All Forum Posts by: Lynn Harrison

Thanks so much again Sol! That info may very well come in handy, and that was quick thinking on your part- congratulations on the 4 plex!

Thanks Denver

Thanks Sol, I just called around and one of the Credit Unions suggested a private money loan and then refinancing under a home equity loan for 15 years at 3.99%. They said on a loan that small they just do a drive by inspection for property value. That's very good and do-able. I'd like a 20 year loan but I don't think it's possible. I could refinance with the HE loan within a month. Not sure about the CC's- I'd have to have them a while as it will potentially take quite a while to find the right property in this market, and the market is starting to stall as far as prices go.. Might be better to wait a bit. But I'm pretty sure I can get a HM loan within days.  .. I suppose I should double check on that..

EDIT, actually Sol, that could be an excellent idea. Looks like some 0% APR are for almost 2 years. Even with fees it might be cheaper than points on a HM loan. Thank you!

edit again QUESTION; how long did it take for you to get the actual cards? Looks like most only qualify for purchases within 60 - 120 days of applying for the card.. Or is it immediate when walking into the bank? 

thanks Denver, that's an excellent idea, although I won't have an investment account and all funds will be going to home and materials. BUT they may be able to loan on the house as collateral or refinance on that. Is there a name for a collateral loan like that? Do those loans require the same house conditions as conventional mortgages? I suppose the land value should be more than enough anyway..

Thanks Kevin, I guess I should go to the credit unions in person. Might get a better response. So far, on any fixer or older mobile, I'm looking at a personal loan. They won't give a mortgage. But maybe in person & with collateral they can dig up better terms.

Hi, I seem to be in a tricky place. I'm looking to buy a fixer home. I plan on selling my present home and have several potential buyers and I inherited a decent amount of cash in a sort of trust to make a long story short.. I also seem to be about $25 to 35K short on many places I've looked at recently.

Hard money in my area starts at 10%+ interest for 15 years. Most will not do primary residences last time I looked. Personal loans from banks start at about the same. Most banks in my area will not loan less than $150K on a mortgage. I did find one mortgage broker who could come up with a $50K loan at reasonable rates but that loan would exclude fixers. I did find one small bank that would loan as little as $25K with high points and a reasonable interest rate for 30 years but ONLY in a certain area and would exclude fixers. Anything outside that area they will not loan on, and prices in that area are higher than other places I'm looking at.

Does anyone have ideas for a $25 to $35 or even 50K loan for a fixer primary residence with lower interest rates (say 4.5 - 6.5%). Most homes I've looked at will not pass a bank's inspection without major repairs, some are old mobiles on their own land. I'm retired and I do need to keep the monthly payments very low and account for repairs/material.

This is very frustrating. I have excellent credit and +/-  85% cash towards a place, construction experience, and am having trouble financing. It would be easier for most people to go at it with no down payment and a much bigger loan.. Which I can't do.

Thanks Jim. The second one from 1930's is interesting. If it was doug fir or pine I would be able to guess it. But lightweight redwood I can't guess.  Maybe there is a comparative loose piece under the house I can break. I'll look for one. I'm looking now for someone local in the construction trade who would have a good idea. One person said look out for powder post beetles as that is a main cause of lightness in this area. Most don't want to touch it which tells me something.

That is, dig out and pry off skirting and look under the house. I don't think one can get under the house.

J Beard, thanks, I don't mind pre drilling. Actually wouldn't have to for hardness, but should for brittleness on old redwood.

Don, after repairs and maybe bracing, the whole house, so that it can get a perimeter foundation, so that I can get construction financing in California. 

Josh, I won't be able to go under the house for a couple weeks or so, but I have a feeling the band joists (at least) are rotten. They are only a few inches (3 -6) above the ground on post and pier. It's a small house and I could potentially replace them myself, but not if the framing has little structural integrity. 

Zoning won't permit tear down and rebuild. 40% of any structure needs to be retained. If the framing isn't strong enough the place is just a money hole. 

Thanks Max, I was hoping to do most of that myself, but will probably have to have a contractor or someone experienced in jacking houses come in. I just don't know much about redwood.