All Forum Posts by: John Arendsen

Bottom line? Don't put all your eggs in one basket. Especially in a highly speculative venture. I never put more than 10% of my net worth in anything but RE; especially something as volatile and unpredictable as a theoretically illegal substance. 

This has been a truly interesting and exhilarating conversation and I wish to thank everyone personally for their information, knowledge and participation. I would like to keep this thread open indefinitely for any/all folks that would like to contribute.

Thanks everyone.

I know a lot of them. But if and when any should come on the market I might want the first look. If I need some extra investment capital I'd reach out to folks like you.

That's great @Armando Raygoza. Would you mind keeping me in the loop? I'm just curious about the ins and outs of the AZ MHP arena. Big thanks, John

Hi @Armando Raygoza, Just following up. Curious to know how things are progressing in AZ?

Hi Ken,

Janis and I have been procrastinating for years about attending that show but for some reason we're always somewhere else during that time of year. Add to that as coincidence would have it we recently bought a Sprinter RV so we could drive through Kentucky, Tennessee, Illinois and Indiana exploring our roots and visiting family and friends. 

My Mom was born in Dawson Springs Kentucky which nobody knows about. Supposedly we've got some Daniel Boone blood somewhere in our ancestors and a lot of that history is in and around Dawson Springs as I understand it.

Now that I've bled my heart and soul to you thanks for the invite but we'll be on a cruise in January God willing. But do have a great show and we'll meet up sometime. Read a lot of your posts and would love an eyeball to eyeball sometime.

Regards,

John

Damn! How I wished I lived where you live @Brandon Oliver!

@Steven J. We've been working with any/all lenders for 30 years on lot/parcel resident owned manufactured home projects and I don't know of any that will lend on a MH that's been moved from its original situs. If you know of any so enlighten me. We're always looking for new lenders that do conventional 30 year fixed MH loans.

On loan limits I totally agree. In fact I don't know of any that will even talk to you for less than 100k. Only HML's as far as I know.

I'm not familiar with this particular project. However, I can tell you that if you are planning to purchase them to place on private lot/parcels to turn and burn as a land/home package that you will not be able to find any financing for your buyers. Once they have been moved or relocated from their original situs most conventional lenders won't touch them for a long term 30 yr fixed loan. 

If your intention is to put them in a MHP and rent them that's a whole other story. But you just better own the park because subletting is not allowed in most MHP's. Additionally, a lot of these homes were pretty bare bones and only singlewides which are much more difficult to deal with.

I think you intimated in a previous thread that the home was a '92? If that's the case you could qualify for a 30 yr conventional loan if the home is on a engineered certified foundation system. At least that's the way it is with the major lenders we deal with i.e. Wells, US Bank and a few others.

The very first thing you need to do is talk to the MHP management and find out what their sub letting policy is. Most MHP's do not permit it unless you're the legal owner renting/financing the registered. I've actually done several of these over the years but since Dodd Frank I've laid low. Too may kinks in the closet nowadays. At least that's the case in Cali. Could be totally diff in your neck of the woods. Good luck in any event.