All Forum Posts by: Brett Hogan

GL on the deal! I'm in wilmington area and I'm also looking to put an offer on my first property. 

@Adam Schneider I did a people search for RIch Morgan, no one in North Carolina came up.

 The credit union doesn't offer fixed mortgages 

looking for some opinions on an idea. im checking on a few arms. one that i like particular is a 30 with 10% down at 4.64 apr. 5 year lock ins with no more than 2% change with each change.  

if i use this to purchase a property and the apr does go up to 6.64 at the 5 year mark, couldnt i just refi with another bank?

welcome to wilmington! 

you can only use the 203 with an fha(as far as I am aware). Also with the fha, the property must be owner occupied aka primary residence. Not to mention fha can not be used on investment properties per the 96 memorandium. On top of all of this the 203 had many stipulations even if you were to use it correctly, fha can be a real hassle. 

a heloc is not obtainable at the moment. I'm going to check with the credit union I bank with. And I've heard that another local bank has been known to finance mobile homes. 

I've found a couple of MH on lots, one on an acre. Both are early 2000s models in good shape, ready to rent with no rehab. I'm having trouble with finding financing. The owner is not willing to do OF. The other is a foreclosure. Any thoughts? 

Thanks. 

i cant find any comps within a 5 mile radius. I'm going to talk to my realtor and see if he can help me out with finding comps in a larger radius. the county tax records show the tax value at 67k. the street has about 12 duplexes, only three are being lived in, (not the best looking, however they were built in 70 and are brick ranch style) i did take visit and take photos. i do not foresee the closing price to be 45k as listed. 

I have being some homework on the brrr strategy. it would be awesome to read through someones steps who took this rout for a multi-family unit.  I have found three duplexes (on the same street next to each other) listed for 45k each within 10 miles of my house. I'm looking for some next step advice so to speak. Thank you. 

I took the leap and bought a house with a USDA loan. SFH 3bed 1.5 bath. .4 acre, fenced in back yard. i have one person paying rent. i hope to be looking for my second house this time next year (jan 2017) is there any educational information someone knows right off hand that could point me in the direction of how the options for purchasing the second home.