Professionals: You Will Need to Be a Successful MHP Investor

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Lenders.  Suppose the home is personal property (the land is not included with the home). In that case, you will want to know lenders who offer chattel mortgages and finance companies.  Chattel mortgages are used in the financing of manufactured and modular homes and MHPs.  If the home is moved to a different location, the loan stays intact.

Brokers. Manufactured home brokers (dealers) are licensed to sell mobile homes.  Some may sell new homes, some may resell existing homes, and some may do both.   Suppose they have homes that people have traded in for a new home or homes their finance department is repossessing. In that case, these may be opportunities for you.  Dealers/brokers are also an excellent source for finding out who is lending on homes in that market.

Transporters and Installers.  Transporters and installers are professional home movers that navigate the highways to deliver homes.  They plan for the type of home being moved, the size (plus legal vs. oversize considerations, including escort vehicles), whether a commercial route plan is needed, permitting for local or interstate moves, set-up services to disconnect and reconnect utilities or attach axles and wheels, secure the installed homes with hurricane straps and many aspects that are specific to this type of home. 

Rehabbers.  People familiar with constructing manufactured houses (MHPs) that understand the components and how to handle the repairs or rehabs properly will be a necessary part of your team – whether you rent or sell the homes.  Replacing a roof on a mobile home is different than a traditional home.  The members are made to be light for transport on a mobile home.  Stacking materials on the roof to do a job the way a site-built home would be done could damage the roof structure of a manufactured home.  (Knowing things like this is crucial to avoiding preventable, unplanned expenses in your rehab.)

DMV. The department of motor vehicles is the agency you will most likely use to transfer title to the personal property homes (instead of using a title company to handle similar activities with real property).  Lien searches and filings are also done at the DMV.  You may want to have a contact to assist with your inquiries, filings, paying taxes, registrations/decals, title transfers, and replacing lost titles.

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