All Forum Posts by: Armando Carrera

Hi,

Wife and I are ready to purchase our next home. We can do the 20% down on most homes we’re interested in. Can I/should shop with different lenders? I’ve used the same lender for a couple of homes but have never looked outside for second options…

Let me know your thoughts 

thank you everyone 

Hi,

You can reach out to Doug Finley at Orion structural group. They’re based out of Thousand Oaks 

Hi everyone, 

Wife and I did some investing in Arizona a few years back but pricing boomed the last few years and priced us out for the most part on future investing. Where do you guys recommend to invest where pricing would be in the neighborhood of $200k? Ive always done 10% down and would do the same if there's something for us to invest in.

Any tips as to where to look would be appreciated.

Thank you!

Quote from @Joseph Brown:

Quote from @Armando Carrera:

I have done manufactured homes as ADUs here in Southern California. I have completed 6 total ADUs in my local area in the past 12 months. They average from 600-800 sqft. Not including permit fees, such project will average about $150,000. I haven't come across a project where it's under $200 sqft. More and more people are getting encouraged to look into the manufactured home way as a method to do their ADUs. If you have any questions regarding this side, please let me know.

Thank you

 Do you have any pictures of them?

 Hey Joseph,

Yes I do

I have done manufactured homes as ADUs here in Southern California. I have completed 6 total ADUs in my local area in the past 12 months. They average from 600-800 sqft. Not including permit fees, such project will average about $150,000. I haven't come across a project where it's under $200 sqft. More and more people are getting encouraged to look into the manufactured home way as a method to do their ADUs. If you have any questions regarding this side, please let me know.

Thank you

Quote from @Michael Brattelli:

@Armando Carrera as others said above that's mortgage fraud and not at all what an FHA loan is for. Save up more capital and buy an investment property or just house hack for a year. 1 year really isn't that long and flies by pretty quick. Just suck it up in the short term and reap the benefits in the future.

 Hi Michael 

I hear you (and everyone else), I have well over the necessary 20% down in the market I’m interested in. I just really didn’t want to use it up since I have other plans as well. 
thank you all

Quote from @Josh Young:

@Armando Carrera what you are talking about is mortgage fraud and it’s a felony that could send you to prison. 

 Hi Josh,

Appreciate the quick response. I dont want to commit a felony or fraud or even less go to prison. I will totally not ever consider such an idea...

Thank you!

Hi everyone,

Im trying to figure/find out how strict the rules are when it comes to getting an FHA loan (I want the minimum down payment) and renting it right away. Ive read that you must occupy the home at least 1 year before you can rent it out as an investment.

Have you guys tried renting the home out immediately after closing escrow? Have any of you gotten in trouble for doing this? 

I want to purchase another investment home but dont really want to house hack...

Thank you

Hi everyone, 

I am relocating from Southern California to the Phoenix area. After uploading my resume, I got a call from a mortgage company about possibly filling one of their loan officer positions. I have no experience in that field. I am a sales manager for a manufactured homes retailer so I know just the surface of lending.

Can anyone give me an idea of what is expected in this position? Do you feel happy in such a position? Any advice or input would be greatly appreciated.

Thank you all

Armando Carrera

Quote from @Chris Miller:

@Armando Carrera

Hi how much do the manufactured homes run for? Cost per square foot? Thx

Hey Chris 
In this SoCal market (could be different nationwide) a home is about $140 sqft. You’d still need install plus foundation among other things. All together roughly $225-250 sqft. Without know more details, these numbers can vary