All Forum Posts by: Justin Juhan

We are under contract on a 4ac tract we would like to build a rental town home community on.  Zoning is on board with residential units 6-8 per acre although the geography would likely only support around 16-18 townhomes.  What is the best creative way to finance the development? Rent comps are ~2k/unit and we manage a few properties in the same highly ranked school district and the demand rental demand is crazy. 

Hi all, we have a 4ac lot under contract in north metro Atlanta, the property also joins an additional 8+ac lot that is for sale but is across a small creek.  It is in one of the best rated school districts and has high demand.  We did pre-application with the county (for the 4 ac lot) and found out we could likely go mixed use neighborhood (Up to 32 residential units with 7 commercial) think vertical 4 story mixed use. Or build ~16 Town homes.  I've been posting around local groups but we are look for a developer/partner with experience in the development of rental communities from the ground up (or possibly just development to sell). How would you go about finding that person(s)? 

Chris, that's great info! Would there be any other gotcha's that would come to mind in under-writing? What about LTV on a primary or secondary home cash-out in this scenario?

Hypothetical situation here, If you were trying to buy a home from someone you know really well, and they were to agree.  

Could you record a warranty deed adding yourself and the owner as the owners on title, then cash-out refinance in just your name, and then warranty deed the previous owner off title?  

It seems like this would allow you to do owner occupied (if you intended to live in the property) and also eliminate the down payment requirements a lender would require because you already "own it", then have the previous owner record/hold a second for the remainder. 

Hi everyone,

We are purchasing 4 acres with 4 single wide mobile homes in North Carolina (seller financed). We are new to purchasing land + mobile homes and only have experience with SFH and SMF. What are some pitfalls we should look out for? Assuming the seller will register leans on the title for the mobile homes since they are not real property. What if any questions/research should I be looking at and asking the attorney about?

Each Mobile home has independent septic system, shared well, and tenants in place, I don't think zoning is an issue as it is pretty rural but I will be putting a call into the local building department.

Thanks is advance!

 It is simply a layout and design tool, assuming your existing exterior walls are in place most of the time* any added interior walls are only partitions, not really doing anything.

Plenty of apps out there to design it yourself and submit for approval. That is assuming your county in CA allows owners to pull their own permits. I recommend "magicplan" we used that for the plans on a garage conversion.

@Andrea O.  I have not gotten around to it, this takes me about 5 minutes a month to complete so it hasn't tipped the time to value scale enough. 

Will do, we mailed an offer in last week just for kicks. On a similar but different topic, is there a way to get notified when a specific property gets listed? 

Hi,

I've identified a property (forclosed then failed to sell at auction)  currently owned by Fannie Mae according to the tax records.  It is not listed on the Fannie Mae website.  I also read they only accept offers from Fannie Mae approved agents.  How would you go about:

1. Locating an agent approved by them.

2. Purchasing the property they have not listed (on their site)