All Forum Posts by: Scott Schaar

Hello,

Does anybody have experience with the Revive program from Cavco ? It’s a program very similar to 21st Cash program . Just on a smaller scale . They only prefer you buy 5 homes . Instead of the 10 in the Cash program . Finance sounds the same . They have different manufactures like Fleetwood and Friendship . I talked to one of their reps today . Sounds like a solid program .

Just curious if anyone has used it ? Thanks in advance .

@Ronnetha Darrett in the Evansville area we have many to choose from . As far as rehab contractors go . They're big time contractors and smaller contractors . If your talking about the older homes in town . They have alot to offer in way of returns . They also have allot of headaches to give if you're not careful . In the downtown area right now Happe Const. Is working on many of the remodels in the Haynie's corner area . They're pricy but do a great job . The smaller contractors put out the same quality . You'll just have to get references of past jobs . If you'd like some pointers on the small contractors just message me . I just recently did a flip of a 1920s house . It was more extensive then just bathroom and kitchen . I self managed and did alot of work myself . Good Luck !!

Thanks for the information, I really appreciate it . I’ll get in contact with them .

If anybody has a insurance provider that has a good product for MHP . I would greatly appreciate recommendations . I've got a park under contract . Needing advise please . I'm located in Southern Indiana .

@Nicholas Moffett if you go to the website and sign up for FREE . They will give you a free manual that covers alot of basic ideas . I read that then bought the manual and at home course . This is like getting a good deal on a property . The money you're spending is a tiny amount compared to what the return is . I bought the study course a month ago and am closing on my first MHP . Good Luck

@Reid Hanley I've tried this and it works well . This works in SFH as well . I replace the main light in the bathroom with a combo fan/light . When they flip the switch the fan comes on . Don't buy the cheap one . Because yes they do get annoyed buy the sound . Plus the cheap ones don't move much air . The good ones are very quite . They cost about 150.00 dollars . The best part about a mobile home is normally there's no attic . You should be able to put a roof vent in for the light easily . At least that's the case on Single wides . You could try same thing in kitchen . Replace the one over the sink . Most mobile homes are configured with the stove close to the sink . Along with being on the outside of the roof line, so easy to vent . Just something you might try .

I’m assuming you have POH that’s why your having this issue ? Mine is all TOH, but we offer “maintenance financing” . Many can’t afford the costs of the work they need done . We’ve worked on a couple with this issue . Good Luck !!

@Trent Roberts just a side note . If you intend to finance the property you find . If you go through the LLC, you will have to use commercial lending . Which isn't terrible, but it comes with different terms .

Most commercial loans will have a maximum of a 20 year loan . Most likely will be 5/1 ARM mortgage . All these are not bad . I just know when I started out I was investing for cash flow . When you compare a 20 year commercial to 30 year residential . It can be a couple 100 dollar a month difference . Depending on the deal, can take from you cash flow positive to cash flow negative .

The umbrella policy until you get above a million is a lot easier for starters . Contact your insurance provider, they are usually very cheap . Compared to the added expense of using a commercial loan .

I use both means myself . Anything I buy cash and rehab with my own money I do in an LLC . When I finance I use my name starting out, on new property . Then after I get five or so houses . I combine all 5 of them into a commercial refi . Which is then through one of my LLCs . I carry an umbrella policy no matter what . Because I always have something in my name .

@Mark Brogan good idea . Plenty of dealers around here to talk to about that .

@Mason Wade Morris check your actual codes . Don’t guess at what it is . Bring up the county’s website and look up building codes . Should have a section on bedrooms . Window size needed along with minimum square footage . I do not know the building configuration . The county I invest in allows skylights as a window as long as the ceiling height is also in compliance . While you’re there you might want to bring up the local tenant laws .

I do add ons in basements all the time, but I do it to code . It’s easy just look up the code . Even if this one doesn’t work out . You’ll know the code for the next property you look at . Self educate on anything that has to do with building code . Next time you’ll see a lot more about a house then you would normally .

@Dan Lam welcome aboard . You've started research the moment you joined BP . This place is great for learning about everything . From live in flips to MHP investing . I flipped my first house years before I knew about BP . I wished I'd started here earlier, I wouldn't have sold those houses I would have BRRRd everyone of them . As far as what to do with your money I can't answer that . That's up to you to find the niche you like most . Myself I started as a flipper . Moved to SFH student housing . Now just had an offer excepted on my first MHP . Just research and read a lot . Most of all don't get intimidated, MIH make it happen !!!

Good Luck