All Forum Posts by: Jeremy P.

Get FHA Loan (unless you already have on the current house), buy duplex, move in, rent your current house, find another renter for the other side of the duplex.

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If the 3.5% is from FHA, you move out you wont be able to get another FHA Loan until this one is refinanced. So your Numbers will be different with the new loan.

Your renting by the room, did you include electric, water/sewer/gas. garbage, HOA, Lawn Maintenance, pest service, etc.?

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Check your Local Real Estate Investors Association. In my REIA I have 2 I can talk to, and then other investors have referrals for others.

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Some Lenders require mortgages/titles to be in Personal Name. I found one recently that is the opposite. They require my Business name not Personal.

1. Check with an Attorny on the ramifications if any of doing this

2. Check with a CPA on the ramifications if any of doing this

3. Possibly find another Lender/Mortgage Broker

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Could you run it through the Calculators? https://www.biggerpockets.com/real-estate-investme...

You can then post a screenshot of the results, like I have here: (not the numbers from above just an example)

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Everyone has valid points, but does this Mobile home fit your Goal?

My Primary Goal is Small Apartments 12-24 Units with a per Door/Unit Minimum I want, I doubt I would look at Single Family, Multi Family or anything lower than 12 Units for my Primary Goal unless it Cash Flows very well. Single Families could flip then use that Capital for my Primary Goal.

Will you be able to sell the Mobile Home in the future for the Price your looking at now for it?

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Maybe Caliber owns the home, its been sitting for way to long, maybe been under contract too many times with buyers not qualified.

I dont remember the exact verbiage but @J Scott had it in his book http://get.biggerpockets.com/flippingbook/. Most Sellers that are Realtors or have their License have more control of the Sale. They also have Lenders they work with specifically. In the book J Scott goes on to say a potential Buyers Lender held up the sale for roughly 2 months. After that he uses his Lender which has easier communication and the sale process can flow smoothly.

Reach out or have your Realtor reach out to the Listing Agent and find more info.

1 Vote

I'm kind of a similar situation. Found a 20 unit Apartment, Realtor sent me one set of numbers and the owner sent me different set of numbers.

I ran both through the Calculators: https://www.biggerpockets.com/real-estate-investme...

and neither numbers matched anything provided, sadly I will be passing on the deal this week unless I can get true and accurate numbers.

Make sure you do your due diligence and check your numbers. Excel is notorious for user error, formula malfunction, etc. Check your numbers from Excel against the Bigger Pockets calculators https://www.biggerpockets.com/real-estate-investme...

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