All Forum Posts by: John Ching

I have not seen that house on Zillow. However, there is a FSBO in Willard I need to check that one out as it is a highly desirable school district. If I can find the link I will post it.

Hello fellow BR'ers! My partner and I are looking to flip some property in Springfield, MO. SFR, Duplex, 4-plex, it doesn't matter, although we prefer single-family. She wants to get her design groove on!

Ideally, we would like 3+ bedrooms in 1,000'+ sq ft with a garage. Prefer the south side of town. Starting at $50K up to $200K. 

Let me know what you have, wholesale deals welcome!

Aahhh, I forgot! 

It's been a loooong time, but I believe FHA requires the mobile home owner to OWN the land, it cannot be leased. But I could be wrong. However, based on your inquiry, it looks like that is the case.

My suggestion is to go to the office and find out who's lending on all the mobile homes in that park. There are lenders that specialize in just mobile homes and underwrite their own paper. They portfolio the notes, so don't expect Fannie Mae sub-4% mortgage rates, but it shouldn't be too out of whack with conventional lending.

If there isn't a mobile home lender near that park, look for other parks in the area. SOMEONE is lending on mobile homes and that's the person/lender you need to contact.

Weird. 

FHA is a great place to get financing for a mobile home. But you are leaving out critical information.

First of all, why do the banks not want to do this type of financing? Is the mobile home out of date or the wrong size? Is the issue your lending profile? We need more detail in order to help.

Sent you an email via the website, Ali. Where can I get a "HI" hat?? Those look cool! Also looking for multi-family home in San Diego area. North County would be nice, but Mission Valley is also desirable.

Thanks!

Eric,

I'm assuming you are using hard money. Obviously, being an unemployed student doesn't give you a chance in hell of going conventional?

Using hard money, the lender is really loaning on the equity of the property. Without a job, I hope you have a good FICO score. Without a job, a good FICO will at least tell the lender you can manage credit.

 How do you plan on paying for the property? What sort of cash reserves do you have? Where will you come up with the monthly payment? This are the things a lender is going to want to see.

Great job! Love the 'before' and 'after' pics. really shows you care about what you do!

James, what expenses are included in your work sheet?

Congrats, Chris. I'm looking to do the same here in MO. Plenty of opportunity (in "C" neighborhoods) for sub-$30K homes. Mostly 2/1's but even 3/1's, which are even better (imho) for resale. But I don't think you can lose when it comes to a hold. 

Keep us informed as to your experiences owning this 'hold' property...

Do you have comps to support the ARV?