All Forum Posts by: Emily Thompson

This is helpful information, thank you! The downside to DSCR will be higher interest rates, but I am not sure I can get a conventional due to DTI.

 No, I am not living there, I have two tenants in place currently. This is helpful information, thank you!

I recently purchased a duplex with seller financing (3 year note). I would like to put my LLC on the title instead of my own name, but knowing that I will need to refinance within 3 years, will it be harder to get a loan with the LLC? Would it matter if it is conventional vs DSCR? Could I just put it back in my name if need be? Thank you!

@Steve Milford Thank you, Steve. This is helpful information and explains some things that weren't making much sense to me. I had no idea that buying a mobile home could be so complicated! I think you are probably right, I should get the other house fixed up first. It seems to me like it might take them awhile to sort through all of this. I am still waiting to hear back from the owner's realtor about the title, etc. 

@James Dickens Thank you, James! These are fantastic ideas! I plan on doing short term rental on the house I bought and see how that goes. If it goes well, then I might do the same with the mobile home. The subdivision has a POA, so I don't think I can put a storage area there, but I could likely put a house or two on it. I also like the idea of just selling the land if I can get it for the right price.

Thanks again for everyone's input. This has been very helpful!

@Rachel H.Thanks so much- those are great ideas and I will check them out. 

Thanks everyone for such thoughtful replies!

@Caroline Gerardo I am not sure what type of foundation it is, I was just told the wheels were off and it is anchored. I have just texted her real estate agent to find out about the 433a, but I am assuming they don't. Interesting fact- the county tax assessors list it as "real" property... It is on a septic system. The value of the land.. that is a tricky question. About 5 years ago, 1 acre lot in this area (unimproved) would sell for about 20-30K. Now, I have people telling me its worth 60-100K. They are asking 140K for home and land, which sounds very high to me and I don't plan on offering that, but I am pretty sure someone else with more cash would probably pay that. This area is becoming very popular and it a short walking distance to the lake with boat access, however, there are still some rough neighbors and unsightly mobile homes in the area. 

@James Dickens Those are great ideas, thank you! So, would you pay cash for it upfront and then sell to a park? The only problem, is that I wouldn't have any cash flow on the land until I figured out what to do with it. I know this a good buy and hold option, but it seems like it might be wise to see if new home construction costs come down a bit?

@Paul Moore I hear you and it is a worry of mine. I know this is a good investment property as 1 acre lots in this area are becoming scarce, I just haven't quite figured out how to get cash flow from it. Unfortunately, I am new investor and don't have the experience or capital to leap to a mobile home park yet! Additionally, I bought another lot that has a house on it from the same person (the lots connect) and it needs some serious remodeling. So, I was hoping for a little cash flow while I am working on the other property. 

Thanks again everyone for your thoughts! Please let me know if ya'll have any more ideas!

Hello,

I have an opportunity to purchase a mobile home on 1 acre of land in East Texas. This is a lake community and the subdivision has both mobile homes and SFHs. One acre lots are very desirable in this area and prices are increasing. The mobile home is 1999 double wide and appears to be in good shape (on the outside, I haven't seen the inside yet). It does not have a permanent foundation, but wheels are off and it is anchored. Additionally, I purchased a lot with a house on it that adjoins this lot. Like many others, I am having a hard time getting a loan for this property due to the mobile home. My plan is to rent it out and then maybe someday sell it and build one or two houses on it. 

1) Is this a reasonable plan?

2) Is it better to try and find a lender that will finance both (I have heard that land ag banks might do this?)

3) If I can't find financing, should I pay cash for the home (I am not excited about spending a lot of my capital on it) and then finance the land?

4) Any other solutions to this that I am not thinking of?

Thank you in advance for your help!

Emily

I have recently purchased a lake house in East Texas and plan to use it as an STR. What are your thoughts about investing in a more rural area where homes are more affordable, but data is scarce for accurate analysis (I have used AirDNA and Mashadvisor)?

Hello,

Does anyone have recommendations for a general contractor for a remodel of a home in an area near Tyler, TX? Thank you!