@@its_april1 Hi April I just read you were going on the process of purchasing a land and mobile home. I am considering doing the same. Where do I go to start looking for lands ? Do they finance the land as well the manufactured mobile home ? Is it worth it better than buying a set home ? I live alone so I just want a one bdrm or even two bdrm very simple mobile home. Greatly appreciate if you respond 😊😊👍 thank you
@@heididiego3719 okay, so it depends on what you wanna do. Let me start with this. You have to work on your credit and debt to income ratio. You have more bargaining strength when you have good (620 plus) credit. Next, if you want to do an FHA (land & home) your interest rate will be lower. If you decide to buy the land separately from the home that would classify as a chattel loan (meaning you only get the loan for the actual home). The interest rates are higher for that type of loan but the home is not tied to your land so if you happen to default on the loan, the bank can only take the house not the land. Being that you are in Cali and its expensive as heck out there and you only want a 2 bedroom, I would go with a FHA loan. Do some searching at mobile home dealers. See what fits in your price range. But, dont let them run your credit until you are ready to buy your home. I hope this helps. Let me know if you have any questions.
I wish I had seen this question. I DO NOT recommend what the person answered above for this reason... when you get a chattel loan you cannot do an FHA loan. Chattel loans are higher interest and you WILL NOT BE ABLE TO BUNDLE ALL OF YOUR LAND IMPROVEMENTS into the loan. Land improvements are often as much or more than the home itself.
@@AllieHanley True the rates are higher with a chattel however if you default on the loan for whatever reason, the bank can take your home and land. If it's a chattel loan and you default they only get the house. Trust me dirt (land) is and will always be worth more $$ than a house.
@@its_april1 In the state of Texas you can apply for a tax break called Homestead, and save money on your property taxes but also it protects you from losing your home to the bank. More importantly though, a chattel loan will not pay for many things that a land home buyer needs like a septic tank, concrete runners, drive way, clearing, grading, electric meter /service and electric hook ups, water service, water hook-ups,... some divisions require goofy stuff like concrete driveways ($10 grand), and hydro mulch. So what happens if you spent all your cash on the land and finance the house, then you don't have the CASH to pay for the improvements? This is what happens to people who pay cash for land WITHOUT knowing the cost of the services/improvements. OR, this is what happens too... they don't even qualify for a loan that will pay for the house that is required. What I mean by that is lots of places will only allow a double wide and the buyer doesn't have enough to pay for the double wide. So their "land" sits empty for a year or two while they try to come up with more cash. If they had just bundled all of it in an FHA type loan they would be living there. So, don't tell people to buy their land cash and finance the rest... THAT IS A MISTAKE. As someone who has sold more than 100 homes... I have seen it all and then some. Just because you bought a home and paid cash for your land, I wisely recommend that you DON'T tell people to do that because it only works for people who are cash and credit qualified. Most people buying a manufactured home do not have lots of cash, buying power, or the credit score to pull off what you suggest. If they did, they would more than likely buy a traditional stick built home.
@@AllieHanley I was simply giving the young women options. Here is the issue, you see it from the stand point of the seller and I see it from the stand point of the buyer. Yeah, you can bundle "all" of the improvements in an FHA loan. However, what you fail to tell the buyer is that the 10K to 20K in improvements they will be paying for in interest over the next 20 to 30 years, which in actuality would have been more economical if they paid out of pocket. Also you mention the fact they may not have the credit or money to do a chattel. Why not suggest they work on their credit and save (or use if possible, their 401K) for a large down payment. Futhermore, doing a chattel loan is not a mistake. That is just your opinion.
I want to buy land so I can rent land for people who want to plant mobile homes in my land. I want to make bussines out of it. Does the government provide the sewage, electricity, water on my land than bill me monthly ?
re Does the government provide... Most likely not. Find out if the land is incorporated by the city. If it is they may have sewage you can pay to hook up to. If not, you need to get a septic tank. Where is electricity? Is it down the road, across the street. These are factors you need facts on before you buy land. You also cannot just start planting septic tanks all over the place. You need testing done and your septic contractor can help you with this. You may be able to get 2 homes on an acre and have them share a larger septic tank. Smart way to invest your money. You may also get "renters" who will actually pay for the septic. I say this because I have seen a lot of illegals here in Texas who are willing to pay just to "have" their own piece of land even though you are technically the owner. I would recommend having standards of who can move their home on the property. For example, require the home has skirting, and designated parking. Perhaps new homes only. Good luck. What you want to do is expensive but holds it's value easily.
Hello, I’m new to the mobile home industry and I’m looking to buy Homes/Land packages. What do you advise, that could help guide me on purchasing land for people who want to plant mobile homes on my land. Finding Land Location, tenants, maintenance ect. I’m Located in North Carolina.
