All Forum Posts by: April Eilers

Hi, my husband and I would like input on the best platform for advertising our MHP for sale. What platforms have you had luck with? Thanks! April

A wholesaler reached out to us on craigslist to inquire about our 17 spot MHP that we are selling and says he has two perspective buyers. He is going to send an assignment contract. What are some terms we should look for in the contract to ensure it is legit and not a scam. Are there common wholesale scams we should be on the lookout for? We have never dealt with a wholesaler before and are a little skeptical because he 1. reached out to us on craigslist 2. doesn't have any references 3. doesn't have an MLS license 4. doesn't want to pay a deposit. Thanks!

Thanks for the info!

Thank you so much, that makes perfect sense!! Would be a shame for the interest rate to balloon in the future. I'm thinking it might be best to stick to 4 units or less. Maybe if I found a deal on a property with more units, but 5 units doesn't seem to be worth it IMO.

Based on my research, and what I've heard from numerous lenders, a 5 unit home is classified as a commercial property, and can only qualify for commercial loans. Is this understanding correct?

So far, the only bank/lender we have found that offers loans for this type of property has unfavorable terms. They do not offer long term fixed rates on commercial property.

Do you have any advice on who does offer more favorable terms for 5 unit residential (i.e., commercial)? I am looking for a 30 year fixed rate loan with a reasonable APR. Ideally a 20-25% down payment.

We are interested!

Hi Everyone, my husband and I are considering buying a duplex in south Lehigh Acres. How is buy and hold going in this area? For those locals, is northeast Fort Myers any better than Lehigh for quality of tenants or is it one in the same? I've heard bad things about the area and am getting cold feet, but would like to hear from some locals regarding whether these fears are warranted. On paper cap rate looks good and I've heard there's a hot rental market, but not sure about in practice and what quality of tenants we could expect.  Thanks for any advice you can share!! :)

How is buy and hold going in this area? For those locals, is northeast Fort Myers any better than Lehigh or one in the same in terms of quality of tenants? 

Thanks for the input! I think I've heard that you need 2 years of rental history before you can start counting that as "income" that lenders will consider. Is this true? Also, what is considered a good dti ratio? Also a couple more questions: 

• What are typical interest rates/terms of a cash out refi?
• Is there a limit to the number of cash out refis one can do? In other words, could I buy first house in cash, refi that, buy second house with refied funds, refi that, and so on x 50 as long as each refi was for only 70-80% of each appraised property value or would I be cut off after a point? If there is a limit, what is the limit and/or what is it based on? 

Hi BP, we plan to buy a property in cash and want to consider Brrrr feasibility thereafter. If we were to do a cash out refinance of that property is approval of the refinance income dependent (on our jobs/rental income) or solely dependent on the value of the asset one is refinancing? Thanks!