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Manufactured, Mobile, And Modular Homes: What Are The Differences

May 12, 2022 by Cachet Real Estate Finance

Manufactured, Mobile, And Modular Homes: What Are The DifferencesThere are a lot of different types of homes available, and it is important for people to understand the differences. When people are considering purchasing a house, particularly a rental property, it is easy to get overwhelmed by the different houses available. Some of the most common options include manufactured homes, mobile homes, and modular homes. What are the differences?

A Mobile Home

A mobile home is a home that has been built with axles directly underneath the house. The axles make it easier to transport the home from place to place. The axles stay on the home even if people live in it. A mobile home might have a skirt placed on it to shield the axles from view, but mobile homes often have to be registered with the DMV because they qualify as a vehicle. 

A Manufactured Home

A manufactured home has been built in another location. Then, it is trucked to the final location where it is deployed. Manufactured homes do not have axles, but they can sit on the bed of a truck. They may or may not be installed on a long-term foundation once they arrive at the permanent site. Typically, these homes are built using metal frames to make them easier to transport. 

A Modular Home

A modular home is very similar to a manufactured home. It is built in another location, but it usually has a wooden frame instead of a metal one. It may also be deployed on another foundation once it arrives at its final location. 

Financing A Manufactured, Mobile, Or Modular Home

One of the big issues with purchasing one of the houses above is that financiers may hesitate to hand out a loan. Because mobile homes technically qualify as a vehicle, it can be difficult to find a lender who is willing to finance them. It might be possible to finance a manufactured or mobile home, but it needs to meet FHA requirements. The house must have been built according to HUD guidelines, it must have been moved to the current location when it was new, and it has to be attached to a permanent foundation. Then, it might be possible to find a lender to finance the cost of the house.

 

Filed Under: Real Estate Tagged With: Real Estate Investment, Real Estate Sales, Real Estate Value

Offering Asking Price: Is This Offer Competitive In The Current Market?

May 11, 2022 by Cachet Real Estate Finance

Offering Asking Price: Is This Offer Competitive In The Current Market?The current real estate market is incredibly competitive, and a lot of potential homeowners are wondering how they can separate themselves from the crowd. In the past, many people would think about how much under the asking price they could offer and still get the house. Now, it appears that the market has flipped. It is not unusual for a seller to have dozens of offers on the first day, so what do potential buyers need to do to be competitive?

Houses Are Selling Quickly

The current market is highly abnormal. According to statistics that have been published, the average house receives close to five offers and sales in just over two weeks. When a house has received multiple offers, it is not unusual for a property to sell above asking. A lot of sellers have so many offers that they are able to save money on housing costs by accepting an all-cash offer.

Buyers Must Be Prudent

Ultimately, buyers need to pay attention to market conditions if they want to submit a competitive offer. In today’s market, the list price is typically the start of the negotiating process. Therefore, buyers need to know this when they put an offer together. At the same time, buyers need to make sure they do not increase their offer too much, or they could end up buying a house that they cannot afford. 

Planning Ahead Is Critical

It is critical for buyers to set their budget and their expectations ahead of time. That way, they know exactly how much house they can afford. Buyers also need to know when to walk away. Even though it is tempting to fall in love with a house, keep in mind that there are other properties available. Buyers need to put their best foot forward if they want to put themselves in the best position possible to be successful. 

Will The Market Change?

Even though the real estate market does traditionally cycle, it is impossible to predict what is going to happen in the future. Furthermore, changing mortgage rates could have an immediate and drastic impact on the real estate market. Buyers need to be vigilant and understand what the current market looks like. 

 

Filed Under: Real Estate Tagged With: Home Offer, Real Estate, Real Estate Value

A Guide To Investing In Real Estate Rentals

May 6, 2022 by Cachet Real Estate Finance

A Guide To Investing In Real Estate RentalsIf you are thinking about purchasing an investment property, you probably understand this is a great way to diversify your investments. On the other hand, you also need to understand how to evaluate potential rental properties and how to make sure you can generate enough income to cover the overhead expenses related to the property. What do you need to know?

Pay Down Personal Debt First

Before you decide to take on a second mortgage, you need to pay down as much of your existing debt as possible. If you have unpaid medical bills, student loans, and car loans, you need to pay down the step before you decide to purchase an investment property. You need to have cash available to pay down your current and second mortgage, so you do not want to have other sources of debt dragging you down. 

Have Enough Money For A Down Payment

Investment properties typically have more stringent requirements regarding down payments. Even though you might have qualified for a first-time homeowner loan for only 3.5 percent down, that is not going to cut it for an investment property. You will probably need to have at least 20 percent of the property’s value available for a down payment. Mortgage insurance generally is not available on rental properties.

Consider Location

Just as you did with your original property, you need to think carefully about the location of your rental property. You need to purchase a property that has the potential to go up in value. You should also think about properties that have a strong school system, easy access to amenities, and relatively low property taxes. You also need to pay attention to crime rates and the health of the job market.

Consider Rent And Unexpected Costs

Finally, after you find a lender who can help you, make sure you think about your rental stream and any unexpected expenses. You need to have enough rent coming in every month to cover your mortgage, real estate taxes, and homeowners insurance. You should also have money set aside to cover unexpected expenses such as roof damage, HVAC issues, and plumbing problems. Stay on top of these issues to protect the value of your property. 

 

Filed Under: Real Estate Tagged With: Down Payment, Real Estate, Real Estate Investing

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  • What’s Ahead For Mortgage Rates This Week – May 16, 2022
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  • Manufactured, Mobile, And Modular Homes: What Are The Differences
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San Antonio, TX 78210
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