All Forum Posts by: Debbi O.

Thank you. I have been on the 'sell it if its not nailed down" road a few months. I should add, but dont know if this makes a difference. The rent will be about 1000-1200 per month. I could easily pay down half the charges with the first months rent, and the balance with the second months rent. This property was my primary residence, and there is no mortgage on it. I feel if I lose Mays rent, its like Im giving up the tenant paying for the rest of the materials. I dont know how long it would take for the credit bureaus to report the balance as paid in 60 days. Sometimes I watch for 2 to 3 months before its corrected.

Yes or No's very welcomed!

I am 6 weeks away from advertising a rental unit in a very desirable area. I have placed 'feeler' ads online to see the response, and its been a dozen within 2 weeks.  I have been nickel and diming from my w2 job, the last needed supplies, and I am considering slamming my credit card for the materials to get it done. Doing this will temporarily tank my score Im sure. I am concerned that that doing this may also set me back for a mortgage approval goal at the end of the year for my first mortgaged property. As I write this, Im ready to say DO IT, and run to Lowes. 

Can anyone tell me how accurate the crime data maps are? Is this a useful tool for deciding on which side of the city to purchase? Especially if this will be a live-in house hack where I will be living for the first year or two. Kind of concerns me, and map stats in my current area are very accurate with the maps darker and lighter colors for areas of lower and higher crime.

I have house hacked my primary of 10 years in different ways, and now have a 95% complete separate rental unit which created a side by side duplex. All funding has been exhausted in various ways-credit cards, cash, family. I am less than $5,000 away from a redone rental. This small amount seems ridiculous to hold me up now. Any thoughts on the funding ? here are the numbers, I think Im on the right track (maybe not??) All in cost 30,000. Monthly expenses 1000 for the entire house (and I live for free), projected rental income compared to comps, 1200. Home value 80,000-90,000. 

Can anyone tell me if the assessment on each mobile home in the park on leased land is increased due to individual improvements etc, will this cause the assessment of the parks taxes(park owners) to increase?

I am looking for ideas here, to refi or get some type of loan to complete a rehab. I am at the end of upgrading my primary residence/mobile home/leased lot, which is a side by side duplex.
I have been house hacking here for years, before I even knew what house hacking was, so I have had rental income for over a decade, but the challenge it seems, after making some calls, is a trifecta. One, that my rental income is not verifiable over the years, and two, that I am on a leased lot in a park. The third challenge is not having enough income to solely support the loan payment and lot fee, and not having past verifiable rental income. Two lenders who I spoke with could not take the expected rental income into consideration, as Im essentially, a 'new' landlord. It all makes sense, but Im trying to find a creative way around this. I have paid cash and used one credit card (4,000) to get as far as I can with the renovations, and the home has no mortgage on it. I am looking to get a refi/ / loan ( or maybe this is just a first mortgage?) to complete the final loose ends, which will allow me to rent both units and double the monthly income to 2,000. The lot rent is 600. The mobile should appraise for 80,000-90,000, and I only need 10,000 to finish it. Any ideas welcomed.