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Updated 11 months ago,

User Stats

12
Posts
10
Votes
Star Reid
Pro Member
  • New to Real Estate
  • Mcdonough, GA
10
Votes |
12
Posts

My first deal questions !! - Finding 60k to fund deal - Mobile home in park quesitons

Star Reid
Pro Member
  • New to Real Estate
  • Mcdonough, GA
Posted

Short back story - Became debt free after paying off $30k - Currently have $25k saved - Have been doing research, listening to podcast, read the book on rental property investing by Brandon Turner, and became a ProMember of BiggerPockets (learning how to run numbers with the tools here). Its time for the first deal, and I may have it. But I have some questions I need to ask about things I don't know quite yet. 


So I found a for sell by owner property that is a mobile home that has been converted into a two unit duplex (units have been furnished by owner). The home sits in a mobile home park. The units are currently occupied with tenants and is being rented for $1280 each ($2560 minus $500 HOA: $2060 Net Earnings). Each tenant has 6-8 months remaining under their current lease agreement. I have proof that the tenants are paying on time, and have the current rental agreements to look over. I also live about 20 minutes from the property so i would be local.


The seller is asking for cash and I believe I can come up with 85k. I would love to take a personal loan out but there is a problem with my past. In 2017, I filed for bankrupty (being young and dumb). I have since then increased my net worth to over 100k invested and completely debt free with a credit score of 745. I tried yesterday to get a personal loan from SoFi and was denied (due to the bankrupty). So I am now in search of trying to come up with the remaining cash I need (60k). Does anyone know of a hard money lender or anything that I can use to get the 60k? I don't look like the best candidate, but my story speaks for itself. Its almost like im stuck until 2027 when the bankrupty falls off. 

My last resort is to borrow from myself. I do have a 401k and Roth IRA I can pull from to make this happen but that is my last resort. If I have to, I have to, but that's why I came here to ask for help. I also have over 100k of available credit on credit cards I could use (I have worked so hard to create great relationships with CapitalOne and Chase after bankrupty to have this, and don't live on credit card float). I looked into one of my cards, the Venture X. I have a 30k credit limit but my cash advance is only 10k. I don't think I can access the full 30k for this deal. Another option I thought of was getting an Auto equity loan on my 2018 Ford Fusion. I think I could get around 10k for that, which would help me but not fund the whole deal.

Also if anyone has any information for me about buying a mobile home inside a mobile home park, please let me know. Is there anything I need to know or anything I should watch out for? Could I get a home equity loan on a mobile home in a park to pay myself back? 

If anyone can help me or has any thing advise it would be appreciated. 

 

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