All Forum Posts by: Hank Oyler

The problem with not living in it is down payment will be substantially larger. In my area down payment is 20-25% if you are not living in it. FHA and conventional are both options for owner occupied duplex. Both will have pmi. With conventional pmi will drop at 80% Ltv where fha won't. Could 25% down still be less then 3-5% in your area ? Decisions decisions. Good luck bud.

Giod things to think about Charles. Yes our goal is cashflow. But we also would not want to buy something for less then it's worth.  The street has 11 homes on it of which I'll own 4. 4 of the 11 have sold in last two years for over 50k. One for 65k. The others have not listed. Be hard to put houses there without getting entire street on board. This street has this type home. Everything around is traditional homes. Doubt anyone would want a 200,000 home with modular or mobile home across the street. Maybe a strategy is to acquire the two lots across the street. Then we would  definately have enough control to increase values on that street. Good stuff thanks for feedback. 

Hello fellow pros. Was looking for some advice and feedback. We have a contract on our first mobile home property. It's small but a good starter. 

 4 units on 3/4 acre. 

Income $3450 per month 

Expense water $60

Lawn $100

Insurance $100

Net income $3190 per month

Purchase price $200,000. Owner held note at 6% for 7 years. Will cash flow $1000 per month first 7 years then jumps to over $3,000.

My question is in regards to cap ex and maintenance. Property is located in  Florida. What do y'all think about percentages to carry for those expenses ? Also would vacancy be higher then a normal duplex or triplex. Current owner states nothing is ever empty more then a few days but figured I'd ask. Park is located in great area surrounded by homes 200-300k. 

 Thanks for sharing this. We have a property under contract and this came in hadn't. Appreciate it. 

Real estate investor from Winter Park, just outside Orlando. Let's connect. 

Welcome! I'm in winter park and have a triplex under contract now. Let me know if you have any questions. 

Does anyone have any experience, feedback or dealings with Universal Mortgage and Finance ?

welcome. Do you have a deposit from the tenant ?

what you may do is purchase conventionally then transfer to a land trust. That will allow you to have some protection. I am in the process of getting a duplex and that's how I will structure it at closing.