All Forum Posts by: Jason L.

John Van Uytven I haven't been turned down for a loan, but the loan officer did say they don't finance mobile homes. The SFR is in need of some work, so not sure if it will appraise anything close to what seller is asking. You can't view the setup from the photos on the web.

How does a beginner investor, like myself get a loan for this type of set-up? The SFR is a 4 bedroom 2 bath home, the mobile home is a 3 bed room 2 bath home and the mother-in-law quarters is a 1 bedroom 1 bath structure. The SFR is vacant and needs some work before it's tenant ready, the mobile home is currently rented and the mother-in-law quarters is vacant. Help please?

@Aaron Montague Thanks!

@Aaron Montague The current loan I'm looking at is 15% down at 5.00 interest at 15 years. Do you prefer 30 years over 15, if so, why?

@Blake C. Thanks!

@Traxon Rachell This is an older duplex built in 1920, but it has been updated some what.

Originally posted by @Jason L.:

@Bill Jacobsen The appraisal I'm using is the one provide by the City of Amarillo and I missed quoted it, but it's $42,268. The property is listed for $58,000 and there are very few comps in this area for duplexes.

@Bill Jacobsen The appraisal I'm using is the one provide by the City of Amarillo and I missed quoted it, but it's $42,268. The property is listed for $58,000 and there are very few comps in this area for duplexes.

@Aaron Montague The taxes on this property last year was $1002.00 and currently the sewer, water, heat and utilities are all paid by the tenants. There are no HOA and management fees. So, as it stands now my expenses would be mortgage, insurance, cosmetic repairs, it has a new roof and as well as update heating and AC. During my walk through I did notice some things that would need to be replaced or update for future tenants. Thank you for the vacancy percentage and your advice. Let me know if I'm overlooking something.

@Raymond B. Thanks!