All Forum Posts by: Braden Coleman

@Brandon Wells I'd be all for that. Let me know when they are. Monthly would be ideal.

@Tom S. Yeah good question. Due to my inexperience with this product I wasn't how to explain it. I understand it that it's a construction loan + a home loan and then they're rolled into one mortgage loan later on. Is that correct? 

I don't already have a loan on this house, looking to buy it with the 203k loan. I appreciate you clarifying, helps me understand the in's and out's of it.

I'm looking into purchasing an older multi-unit house in Indiana that would also be my primary residence. Everything has checked out to be good and nearly new so far(roof, ac, water heater, hvac, sub metered etc.) but we would like to paint, new carpet, update kitchen and bath etc. 

Therefore we're looking at the 203k loan option, paired with a mortgage for the home and then refinance them into one loan 6-12 months down the road. I've never had a mortgage before so I'd appreciate all of the help and input possible on this form of lending, especially the 203k load side of it all. 

If you're also a lender who has done these before/does them actively, I'd love to talk and better understand the process. 

@Yechezkel B. what ended up happening with this? I've got one I'm looking at too and am very curious. It doesn't necessarily need to be rehabbed but I'm curious as to what it's like owning one of these old Victorian houses

@Joffrey Long yeah that makes sense, great info. So in theory, if you're just spreading out the sale of the home over payments, and not charging them an interest rate(i.e. 10%) then you'd be okay and not be violating the Dodd-Frank act?

Who would you recommend I chat with? I'm right at that phase.

So basically what's being said (@Jay Hinrichs @Joffrey Long @Brian Gibbons @Jim Johnson) is if you're going to sell a mobile home via rent to own OR seller financing where you create and carry the paper, you need an attorney to help you navigate and/or a mortgage loan originator experienced in this area to help as well. 

Is it the same if you're going to sell them for cash? 

I know state by state they have restrictions as to how many homes an individual can sell before they need a license but I'm still unsure on this other part.

@Justin Tahilramani Yeah for sure, I've looked into moving homes around in my state but never from out of state. I appreciate the FEMA idea!

@Meredith Mihm Definitely trust your gut, especially if you're new to the game I'd be hesitant to go for something that has so many unanswered questions. If you can get honest answers from the current owner though, that's a different story. And just because the investment firm owns it and others, I wouldn't write it off. They either don't know what they're doing or maybe the margins aren't good enough for their investors so they're moving on.

Maybe you don't buy it but maybe since you've got what sounds like a potentially good deal, not sure about the low population, but everyone needs affordable housing regardless so maybe look for a partner who is experienced with parks. See what they think and if they're willing to partner with you on it. @John Fedro is a great mobile home source as he sells homes and has a few parks.

Not uncommon for 3 people to split a deal 3 ways if one does the managing, one brings the deal and one provides the cash. 

@Justin Tahilramani yeah they look to be in great condition. What state did you buy yours in?

@Justin Tahilramani brilliant idea, never thought about that! 

They've got quite a few for sale right now. What was the inside condition like when you actually got in them? Did you walk through them before buying or just bought off the pics they give online? Pics look great but they were used for FEMA so I'm not sure what the inside status is as far as bugs, smell etc.