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All Forum Posts by: Paul Sofia

Paul Sofia has started 3 posts and replied 323 times.

Post: High LTC lenders for new construction Central Texas

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

Sent pm

Post: Should you own the MHP mobiles?

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

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?

Post: Please help me value this 20 unit MHP with 9 apartment units

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

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.

Post: Mobile Home PARK Financing/Loan

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

Has he gone to planning and zoning yet?

Post: Buying a piece of land to make mobile home park

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

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.  

Post: Selling a New Home Pre-Construction

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

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.

Post: Mobile home and/manufactured home buying

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

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

Post: Wholesaling A Burned Down Home

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

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.

Post: Modular/Prefab New Construction in Baltimore, MD

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

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

Post: Refinancing a Used Manufactured Home

Paul SofiaPosted
  • Lender
  • Charlotte, NC
  • Posts 340
  • Votes 164

Check with Triad Financial.