All Forum Posts by: Keri Lamb

Wow--I definitely got more than I bargained for when I started this thread! Life is WEIRD, y'all!

Hi everyone!

I recently inherited twenty chickens from my tenant! 

Post below and entertain us with the weirdest or most notable thing you've ever inherited from a tenant!

Hi Katie! I am all for exploring options with seller financing, as the banks will always be there as a possibility on your future investment deals, but the opportunity for seller financing may not! In agreement with previous posts, I would see what you can work out with the seller that may be mutually advantageous to both parties! 

You did not mention whether you plan to occupy this property right away after you purchase it or not. I am curious to know more about your plans as far as that goes--are you intending to live in the singlewide or elsewhere on the property while you build? This probably won't affect your ability to get seller financing but may change the conversation you have with a traditional bank!

Thanks so much for that helpful information, Tanner! I do have a mortgage on the property we are selling, and could definitely look into what you suggested! In my research I had come across similar information about owner occupied properties but your explanation helps in elaborating why a short-term lender would be reluctant to lend in my situation. Thank you very much!

Hi, all!! I am looking for a lender that can do a bridge or hard money loan for our slightly unusual situation! My husband and I are selling our primary residence and are under contract to close on a 20-acre land purchase at the end of this month. We are intending to live on the property in an RV and build at least 1-2 rental units (new manufactured homes) before we build our primary residence elsewhere on the property. I am wondering if anyone can direct me to any lenders who can provide a short term loan of about 180k to help us close on this new property before our primary residence sells. We have an LLC that we use for all of our investment properties so we could potentially do the loan under the LLC or under our own names. Any help is much appreciated! Thank you! —Keri

I love the sound of this deal! I invest in exclusively singlewides at the moment, but we buy the land cash and then use a construction loan to install brand new ones. (The construction loan gets refinanced into a long term loan with the same lender when the property is completely finished and rented out). I recommend looking at any and all community/credit union banks in your area. I know of two (including the one we use) around the Chattanooga, TN area, but I am sure there are others! Best of luck with it!

Hi! I have used TurbotTenant for our (self-managed) rental properties for over a year now and I love it. I actually use Zillow to screen because they charge less than TurboTenant, but once I approve a tenant I onboard them onto TurboTenant. They also have a delay in posting rent payments to my bank account, but that's just because I use the free version! As a sidenote, I also record all of my expenses in TT and really love the interface. Good luck with the landlording!