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All Forum Posts by: Mark Beekman

Mark Beekman has started 93 posts and replied 253 times.

Post: I am giving away a free rental house in St. Louis

Mark BeekmanPosted
  • Investor
  • Phoenixville, PA
  • Posts 257
  • Votes 18

@Jay Hinrichs

I'm in Pennsylvania, but for an opportunity like this I would be willing to relocate for the Winter (I wouldn't miss the cold weather, believe me) and perhaps blog the whole process. I've been wanting to take the plunge into rentals for a while now, but have feared the unknown too much. This would be a way for me to break out of the shell.

I can only hope that I'm in the position to pay-it-forward like this someday.

Post: Would this be a Long Term Capital Gain, or Ordinary Income?

Mark BeekmanPosted
  • Investor
  • Phoenixville, PA
  • Posts 257
  • Votes 18

I purchased a vacant plot of land over a year ago. My original intention was to flip it, but now I'm thinking of placing a mobile home on it and selling it. Would the proceeds of this sale be considered long term capital gains, or ordinary income?

I should note that I have never had a house built or mobile home installed before, so it is not a normal course of business for me.

*Bonus points for anyone who can tell me if my profile pic is being displayed correctly. It appears sideways on my iPad :)

Post: Is buying a house through NACA investor-friendly?

Mark BeekmanPosted
  • Investor
  • Phoenixville, PA
  • Posts 257
  • Votes 18

@Tim Trumble

It looks like your last post was deleted before I was able to read it. Feel free to post again, or message me.

Post: Is buying a house through NACA investor-friendly?

Mark BeekmanPosted
  • Investor
  • Phoenixville, PA
  • Posts 257
  • Votes 18
Originally posted by @Tim Trumble:

The NACA program is exclusively for owner-occupants, but does allow purchase of up to four-unit proerties as long as the owner lives in one of the units. NACA is exclusively for owner-occupants and not for the purchase of investment properties. To enforce the owner occupancy requirement, NACA places a $25,000 lien on the property for the duration of the loan.

The lien allows NACA to enforce its owner occupancy requirement. If you violate this requirement by not living in the home while you still have a NACA Mortgage, NACA will have the right to demand payment of $25,000 and foreclose on your property. If at some point you decide to sell or refinance the home, you will need to contact NACA to obtain a release of the lien. If all the conditions have been complied with, NACA will provide with a lien release without any charge to you. Also the occupancy requirement with NACA will no longer apply.

Hi, Tim. I've been reading every NACA related thread on BP and have yet to find any information regarding qualifications. Rather than create a new thread, I thought I'd hijack this one.

Is NACA's program strictly for people with income/assets/credit below a certain threshold, or is it open to anyone willing to go through the process?

I'm starting to look into a vacation rental for my next property and have a very basic question: Is 20% down the standard for vacation/2nd homes? Are there ant credit unions or banks that do 10% or even 5%?

Post: Looking for proper steps to see if mobile home is an option

Mark BeekmanPosted
  • Investor
  • Phoenixville, PA
  • Posts 257
  • Votes 18

Thanks for the advice, everyone. I've always wanted to delve into the building aspect of real estate, but this may not be the one to start that journey on.

I think I'm going to revisit the idea of selling the property to neighbors. Failing that, I'll see what my options are.

Post: Looking for proper steps to see if mobile home is an option

Mark BeekmanPosted
  • Investor
  • Phoenixville, PA
  • Posts 257
  • Votes 18

Hi, Bill. The problem is that the application is 5 pages long and asks for all contractors' names & license numbers, site plan, and a just a ton of other information that I either don't have or can't even understand what's being asked for.

Am I supposed to have all of these contractors already lined up before submitting a permit application? How can I draw a site plan if I don't know the size of the mobile home or foundation? It feels like a chicken-and-egg situation.

I was thinking of posting the application here to see what people think, but I assume they're pretty much the same everywhere.

Post: Looking for proper steps to see if mobile home is an option

Mark BeekmanPosted
  • Investor
  • Phoenixville, PA
  • Posts 257
  • Votes 18

I'm looking to put a mobile home on a vacant residential lot that I own (all utilities are present and ready to be hooked up). Zoning allows for mobile/manufactured homes as long as there is a concrete foundation to strap it to, unless the manufacturer suggests an alternative way to secure the home.

The lot suffers from soil subsidence issues, however, so I'm not even sure that a foundation can be put in (see this thread for more info: "Building on Junk Fill"). The Township won't answer any of my questions and basically just tells me to submit a building permit application so they can say "Yay" or "Nay".

I'm brand new to the process and don't know what my first step should be. The application is also a bit over my head. Do I go directly to a mobile home manufacturer and have them take care of the application? Do I piecemeal things out to an excavator, concrete company, and mobile home manufacturer?

I'd hate to waste everyone's time and energy just to find out that I can't put the foundation and mobile home in, but it seems like the only way. Anyone here that can nudge me in the right direction?

Post: How to build on "junk fill"?

Mark BeekmanPosted
  • Investor
  • Phoenixville, PA
  • Posts 257
  • Votes 18
Originally posted by @Justin Fox:

Is it restricted?  Could you slap a couple mobile homes one it?  I know that's probably less desirable but you'd make some money.

Justin

 Great minds think alike, Justin! I just started looking into mobile homes and possibly a "tiny house" that I can put on Air B&B. A mobile home can be put on the lot, but they still require a slab of sorts to tether it to.

Post: How to build on "junk fill"?

Mark BeekmanPosted
  • Investor
  • Phoenixville, PA
  • Posts 257
  • Votes 18

And would the replacement of fill option require replacement of fill for the whole lot, or just the building area?