All Forum Posts by: Randy Gross

Situation:  On Disability due to drunk driver.

Location: Central Florida

i have no payments on my home but it is showing a lien (special program home).

i have a large 2000 sq ft mobile home on it's own ground  free and clear no  mortgage/lien/etc... 

issue/problem  i would like to obtain a loan for about 40k to build a small 600 sq. ft. rental on property on front of my home i already have elect power there, septic and well   there was an old mobile home there i used to live in. (i'm not allowed to put mobile home there unless i put a large one there and that is out of the question)   i would like to use my rental property for security of loan. 

so my income would just be based off my disability and that would not be showing enough to get a loan at bank (my sister lives in my rental shhhh  so it shows' no income)  i would like the loan to go out at least 7 years prefer longer  as i want lowest payments as possible but most likely would be paid off way early.

suggestions/advise?

Sorry to be so late to chime in but i'm a newbie also. my answer to your question depends on the price you pay for the home and rental price. for example I purchased a 2004 1900 sq. ft. mobile home on an acre of land and have a total of 40k in it rented it for 1 year at 900 a month now I just signed a lease again at 975.00 a month. taxes are 1500.00 a year and insurance is 850 a year. next year I will have to repaint and put in new flooring in the 3 br's lr and dinning room that will cost me a lot. I currently have an offer in on a 1200 sq. ft 3 br/2ba and i'm trying to to get it where I will have no more than 42k in it after about 7k in repairs it is also on a 1 acre lot. max rent for it would be about 900 a month most likely 850 a month.

RE: Palm Bay, FL. 32907

3/2/2 1300+ sq. ft.

Current value: $70,000.00

ARV Value: $100,000.00

Amount Needed $15,000.00 to finish rehab.

Rental Amt. 950.00 - 1100.00 a month

no mortgage, home has a 2,500.00 lien

Home is placed in an LLC.

100 shares (valued at $1,000.00 each)

Receive investment + 30% of investment in Shares 

invest 15k receive 20 shares

Receive residual income from net rental proceeds relevance to % of ownership.

I have right to repurchase shares at $1,000.00 each. (most likely it would be 4-6 years till I can repurchase shares over time)

Optional Property Management:

You Can Mange Property, I can or a property management company can mange property

Mark Dobert could you explain more of what you mean by "carry back a note on it from a private lender" is that acquiring a first lien/mortgage on home from private lender?  if so how would i go about finding such a lender, thanks

i'm separating personal from business thus llc is 100% business as i have an llc for each home thus i can't want do personal as i need to start curtailing personal risk reason for LLC so i guess i need private funding/loan is there any such thing other than hard money lenders as from my understanding hard money lenders require a 1 yr. pay back

I have a rental that needs 12k of work to finish it. right now it should appraise 60-65k, when completed it will be 95k i'm in process of placing this home into a newly created LLC I own the home free and clear. is there places that do equity credit if homes are in a new LLC? i think hard money is out as i want to pay it back over a 3-5 year period. this home is located east central. FL. any thoughts help anything thanks

i seen just now this company ensures rent payments and handles evections

not sure if i can post a link or not

Thank you, I'm very aware of that that is not why they were denied they were denied due to the fact that they lied about whom they pay rent to and that they admitted on there own Facebook page that there being evicted. anyone can say there pet is a service animal and you can't deny on that even though sometimes there claim that it's a companion pet that legally makes it a service pet

that wasnt the case in this situation as the property tax's showed owner and not an LLC.

my first property rental about 3 months ago:

perspective renters say they have no pets and the reason there moving is the home there renting is being sold.

I meet them and show them the property, they (husband & wife) fill out app and pay the 25.00 each credit check fee

credit check company e-mails them asking if its ok i run the credit, she said yes and husband never respond

In the mean time i'm trying to verify with owner that lives 100 miles away

first thing i did was go to county property appraisers website to verify that they provided correct owners name - results = no, different name = 1 red flag

I call them to ask about this and they said it's a property manger 100 miles away (when owner lives 5 miles away) I do more research and find her on facebook crying about being evicted, mom stopped talking to her, etc...

ohh on her app she listed as having 3 service dogs as well but stated no pets on the phone.

DENIED

ps. check to make sure that the person whom they say they rent from actually owns the property as they can often provide a friends name and have them cover for them. also look at the house on Google and ask a question like thats a nice color blue you pained the house did you just paint it (when Google shows house being tan or red)