All Forum Posts by: Gabriel Orduna

Hey @Gabriel Orduna! It sounds like you have a great opportunity with your wife's family's home. Wanting to approach the "key decision maker" with a couple of options is a smart move. Let's discuss a couple of ideas and their pros and cons.

One option you could consider is proposing a rent-to-own agreement. This would allow you to rent the house from them while working towards qualifying for a mortgage. The upside is that you can secure the property and lock in a purchase price upfront. Plus, it gives you time to improve your qualifications for a mortgage, which increases your chances of getting a good deal. However, you'll need to negotiate the terms to make sure they're fair for both parties, including the rental amount and the duration of the agreement.

Another option is assuming the current loan on the house. By taking over the existing loan, you could avoid the need for a new mortgage qualification process. This saves you time and potentially some costs. Plus, it provides a smoother transition as you continue with the current financing terms and payments. Keep in mind that you'll need to carefully assess the loan terms, remaining balance, and interest rate to make sure they align with your financial goals. The monthly payments may also be higher compared to securing a new mortgage, depending on the loan terms and your financial capacity.

Option three would be exploring seller financing depending on how much equity they have. The benefit of seller financing is that it provides more flexibility in terms of qualifying for a loan. Since the arrangement is negotiated directly with your family, they may be more open to accommodating your current financial situation and future plans. Additionally, it can save you from the stringent requirements of a traditional mortgage, such as credit scores and income verification.

Whichever option you choose, it's important to approach the conversation with transparency and the intention of finding a win-win solution. Let the decision-maker know that you want both parties to feel good about the decision. It may also be helpful to consult with a real estate attorney or financial advisor to ensure all legal and financial aspects are properly addressed.

Good luck with your conversation, and I hope you can reach an agreement that works for everyone involved!

Hey @Gabriel Orduna! It sounds like you have a great opportunity with your wife's family's home. Wanting to approach the "key decision maker" with a couple of options is a smart move. Let's discuss a couple of ideas and their pros and cons.

One option you could consider is proposing a rent-to-own agreement. This would allow you to rent the house from them while working towards qualifying for a mortgage. The upside is that you can secure the property and lock in a purchase price upfront. Plus, it gives you time to improve your qualifications for a mortgage, which increases your chances of getting a good deal. However, you'll need to negotiate the terms to make sure they're fair for both parties, including the rental amount and the duration of the agreement.

Another option is assuming the current loan on the house. By taking over the existing loan, you could avoid the need for a new mortgage qualification process. This saves you time and potentially some costs. Plus, it provides a smoother transition as you continue with the current financing terms and payments. Keep in mind that you'll need to carefully assess the loan terms, remaining balance, and interest rate to make sure they align with your financial goals. The monthly payments may also be higher compared to securing a new mortgage, depending on the loan terms and your financial capacity.

Option three would be exploring seller financing depending on how much equity they have. The benefit of seller financing is that it provides more flexibility in terms of qualifying for a loan. Since the arrangement is negotiated directly with your family, they may be more open to accommodating your current financial situation and future plans. Additionally, it can save you from the stringent requirements of a traditional mortgage, such as credit scores and income verification.

Whichever option you choose, it's important to approach the conversation with transparency and the intention of finding a win-win solution. Let the decision-maker know that you want both parties to feel good about the decision. It may also be helpful to consult with a real estate attorney or financial advisor to ensure all legal and financial aspects are properly addressed.

Good luck with your conversation, and I hope you can reach an agreement that works for everyone involved!

Mobile homes are unique. It's less of a problem in Riverside, but in areas with cold weather they are susceptible to frozen pipes and other problems.

It's a cheap product and easy to buy, but you'll be buying it for cash flow and not appreciation. The value of a mobile home rarely increases. 

Mobile homes also have unique issues to consider like roofs that leak or water heaters designed specifically for mobiles. You definitely don't want to purchase anything prior to 1976 because building codes didn't exist back then. Try to buy something that is less than 20 years old.

I don't know of any, but I'm sure there are books out there about investing in this niche. I read about a college kid in Texas that got a summer job renovating trailers for his uncle. He figured out how to buy for less than $5,000 each, spend less than $5,000 on renovations, then he would owner-finance them to people. He was spending less than $10,000 per mobile and averaging $45,000 by the time they sold. He had a book called "The Mobile Millionaire" or something like that.

Good for cash flow, not good for appreciation