish Mahaseth If you can't sell it and get cashed out, another option would be to offer owner financing on the land. You may want to bring up the deal at your local real estate investment club to see if there are any investors who may be interested. 

If you still need help in this area, feel free to send me a DM. I can send you some resources that may be helpful. 

Hope that helps! 

@Pradyumna Dhakal Usually, after they use the majority of their funding resources experienced investors will bring in partners, private lenders and/or use owner financing on their deals. 

Hope that helps! 

@Doug Henderson Feel free to send me a DM and I can send you some resources. Hope that helps! 

@Albert A. If you go the mobile home route, it's definitely a niche so you'll have to study the niche before making any big moves. It's best to pick a niche and start out small. From there, put a small deal together and learn from your mistakes. 

After your first deal, then you can decide if you want to stay in that particular niche or choose a different one. Some change their minds after the first deal. Others stay and continue to do bigger deals. 

Hope that helps! 

@Jae Ha Jung Sounds pretty good. Most who have to get anything out of it do hard money and then refinance later. The waiting period does not seem that bad for the LTV they're willing to do.
Good luck with it!