All Forum Posts by: Paul Sofia

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That should be a concern but there are many other variables when dealing with a MHP.  How much education do you have in the MHP space?

When calculating MHPs, count pad rental only for DSCR. They can advertise a 10 cap all they want, but when they take to a lender,for DSCR numbers, they will deduct revenues on the homes themselves. I would suggest when venturing into this space, check out the MH University boot camp prior to making the leap. Frank and Dave are a wealth of knowledge.

Has he gone to planning and zoning yet?

First off, consider attending MH University Boot Camp.  Educate yourself in that space first.  It is a different animal.   There is much to learn and you can learn a bunch in a short period of time.  

I have been doing "ghost listings" with realtors around the Charlotte region and  for a couple years.  I mainly do mod and manufactured home listings.  I do some stick home ghosts but my target market is 300K and less.  I do stick built as well but mainly on the the spec side.  Works well.

21st Century Mortgage and Triad Financial offer chattel loans for mobile homes.  They do have guidelines, though, age of home, etc.. 

I would go to planning and zoning and see how may lots you could get out of the parcel and subdivide to maximize your profits.  If in the city limits, chances are you can get multiple lots depending on road frontage and set backs.  As long as you have city or county water and sewer.

I do mod specs.  No issues here.  I get more turns per year versus stick builds.

Check with Triad Financial.