All Forum Posts by: Sadie Wilborn
Sadie Wilborn has started 1 posts and replied 4 times.
@Bryce Jamison thank you for responding. Yes I know it might be a lot for someone that has no experience, I have young children and don't feel comfortable sharing a home with strangers. I would be interested in building something smaller to start. It I am very interesting in land development. Are you saying buying a home would give me more experience for this? I would prefer to start with a build even if it's smaller than a few units. Like a duplex? What advice would you give for areas on the west coast and also getting started as a developer instead of buying prebuilt homes? I have no prior experience or relationships and would love to be guided in the right direction
@Jaycee Greene hello! Yes, I know it's a lot but it's what I would like to do. I would be fine with starting smaller to gain more experience and understanding of what it will entail. However I don't know where to start, as in area wise. I'm very interested in land development and would like to build even if it's just one to start out. What would be your advice for someone starting out that wants to go straight into building and not buying something already made?
So I am coming into a large sum of money soon, and have had my mind set on Build to Rent and house hacking. I want to stay on the West Coast, I am originally from southern CA but don't think it's smart to do that here. What are some good areas to look into on this coast and a little inland? I want it to be big enough for a few properties like a townhome complex (10-15 units) but don't want to be anywhere it's too cold or humid. (I know I'm spoiled lol) also any advice on BTR as I am first time in real estate and have been watching many bigger pockets podcasts on the subject and want to learn as much as possible.
im currently leaning towards Arizona or Oregon. But those were just the first to come to mind.
Post: Buying Manufactured homes + building foundations = ROI?
- Posts 4
- Votes 2
Quote from @David Edwards:
Stephen,
You want "modular" housing not manufactured.
Per many commentators and reality of the market you will find that manufactured housing, what used to be known as "Mobile Homes" do indeed depreciate. This is because manufactured housing is not what is known as "real property" meaning they can be moved and are not tied to the land. Additionally despite increasing quality of "manufactured" housing it is still manufactured to HUD standards and not necessarily local building codes. "Manufactured" homes for this reason are appraised differently than other housing and are also subject to various deed restrictions regardless of the idea to put a "manufactured" home on a foundation.
"Modular" housing is a different ball game. Modular homes are built at or higher than local building codes for the area you will be establishing the home. "Modular" housing is classified as real property and is appraised the same as any stick build.
"Modular" homes do have many of the value points that you state in you post in that you can generally have you modular built faster and cheaper than stick built.
I am in the middle stages of vetting modular companies here in Texas and will be working to build out several modular duplexes on a piece of land I have identified, jut working with the county engineering team to verify infrastructure. I've identified a bank that LOVES modular homes as they appreciate the short build times and resulting equity.
I also have 1 rental unit that is a HUD manufactured home, it rents out ok but anybody that buys from me eventually will need to be all cash or find a specialist lender, it's annoying. Still it was my first foray into the game and worked out well, I should make a post on it.
@Eric Teran may be along shortly to discuss the benefits/value of design and you really couldn't go wrong picking up a book called "The Modular Home" by Andrew Gianino. It's on audible as well as print, i'd get both the audio so you can get through it quickly and the book so you have all of the design plans and checklists.
I have a few other posts on this topic out there if you want to look and if you'd like to speak more directly do feel free to connect and we can private chat or have a call.
-Dave
I'm new to REI and was thinking of buying a manufactured home to live in and once I move renting it out. If I choose not to sell it, would you say it's a smart investment?