All Forum Posts by: Jessica Tucker Grubbs

Thanks @Andrew Postell! Ultimately I decided to just go with a more conventional mortgage.  It is surprisingly hard to find lenders and contractors in my area to service my need for a reno loan.  Luckily I do not need much work done other than a new roof which can be handled in an alternative way.  Just such a bummer that they make it so hard to find and work through a renovation loan.  (I am sure they are out there, but I am running out of time to get the mortgage so I had limited time to research very heavily). Thanks again!

Thanks, @Zack Karp for your response. I think that I will probably just deal with the monthly PMI and let it fall off when appropriate. I hadn't heard of LPMI, so that was cool to learn about, not something I would want, but cool to know that it is out there.

Thanks @Andrew Postell, this thread is actually about my personal house that I will be living in for a fair while so just conventional loan.  It also was really more of an emotional/family consideration purchase than investment-minded.  Though I did try to buy low for what I got (GREAT new "trendy" location - and the general area market should appreciate well while we still own it).  It just happens that the roof is a little older, but I was willing to deal with that. 

But I appreciate the solid advice, because nonetheless, I am new to real estate investing (just started my LLC last month) - the goal was to BRRRR mobile home parks basically, but I am having a hell of a time finding any good buys - everything I am finding so far was already gobbled up by investors and now being offered at premium. I have already invested in learning how to operate in that market, but now am considering doing something more conservative as a first-time move as I would really not like to borrow any more from my private lender (family) than I already have, which a MHP would require. I was considering looking at a flip - but this competition is fierce and a bit discouraging to a newbie. But I WILL NOT give up until I figure out how to successfully get my feet wet. Is this something all investors face in the beginning...hard not to feel a bit silly :(?

Thanks for your comment @Don Konipol I guess I was thinking since down+(value-purchase)>20% of the loan that this would allow for a no PMI scenario. I don't know what I was thinking because it really needs to be down+(value-purchase)>20% of the value... jeez, need more coffee.

Thanks for the reply @Chris Mason I just want to make sure I understand correctly.  Even though I already know at the point of purchase the home value it 258k+ and I am buying it for 230k I can't leverage that until a refinance is done?  There is no way to skip to the "refinance" scenario?

If it helps here is the story.

In April my father bought the home in NC for $230k for me after I negotiated that price from the sellers (I didn't make them address any repairs).  We had an independent appraisal for $258k from a licensed appraiser (before we changed anything about the home). We moved from our house in AZ into this house and currently live there (have since then replace HVAC/Furnace and added the nice new fence) our house in AZ finally sold so now we have our equity out and he is letting us by it back from him at the same $230k he paid. 

Appraisal= $258k/ purchase price = $230k/ Built-in Equity= $28,000/ Down payment cash $27,000.

I have $27,000 cash to put into a down payment on the above home BUT, I need to use some (about $10,000) for a new roof/gutters.  Is there a way I can get a mortgage that will not have PMI due to the level of equity in the home and I can put down only $17-18k instead of the full $27k? Or do you have any other advice on how to pull this off? (Not interested in 203k loan due to difficulty level/finding broker to help).

If it is worth anything the home may appraise for slightly more now as it has a brand new furnace/HVAC and white 6ft perimeter vinyl fence since the last appraisal in April 2019. 

I will also be in need of a rapid rescore after paying off large credit card balances.

Any NC mortgage folks that know how to pull this off?

I am looking to buy a mobile home park in an MSA in NC. The park happens to be an off the market deal from a wholesaler.  I ran some initial numbers and it is way overpriced. (Asking $850k and it is worth $450k-$500k - using industry-standard income-based valuation methods). 

I am super into the property, other than the price it is a great opportunity.

Wholesalers, what is my best move here.  How should I approach the wholesaler in a way that I can buy this thing for a realistic price and they can get what they are trying to accomplish done too?  Is it normal to way overprice things in the hopes of luck? (Like I said, this isn't even on the market).  I am curious about what is going on here.  And slightly nervous to screw up the opportunity as this would be my first park although I am well-educated on the topic. 

Thanks in advance!