All Forum Posts by: Kelly Skeval

I haven’t attempted to obtain commercial lending on a SFH so I’m not sure if it’s possible. I do know commercial bankers like to make things happen that make business sense though.

Using an FHA Loan is exactly how I entered the real estate investing world! I was able to use seller concessions (up to 6% of the purchase price) to also help lower my cash needed at closing. You’re certainly on the right track. Best of luck on your first purchase!

Great work on saving that money for a down payment. I had almost the exact same kind of experience when I went to buy my 2nd and 3rd income properties. Have you considered local banks with portfolio loans? They hold the loans in house and have some flexibility. I ended up using commercial loans to purchase properties when I couldn’t qualify for a typical residential non owner occupied loan from the bank. I can only speak to my experience in NY but the local commercial lenders cared more about if the numbers worked and were very willing to work with me. Later I refinanced in to residential non owner occupied loans with a lower interest rate. Had it not been for those local commercial lenders I wouldn’t have been able to purchase properties.

My husband and I started investing about 3 years before our first was born. Now we have 3 kiddos and I noticed the same feelings of being more hesitant and cautious with investing. We actually took 3 years off while we added children and built a single family home. I never stopped looking at deals and running numbers though. Now, we’re back on the wagon and ready to purchase. We’ve written a lot of offers this years and may come to terms on one soon. Continuing to look at deals and run numbers has helped me become real confident in what I’m looking for and I know that when I close on a property I’ll be comfortable with the “risk”. I’m not sure what it is...age? Feeling responsible for other tiny humans? Or a combo of both but I can totally empathize with you and have felt the same. Best of luck in overcoming this hurdle.

There are many ways to get started in real estate and the younger you are the better! I agree that you need to establish a steady income and live below your means. Meet with a banker to get prequalified and find out what you can afford and what kind of programs you qualify for. FHA loans only require 3.5% down and you can roll 6% of closing costs into the mortgage. Have your banker show you worksheets that map out exactly what your cash to close will be and what your monthly payments will look like. You can purchase a small single family and rent rooms to friends to help pay down your mortgage. My first purchase was a split level single family that I turned into a duplex where the apartment income paid my mortgage, taxes and utilities allowing me to save enough to purchase another duplex and then I was able to use leverage from there. Google, research and read everything you can on BiggerPockets. I started 10 years ago at 25 and it’s changed my life! It’s a slow process to start when you’re young but if you stay focused it’ll be worth it!

@Corey Cox here is the website https://www.mobilehomeuniversity.com It’s a boot camp on finding, evaluating, purchasing and managing mobile home parks. Thanks to all who have offered feedback. I’m still very much on the fence with taking the course. I’ve listened to a lot of podcasts and read many articles and blogs on mobile home Park investing...just when I get close to jumping in I talk myself out of it. Maybe it’s best I stick with what I know, investing in multi units in my market.

Fantastic! Thank you everyone for the feedback.

I’m curious to hear from individuals who have completed the Mobile Home University boot camp and gone on to purchase a mobile home park. I’ve read nothing but great things about the boot camp and I’m thinking of taking the plunge and attending it. I’ve had an interest in Mobile home Park investing for years and have spent a lot of time researching them. I currently own 10 apartment units but am feeling ready to expand my portfolio. Anyone out there that has attended boot camp and gone on to successfully purchase parks?

Hello. I’ve been in conversation with an owner of a self storage unit who is looking to sell in the near future. We’ve discussed different creative financing options. The option that is most appealing to me and my current situation is to assume his current loan (bank is agreeable), seller carries a portion thus making my percentage down less. He is looking to sell with the least amount of tax implication. His tax accountant has advised him to 1031 exchange the property. I’m less inclined and able to purchase the facility if he needs to fully cash out and cannot carry back a note. The seller is up for any creative financing option that benefits both of us. Any suggestions that can appeal to both sides and encourage the sale to move forward?

I deal mostly with college students who are looking to secure housing sometimes 9-10 months in advance and I'll have them sign a new lease for the following school year at that point if it's been a good situation. For my non student rentals, I will usually give a heads up 3 months prior to the end of their lease that I need to know if they're interested in resigning in the next month. Then 60 days prior to the end of the current lease I either resign them or start advertising the apartment for rent. As for when to allow them to resign....if I like the tenant and they're interested in renewing their lease then I get them signed as quickly as possible. I want to lock them in before they can change their mind.