All Forum Posts by: Paul Sofia

Does anyone have experience with financing for a new modular they put on land they already own?

I know they can be financed just like a stick built construction loan, however, my credit union is not doing construction loans right now and does not have a time frame for when they will (SECU).

I want to use the land as down payment if possible and finance the modular and the site prep for it.

Looking at getting a new modular duplex or a SFH.

Thanks

@Paul Sofia

That is a truly large ask from a biz broker it is a rather interesting community with a lot of characters and certainly not filled with a ton of amazing and trustworthy operators.  Spend a day calling brokers on Biz Buy Sell and you will get a feel for how crazy this space is.  

The sales process should not be fast have they been preparing for their exit?  

The leverage possible with SBA financing should help increase the buyer pool and exposure. Hopefully, they can find a purchaser nationwide versus local so pricing is competitive and they get the best price/terms possible.  

So in summation, no broker getting 10% of the sales price is going to give the best valuation or look out for their best interest and that does not make them unethical; it is simply an impossible ask for their model.  They will look at the earnings apply a multiple and try to get it sold as fast as possible and get their check that is the model.  

Jonathan Bock, CPA 

Good afternoon,

I've dabbled in real estate investing, a couple of flips, a short term rental, etc. I just sold off my STR and was looking for other ways to invest. I found a great piece of property - off market. Perfect for a SFR. Not in an HOA community. I don't have the cash to build a spec home on it, but I could purchase the property and advertise it with a spec home for sale. I have a builder that is willing to do the build once buyer purchases. There are a few people in my area that do this. I wanted to reach out to a broader community and see what your experience has been with this and if there are any "Need to Knows" before I get started. Also, how profitable has this been for you?

Edited to add: I am also a licensed real estate agent and sell real estate full time

Thank you!

That seems high.  I'll pm you a company out of Jacksonville  Affordable and reliable.  They've  done work for me on manufactured, modular and site built for me. for the last 5 years 

Anyone have any alternative to propane heaters or space heaters in general for drywall mud?  Anyone successful being able to turn on the central heat (gas furnace) before drywall starts?