All Forum Posts by: Patricia Taveras

@Tony Holloman

What wind zone is it?

@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

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.

@Alex Fichter

I agree with Kamil. I make better money with Airbnb. I have two long term rentals and three Airbnbs. They are all good, but Airbnb is my favorite. It's fun. I enjoy furnishing them. Our housekeeper is constantly in the property so small issues get fixed quickly. I enjoy communicating with the guests. As a bonus my husband and I get to play on the pool tables the few times we have vacancy!

@Sasha-Al Lee

Hi Sasha. When I had questions about how to go about buying my first few off market deals, I called the real estate attorney I planned to use and asked him how to proceed. He was able to guide me through all of the steps regarding the contracts. I would think the attorney will be able to help you as the seller. That's how I would start anyway. Good luck!

@John Terry

I bought my 2nd one partially with HELOC money too! The value is more than what we put into it, but I bought it for 15,000 and put it on a lot I bought separately and did the work needed to fix it and title it as real property. We are all in at 44,000. Tax value is 56,000. If I were to list I would list at 65,000 or 70,000. The value of doublewides as real property tends to stay stable. My other is a single wide I bought 13 years ago used for 10,000, and its tax value is 9,000. I'd probably sell it for 10,000.

@John Terry

Hi John. It's harder to finance mobile homes. I haven't found a bank yet that will finance them as an investment property - they'll only do owner occupied financing. You could buy cash or use a personal loan. They are built more cheaply. I find I fix soft floors frequently in mine. But if you buy them cheap they cash flow great. They also aren't going to appreciate like your stick built homes, and you probably aren't going to be able to refinance to pull money back out later. For me, the cash flow would have to be worth those trade offs to buy another one. But I do like the 2 I have.

@Niti Bhat

Hi Niti. My sister has a long term rental in Angier that was in high demand and one in Fuquay Varina in high demand. She just converted the one in Fuquay to Airbnb and is doing well with it.

@Tom Scott

Hi Tom. I have a nice cash flow double wide I did this with. I purchased the home for 15,000 from a seller on Craigslist. I purchased a lot for 7,500 in a D neighborhood that would allow a mobile home. I had to send to the city pics of the home for approval and buy a permit to move it. It cost 3,600 to move it. 3,000 tap fees to hook into city water. A couple of hundred to hook up electric. We had to skirt with either brick or cinderblock. We did block since it was cheaper. There was a certain way the mover advised us to pour the footers for the foundation in order to please a bank in the future if someone wants to buy it with an FHA loan - something to look into if you do this in the future. Home was structurally in good shape. We exterminated, laid laminate flooring, painted, installed new HVAC, and did some minor electrical repairs. My husband did alot of the labor. According to my books we are all in at 44,000 and rent it for 800/month to tenants who have been there since 2018 and consider it home. Hope this helps.

@Nathan G.

Hi Nathan. I bought a smoker house to move into. It was almost that bad! We scrubbed everything with TSP, Dawn soap, and degreaser in the kitchen. We ripped out all carpet and replaced with laminate. We primed everything with Kilz, including ceilings, and painted everything with a high quality paint. Painting with the right stuff is really took care of the smell. Cleaning alone barely touched it!