All Forum Posts by: Huy Ly

Hi Mike!

I am looking to build a modular home, and gone through a lot of pros and cons. However, it is very hard to find if a modular home is required to be disclosed by the seller or the home is listed as modular in the tittle or deed. Since all of the marriage joint is sealed by drywall, it is no way for the home appraisal to determine. Some people say, there is a stamp under the kitchen sink or electrical panel. What if the house is completely gutted down, those clues would be gone. After the rehab, everything just look like a regular stick-built home. Is there reliable source to find out how the home is built? Is it required to be disclosed in any type of way?

 

I am looking to build a modular home, and gone through a lot of pros and cons. However, it is very hard to find if a modular home is required to be disclosed by the seller or the home is listed as modular in the tittle or deed. Since all of the marriage joint is sealed by drywall, it is no way for the home appraisal to determine. Some people say, there is a stamp under the kitchen sink or electrical panel. What if the house is completely gutted down, those clues would be gone. After the rehab, everything just look like a regular stick-built home. Is there reliable source to find out how the home is built? Is it required to be disclosed in any type of way?

I am looking to build a modular home, and gone through a lot of pros and cons. However, it is very hard to find if a modular home is required to be disclosed by the seller or the home is listed as modular in the tittle or deed. Since all of the marriage joint is sealed by drywall, it is no way for the home appraisal to determine. Some people say, there is a stamp under the kitchen sink or electrical panel. What if the house is completely gutted down, those clues would be gone. After the rehab, everything just look like a regular stick-built home. Is there reliable source to find out how the home is built? Is it required to be disclosed in any type of way? 

saved me 30k when buying my house, and made extra 10k after appraisal.

Hi BP friends,

My first investment property is just finished renovation. Do you guys have any suggestion for a good property management company around Temple university Philadelphia.

Thanks

appreciate your help!

Hi BP,

I found 2 properties that next to each other that are currently listed by a real estate agent who is the owner of these 2 properties. They are next to each other. I will call them 1512 & 1712. They are turn key properties. 

The 1512 is listed for 269k with hard wood floor, 8 beds 2 baths with the current rent is 3200. I want to put this one under conventional loan. After account for 30% of rent including vacancy (10%), capex & minor repair (15%), property management (5%). My cash flow is 871. 

The 1712 is listed for 239k with carpet floor, 8 beds 2 baths with current rent is 2640. Like the 1512, the Cash flow on this property is 600. The seller told me that he has a blank mortgage on this one that he pays 1600/month. I am very curious about this number.

Does anyone have idea how to structure this deal? I am thinking to offer him the 1512 for 220k. For the 1712, I can offer him to 10000 for the option fee and it will put toward the closing cost after 2 years. I will pay his mortgage monthly plus 200 on top. So I am offering him about 1800/month in 2 years plus 10k up-front. After 2 years, I will put a conventional loan on this property.

Any help and advice would be thankful,

Hi friends,

My aunt is selling her house, and she would like to sell it to me if I am interested in. But first, let me tell you guys a little bit about her situation:

1. Her house has 1 bedroom, 1 bath, and a finished basement (currently another bedroom)

2. She has a vacant land next to the house.

3. She is 50 some years old and ready to go back to Vietnam to retire.

4. She doesn't need a big cash, and she just wants to have a steady amount of money monthly.

5. She is selling to me for $60k (the house and the vacant land, both have separate titles), and I did some research on the area. There are some houses that need a lot of work, but they are being sold for $53k. Her house is nice and clean. No cosmetic and structural issues.

6. She doesn't own any taxes or mortgage. Her house is clean.

My situation is:

1. I need a house for my wife and my sister to stay.

2. I am thinking to build a new house on the vacant land so my family can stay, and we will rent out the old house.

Neighbor Research:

1. Neighbor is a good mix of low-income working classes and retirees.

2. It is close to the public transportation, and it is 5 mins away from 2 major highways.

3. I have seen some rehabbing projects just a couple blocks away from her house. 

4. The current rent in the area is expected $1000 for the house.

My questions and concerns:

1. How does I structure this deal? For example, I could ask her for seller finance, and send her monthly money, which is suitable for her case. However, I would appreciate if you guys have better ideas.

2. About the vacant land, should I build a new house next to it? And if I build one, I need to talk to the bank. Is it worth it for a new (876 sqft lot) house with 1 bedroom, 1 bath, a finished basement, and 2 stories? How much does it cost to build a livable house?

3. If I buy the house and the land, how much does it cost in term of paper work fees beside title transfer, and closing costs?

Please provide me some advice and if you have any questions please leave your comments. Thanks in advance.

@Sam Leon

 This is a great opportunity. Very glad that you found out before anyone else. 

@Aaron Montague.

Ha ha. Thanks for your advice. Go North Philly is always a good idea. I will search around.