I enjoyed your video. I am just getting started in the education process - but Texas is certainly on the map for a place to buy land and build on, or place a pre made home. It sounds like you are really familiar with this process. A little bit about me - I inherited a home fully paid off, so I have equity to use... would like to do the HELOC route and will be doing the application process soon. The home will be a rental property. Maybe we can chat in the near future. Thanks.
There are better opportunities to use your equity... buying land good, buying rough land and putting a manufactured home on it as a rental, not so good. HOWEVER, if you bought a big lot... acre plus, and built your home on it, and then included a manufactured home as a rental in the front... = good investment. The costs of bringing in septic, water, etc that go along with the manufactured home kills your profit making over time UNLESS you can get multi-use, etc. Of course, I am sure you could find an example to discount my opinion, because I am talking about generalities. Be careful with your equity. The market, everywhere, is going to volatile for awhile now. Not sure how much time we have left with this super cheap interest rates.
Hello there! I'm looking for a home /land package but would like to know what states do you cover, I would like to be in warner robins ga or Delaware but would reconsider if I had to Please let me know what my options are.
my best recommendation is to check out clayton.com - they are by far the leader in manufactured homes. There are smaller companies too but if you want innovation, the Warren Buffet owned company is the way to go.
Oakwood Homes is part of Clayton Homes (which is part of Berkshire Hathaway ). Look up Clayton Homes. Expect to save more than $100k and get Modular rather than manufactured for about $15k more.
Allie Hanley sorry to ask but where exactly? Are you only in your specific area? I am currently in Staten Island and looking in New Jersey. I was looking at Edison Mobile Estates but don’t like the idea that the land rentals can go up whenever they want. Makes it harder for resale too. Plus Jersey taxes are huge so we are on the hunt for the best deal we can find while trying to get up as much money as we can and keep up improving our credit. We are hitting brick walls but still pushing forward. We have an estate we are selling but won’t see any money until after the sale and renting here, near my job is so expensive. Looking for the best move we can make. Like your videos! 👍
Any in Florida?
Hello I’m interested in purchasing land.
How to I get started? Not familiar with purchasing land or mobile home.
What questions do you have? I am going through this buying process almost done.
@@its_april1 Hi April I just read you were going on the process of purchasing a land and mobile home. I am considering doing the same. Where do I go to start looking for lands ? Do they finance the land as well the manufactured mobile home ? Is it worth it better than buying a set home ? I live alone so I just want a one bdrm or even two bdrm very simple mobile home. Greatly appreciate if you respond 😊😊👍 thank you
I live in Bakersfield CA
@@heididiego3719 okay, so it depends on what you wanna do. Let me start with this. You have to work on your credit and debt to income ratio. You have more bargaining strength when you have good (620 plus) credit. Next, if you want to do an FHA (land & home) your interest rate will be lower. If you decide to buy the land separately from the home that would classify as a chattel loan (meaning you only get the loan for the actual home). The interest rates are higher for that type of loan but the home is not tied to your land so if you happen to default on the loan, the bank can only take the house not the land. Being that you are in Cali and its expensive as heck out there and you only want a 2 bedroom, I would go with a FHA loan. Do some searching at mobile home dealers. See what fits in your price range. But, dont let them run your credit until you are ready to buy your home. I hope this helps. Let me know if you have any questions.
@@its_april1 ohhh thank you so much for for responding I greatly appreciate it. Yes this is very helpful. I'll follow your instructions 😉😁😁
Should i buy the land first with cash and tuen buy the manufacturing home will that be a good idea
Yes by your land in cash, then purchase your manufactured home as a chattel loan. Do not use your land as collateral.
I wish I had seen this question. I DO NOT recommend what the person answered above for this reason... when you get a chattel loan you cannot do an FHA loan. Chattel loans are higher interest and you WILL NOT BE ABLE TO BUNDLE ALL OF YOUR LAND IMPROVEMENTS into the loan. Land improvements are often as much or more than the home itself.
@@AllieHanley True the rates are higher with a chattel however if you default on the loan for whatever reason, the bank can take your home and land. If it's a chattel loan and you default they only get the house. Trust me dirt (land) is and will always be worth more $$ than a house.
@@its_april1 In the state of Texas you can apply for a tax break called Homestead, and save money on your property taxes but also it protects you from losing your home to the bank. More importantly though, a chattel loan will not pay for many things that a land home buyer needs like a septic tank, concrete runners, drive way, clearing, grading, electric meter /service and electric hook ups, water service, water hook-ups,... some divisions require goofy stuff like concrete driveways ($10 grand), and hydro mulch. So what happens if you spent all your cash on the land and finance the house, then you don't have the CASH to pay for the improvements? This is what happens to people who pay cash for land WITHOUT knowing the cost of the services/improvements. OR, this is what happens too... they don't even qualify for a loan that will pay for the house that is required. What I mean by that is lots of places will only allow a double wide and the buyer doesn't have enough to pay for the double wide. So their "land" sits empty for a year or two while they try to come up with more cash. If they had just bundled all of it in an FHA type loan they would be living there. So, don't tell people to buy their land cash and finance the rest... THAT IS A MISTAKE. As someone who has sold more than 100 homes... I have seen it all and then some. Just because you bought a home and paid cash for your land, I wisely recommend that you DON'T tell people to do that because it only works for people who are cash and credit qualified. Most people buying a manufactured home do not have lots of cash, buying power, or the credit score to pull off what you suggest. If they did, they would more than likely buy a traditional stick built home.
