All Forum Posts by: Mike G.

@Kristy G. as mentioned before is the parcel your currently on large enough that you can piggy back off the utilities and lease to own the dw right there on your property and if the deal is structured correctly, you could have a cash cow rental right in your own back yard "literally" 

saves you automatically 5-6k on the move

saves you 10-12k on septic system at new lot

saves you from having to purchase a new piece of land and any zoning restrictions potentially 20-50k depending on the size and how far out from a metro area you are

worst case by keeping it on your property your not only saving potentially up to 68k but you will owner finance it and collect rent on it for as long as you decided to at 800-1000 a month i think the answer is pretty clear.. . 

Great read, amazing article with a wealth of great info. Wish i had read this before i went thru evicting a tenant years ago. But i just read it and saved it. I will be referring back to this article no doubt!!!

@J Scott

Just ordered the revised version bundle last night and i am AMPED UP to get reading these books. 

After i finish ill review this forum and the first one for questions that i may have that have previously been addressed. 

So stoked to read these and get a flip under my belt. 

@Rob Hernandez attend a local REIA and promote what you do and network with local investors.

post ads on craigslist in the real estate sections

post an ad in the local paper

large magnets on your car as you drive around town

bandit signs all over the town if your local laws permit it

network, network, network

network on BP right here

@Kellen Driscoll 

on top of the fore mentioned advice I would check into the state of Florida's Manufactured Housing Division and see what they say as well as put a call or go to a DMV there and see what you can do and if the charges to order duplicate title (assuming their system data goes back that far) and see what they will charge. If you have the bill of sales for those home supplied to you from the current owner that should be sufficient. 

@Jacob Brattain

if the lot rents are that low then that is a reflection of the quality of tenants inhabiting that park. I would be weary to fill any vacant lots with new trailers from the Century 21 cash program as at that lot rent rate it will take forever to pay off those floored units and the interest and curtailments will eat you alive. Not to mention of the tenants beat up the current mobile homes that bad, then they will destroy these new homes from the cash program long before they are paid off which is a bad investment any way you slice the pie. 

I would look at other parks and see of they have homes you can get and renovate before popping for new homes in a run down park. 

I have IOS and it puts my entire post in 1 long run on sentence with no spaces. I try to avoid posting from my phone because of this reason, it makes my posts look very unprofessional.  

Hopefully you guys can get this resolved. 

[ p o s t e d  f r o m  m y  d e s k t o p ]

@Austin Andrews

that is one hell of an article that give me a clear path to cleaning up my DTI and how to get a bank to say yes to a project. Thank you for that valuable contribution.

@Andrew Syrios 

Private money is usually best up front because they can lend all or close to all of the rehab and purchase price. Then once the property has "seasoned" you can get a bank to lend at appraised value and pay off the private loan. The best banks to work with, at least in our experience, are always community banks. Larger banks just aren't that interested in SFR investment properties. My best advise is to go to your local REIA and ask around as to who other investors are using. If they'll lend to them, they will likely lend to you too.

Andrew that is good advice i will contact my buddy who runs a local REIA and tap into that resource and see who the investors are using in that area. thank you as always.

@Andrew Postell

Wow! A post from 11 months ago! This is exactly why Bigger Pockets is such a great site. People can research things from the past to get answers to what they need now. @Mike G. I've got 2 suggestions for you here:

1. Please read my post on this subject HERE the first 2 sections speak on the restrictions we face (which I think you may be familiar with) but the 3rd section is the solution phase.

2. I would also suggesting asking EVERY lender you interview these 7 questions. If they can answer these questions properly, then we can work with that lender. If they can't, then we need to go to a different lender. Feel free to ask anything additional. Thanks!

Questions for Lenders

1. When do you start using rental income to help me qualify? (the answer needs to be immediately)
2. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
3. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
4. Can I change title to my LLC?
5. Do you sell your mortgages?
6. What is your loan minimum?
7. Can you explain to me what your reserve requirements are?

these are excellent questions to ask prospective lenders when comparing and shopping their terms/requirements. So thank you for that extremely informative article and  contribution with tons of details. 

For me specifically, i wont be buying with cash but im looking to use HML to buy at 90% purchase / 100% rehab refi in 60 days or less. A lender i have had several conversations with meets the criteria of the questions that you posed so that is good news. Im just concerned that ill be stuck in the HML after the 60 days and have issues refi out of that loan to a more long term less points favorable term loan. How do i go about getting that lined up before im locked into a timeline?