All Forum Posts by: David Martin

Does anyone know of a vendor that will do short term rentals for appliances, like 60 days or less?

We have an order in for a new washing machine unit, and it had arrived here in Houston, but was dinged up, so they returned it instead of delivering, and due to supply issues, it will be late May before they can guarantee another one. Just need to fill the short term gap until they can fulfill the delivery of the original.

ok, if it's original installation, you may have a shot at it, as most of the lenders I've talked to seem to consider the unit sort of 'tainted', if you will, if it's ever been moved, and will only so a chattel loan and a land loan separately, but not a conventional 30 year amortized. the tag on the home is standard from the factory... if there isn't a certification that the seller has, it may not be an issue for a conventional loan, but if you go for any FHA program, like 203k or standard FHA loan, just assume you'll be paying somewhere in the $500-$800 range for an additional inspection from your lender to determine if the foundation meets FHA standards to be considered a permanent installation. Examples would be concrete footings, axles and tow tongue removed, etc...

beyond that, PM me and I'll give you a name of two lenders I've worked with in the past, maybe they can originate something for you that the others couldn't.

Few questions....

Which lenders did you reach out to?
Has this manufactured home ever been moved from it's original install location, or is this the original install location from the dealer?
Does the seller have any sort of engineering certification for the type of foundation the home rests on?

@Babu Ramadoss I'm of the opinion that, specifically for house hacking, it's a great time for anyone to get started that has been saving to get to this point. Several iBuyers are freezing up acquisitions at the moment, those on low cash reserves are frozen up on acquisition, interest rates are on the floor, retail buyers are too shaken to contemplate much more than just doing a refi and riding it out. At the same time, all the same situations that create a large pool of motivated buyers is still going on. If you can get in and scoop up a motivated sale in rough condition, but just good enough to clear a lender doing you a 30-year right now, you have a lot of promise for the future.

@Rajesh Kumar Assuming you're referring to equities market instead of real estate market... 

@John Rody  

https://www.biggerpockets.com/forums/742-philadelphia-real-estate-forum

@John Rody Probably will get better results on this in the Philly local forum on here since you're looking for a local resource.

@Nicholas Mann pretty much @Abel Curiel has it covered here... your other option here is to throw two realities at them... one in which they get a comfy number, but on terms you like, so maybe $580k, but they do a seller carryback for a monthly rate of significantly less than your current financing options are giving you so that you cashflow heavy immediately, or $480k on traditional finance.

@Sierra Swords If you have someone you can trust that is willing to occupy, there are some lenders that will let you qualify for OwnOcc financing as long as at least one of the borrowers is in the home. In that situation you could, for example, buy a quad, have a trusted person as a coborrower that will guarantee 'rent' for the unit they are staying in, and operate prop management for you on site. After the year of OwnOcc requirements is up, they can move out, and how you split it from there is all negotiated up front, so maybe you keep the 75% of rents and they keep 25%, and any appreciation is a 50/50 or whatever makes sense. It's the only way I know of to access funds like that without personally having to be in the place.

@Laurent Meyer It will impact you being able to get respirators and toilet paper for your contractors.