@@AllieHanley I was simply giving the young women options. Here is the issue, you see it from the stand point of the seller and I see it from the stand point of the buyer. Yeah, you can bundle "all" of the improvements in an FHA loan. However, what you fail to tell the buyer is that the 10K to 20K in improvements they will be paying for in interest over the next 20 to 30 years, which in actuality would have been more economical if they paid out of pocket. Also you mention the fact they may not have the credit or money to do a chattel. Why not suggest they work on their credit and save (or use if possible, their 401K) for a large down payment. Futhermore, doing a chattel loan is not a mistake. That is just your opinion.
I want to buy land so I can rent land for people who want to plant mobile homes in my land. I want to make bussines out of it. Does the government provide the sewage, electricity, water on my land than bill me monthly ?
re Does the government provide... Most likely not. Find out if the land is incorporated by the city. If it is they may have sewage you can pay to hook up to. If not, you need to get a septic tank. Where is electricity? Is it down the road, across the street. These are factors you need facts on before you buy land. You also cannot just start planting septic tanks all over the place. You need testing done and your septic contractor can help you with this. You may be able to get 2 homes on an acre and have them share a larger septic tank. Smart way to invest your money. You may also get "renters" who will actually pay for the septic. I say this because I have seen a lot of illegals here in Texas who are willing to pay just to "have" their own piece of land even though you are technically the owner. I would recommend having standards of who can move their home on the property. For example, require the home has skirting, and designated parking. Perhaps new homes only. Good luck. What you want to do is expensive but holds it's value easily.
Hello,
I’m new to the mobile home industry and I’m looking to buy Homes/Land packages. What do you advise, that could help guide me on purchasing land for people who want to plant mobile homes on my land. Finding Land Location, tenants, maintenance ect.
I’m Located in North Carolina.
I enjoyed your video. I am just getting started in the education process - but Texas is certainly on the map for a place to buy land and build on, or place a pre made home. It sounds like you are really familiar with this process. A little bit about me - I inherited a home fully paid off, so I have equity to use... would like to do the HELOC route and will be doing the application process soon. The home will be a rental property. Maybe we can chat in the near future. Thanks.
There are better opportunities to use your equity... buying land good, buying rough land and putting a manufactured home on it as a rental, not so good. HOWEVER, if you bought a big lot... acre plus, and built your home on it, and then included a manufactured home as a rental in the front... = good investment. The costs of bringing in septic, water, etc that go along with the manufactured home kills your profit making over time UNLESS you can get multi-use, etc. Of course, I am sure you could find an example to discount my opinion, because I am talking about generalities. Be careful with your equity. The market, everywhere, is going to volatile for awhile now. Not sure how much time we have left with this super cheap interest rates.
Where is this located ?
Do you guys have anything in the Waco area?
There's a guy who works at Clayton in Waco... his name is Deuce... he's fantastic. Give him a call. I think this is the number. (254) 776-7777
How much?
Hie Allie. I am interested I would like something in North CA...Modesto, Stockton or Fresno. Let me know...
I am working through titan homes I live in victoria, wish me luck! And ty
Hello there! I'm looking for a home /land package but would like to know what states do you cover, I would like to be in warner robins ga or Delaware but would reconsider if I had to Please let me know what my options are.
my best recommendation is to check out clayton.com - they are by far the leader in manufactured homes. There are smaller companies too but if you want innovation, the Warren Buffet owned company is the way to go.
@@AllieHanley ok thank you
Thank you, does Oakwood homes only work in Texas? I am looking to buy land in California. I've lived here all my life and don't want to move out.
Oakwood Homes is part of Clayton Homes (which is part of Berkshire Hathaway ). Look up Clayton Homes. Expect to save more than $100k and get Modular rather than manufactured for about $15k more.
@@AllieHanley thank you.
Allie Hanley sorry to ask but where exactly? Are you only in your specific area? I am currently in Staten Island and looking in New Jersey. I was looking at Edison Mobile Estates but don’t like the idea that the land rentals can go up whenever they want. Makes it harder for resale too. Plus Jersey taxes are huge so we are on the hunt for the best deal we can find while trying to get up as much money as we can and keep up improving our credit. We are hitting brick walls but still pushing forward. We have an estate we are selling but won’t see any money until after the sale and renting here, near my job is so expensive. Looking for the best move we can make. Like your videos! 👍
U go sister! Yall sold alot!
Show me the house
May I have info? We’re wanting one here in SC