All Forum Posts by: Jim Bob

I'm considering short term owner financing, with 40% down, to facilitate the sale of a Palm Harbor home. It's 2 BR, 1000 sq. ft., functional, but dated. Most investors discount the value by about 20% or more, so it awaits a full market value buyer at $280k, who's focused on residence or a longer term rental situation. The current rent is $1,600 month to month.

Do you know anyone lending in Florida with similar plans? Jim 

 Branden, until I cash out or sell a home, I'm stuck in owner finance, sub. to, etc. deals. I tend toward unincorporated areas from Ozona to Seminole, under 1500 sq. ft., with multiple garage or carport spaces, close to the water, but not the typical high barrier island prices. I remember a bank declining my bid on a Belleair home a few years ago, only to sell it for 5% less a few weeks later. I was also outbid on an IRB intracoastal with dock home in a tax deed sale. Jim 

I like the redfin data from which I can drill down to s-f-h in zip codes and smaller areas. Although the sample size is small, I'm now seeing all time highs in median price with low inventories in my favorite Pinellas locales. The 2022 summer and fall price decline seems over. 

My homes, more dated than distressed, are within one mile of the gulf coast in Pinellas County, zips 34698 and 34683, and not in a flood zone like Michael's pals. From the numerous investor buyer solicitations, I think they're in popular locations. 

Thanks for the reply. Please let me know if you learn of any lender who'll accept the land trust. Also a lender who'll loan on the land and and thus doesn't care if the house qualifies for insurance is what I'm seeking.

Who insures a Palm Harbor, Pinellas County, rental home with an old roof and titled in a Florida land trust?

Does a Florida land trust qualify as commercial entity? I'm seeking heloc style funding and so far it's no go with the land trust. Plan B is a bridge style, short term, no prepay penalty, loan. For a $280k single family, I looking for 20% ltv, or 50% ltv on the land, since insurance on Florida old roof buildings is difficult, due to roofing company abuse.