All Forum Posts by: Anthony Butcher

@Anthony Butcher It sounds like you're paying for the land, and not much else especially if the mobile home need a lot of renovations. Like already mentioned this type of property doesn't benefit from all the wealth building pillars RE provides.

I have a friend that bought a trailer in a park about 3 years ago for $12k cash. He partially remodeled the interior then rented it out for total of about $15k. Today it's worth about $15-20k but he it doesn't own the dirt it's sitting on and someone has to pay lot rent.

Pretty much about paying for the land. And it was nice to see it had a dwelling on the property. I'm still doing my homework. I'm a newbie l, so just trying to see how good an idea updating a mobile home would be.

i greatly appreciate your response

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Thanks for the advice all.

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Quote from @Eliott Elias:

The issue arises when refinancing. Most banks do not lend to mobile homes.

That's what I was curious about. I have limited funds, and didn't want to go into this and screw myself over.

thanks

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Thanks for this info. This is what I was looking for

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Hi,

I am looking at buying land, and I came across a lot with 5 acres that has a mobile home on it. The mobile home was built in the 80s and looks like it just needs some love.

I am thinking of buying to do a Brrrr. The property is a rural area asking 139k. There's lots of springs and rivers around, so potential Airbnb.

Is it a good idea to rehab a mobile home, and what would be some red flags.

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Quote from @Eliott Elias:

Most banks will, they will also ask for two years of tax returns. DSCR is an alternative, interest rates are higher but the barrier to entry is easier.

Thanks for the advice

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Quote from @Ned Carey:

@Anthony Butcher I don't mean to be a smart *** but why would you want to? Having no reserves is very risky. What do you do when something goes wrong or you have a cost overrun?

You cold use a partner, private lender or borrow more than needed. Essentially you could borrow the reserves. This is both risky and tough to pull off.

I do have a proper plan in place to be in a good financial spot before jumping into my first investment, but occasionally I see good deal, that I would like to jump on, and that's where the risky part comes in.

for the price point I'm looking at, I can cover the mortgage payment, if I am able to come up with the down payment.

I know reserves is important, but I here more people talk about having the down payment vs having down payment and reserves, and I guess I never thought of it being necessary for an approval from the bank as it's not needed for a personal property.

I appreciate your feedback thanks

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Hi,

I am trying to get my first investment property, and a couple of banks I spoke to are asking to see 6-12 months of reserves in my bank account to cover the mortgage.

I am working on saving money towards a deposit, but now it looks like I also need to save more to have in reserve.

How do you secure a loan without having to save 6-12 mths.

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Hi,

I'm thinking of partnering with a friend of mine who does not live in the US, and is not a citizen or does not hold a green card. I am a US citizen.

Has anyone partnered with a foreigner, and how did that look with taxes, and legalities?

I'm guessing I would have to talk to a lawyer and a tax accountant, but just curious how easy or difficult it is.

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Quote from @Don Konipol:

Quote from @Anthony Butcher:

Hi,

I am looking to do MTR arbitrage in Florida. I have a few markets picked out, and a completely new to real estate investing.

So far I know I should setup an LLC

I have a target market that I'm looking at.

My questions is do they get regulated the way STRs do?

Do you reach out to county to see what their MTR lease terms are?

What kind of insurance do you get?

I know I will need to reach out to an accountant, but does the taxes fall in line as the same as a STR or LTR, and what does that tax break down look like, and I'm aware each county could be different.

Is there anything else I should know?

Here’s my OPINION on MTR arbitrage
In most areas there’s just not enough spread between the rent you”ll pay and the rent you”ll receive to make it a profitable return on your time and capital. The spread seems to be there in STR for arbitrage to work, but in most areas MTR arbitrage is a non starter.
The reason I emphasize OPINION, is that I have no hard data to back up my opinion. It’s based on my experience, which may not be all encompassing. So weigh this with all other information you receive and make your decision from there. However, I can tell you something for certain: pick the right area. This is not a universal investment t type that will “work anywhere”. And good luck, knowck ‘em dead!

I really appreciate your answer. I value everyone's opinion.

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Orlando, Florida

All Forum Posts by: Anthony Butcher

Anthony Butcher has started 22 posts and replied 45 times.

Post: Buying a mobile home.

Post: Buying a mobile home.

Post: Buying a mobile home.

Post: Buying a mobile home.

Post: Buying a mobile home.

Post: Financing with no money in reserve

Post: Financing with no money in reserve

Post: Financing with no money in reserve

Post: Partnering with a non US resident

Post: Looking to start my first MTR arbitrage