All Forum Posts by: Kirill Chervets

There is so much opportunity "just" outside of Seattle. Even look into Bothell, Juanita, Mill Creek and South Everett. The 1% rule seems achievable for sure and is a good start. All within 20-30 min to Seattle but has much more reasonable price vs rent ratios.

Yes fortunately I do own the land. Like San Jose, The area I invest in is expensive but with manufactured homes you can easily meet the 1% rule and cash flow nicely with minimal repairs. The key to these homes in my opinion is that they need to be on owned land...

I am doing one through Union Bank right now. Owner occupied Cash out refi 30 yr at 4.65 with no mortgage insurance. If you just want a line of credit for way less than 50% ltv I dont see why a bank would not. You also own the land correct? Check with 10 banks, I will bet 2 out of them will help.

I have a double wide manufactured home in the Seattle are on land that I own. If I remember correctly the insurance runs about $75 a month. Call foremost, they have good rates and do mobile/manufactured policies on owned land. Hope that helps!

@Rhonda C.

It might be a deal it might not but it is key that you do not use Zillow for the purpose of zestimates and coming up with your ARV. They are extremely unpredictable and should not have an influence whatsoever on a your decision to buy the property. I have never fully rehabbed a home but perhaps you should look into it with a general contractor and see for yourself. Also remember the 70% rule when it comes to buying and flipping. Best of luck.

@Cody Marchant

If you want to purchase a SFH or MFH 4 units or less using an FHA OO loan you must be able to show two years income tax and I believe have a 620 and above credit score. (talk to a local bank)

My suggestion would be to get your license, find a broker you fit well with and can get help and guidance along the way and then work for two years and buy your house FHA with the 3.5% down. I think that while you get more sales you will also have had the chance to see the market extensively and can know what a good deal is or isn't.

Disclaimer: I am not an real estate agent :)

Okay so I am going to be very brief as there are people way better than me with numbers.

$800 - Principal and Interest + Taxes?

$92 - Vacancy (8%)

$110 - Maintenance roughly 10%

$110 - Property management (are you going to work for free?) roughly 10%

$50 - Insurance

$10 - administrative

$1,172 TOTAL

I bet that this property will break even if not lose money from the beginning. You will have tax benefits and accrued equity though.

@Matt Williams

Everybody qualifies differently for loans 2-4. Depending on your income, debt to income, and of course your credit score, ability to pay back. Make sure that no matter what you keep 6 months reserves for the first four properties after your down payment because you don't want to end up not sleeping because it isn't renting fast enough or your furnace isn't working, It will happen. Will your home that you rent out cover all expenses (maintenance, property management, taxes, vacancy)?

I think it really depends on what you want to accomplish. I purchased my first home with an FHA loan, lived there for two years and then refied to a conventional and bought another home with an FHA loan. I was able to get out of paying PMI on my first FHA loan by refinancing to a conventional loan and am now in the second year of living in the second home and do pay PMI until I refinance. My first purchase is cash flowing well enough along with me being able to save that I will not need to buy anymore properties and keep moving to meet FHA requirements. Your lender should easily help you out with this and you could even do a refi and purchase of the new fha loan at the same time if I remember correctly.