All Forum Posts by: Lina Emory

I’m not terribly concerned about the house since the layout would make it easy to survey & subdivide to make it two parcels. But all good points. 

First of all- how much is this park worth to you?

11 mobile home pads plus one SFH.

10 pads are occupied, plus the house currently generating $4850/m in lot rent & house rent. (average of $400/m) 

$7000 annual expenses roughly- insurance, septic Mgmt, lawn care, etc. Tenants pay utilities.

Seller may be willing to finance with a large downpayment.  Asking $499k but hoping we can get that down. 

How would you suggest structuring a seller financed deal? I could partner with someone and probably put close to $100k down but need to factor in $10k for first year expenses into that as well. My DTI is tapped out, so it's creative or bust.

Thank you! 

Hey everyone! Need a fresh set of eyes to see what makes the most sense for us.

We own a rental home on 1 acre outright with the potential for 3 more septic tanks/home sites. We need $15-30k cash to put a mobile home on the lot ASAP. Would love more capital to keep expansion the other two sites too. The rental home already rents for $1250 and again I have no mortgage. I'm a realtor and comps suggest value is $150-175k all day long. Mobile home will rent for additional $800-900.  I need to pull equity out fast, and can pay back fast- under a 3 year term works. 

The problem is I am maxed out on our DTI. Is DSCR loan the best option? Are there any Heloc/commerical line of credit options that don't require verification of funds? I am good for a credit check and can provide the lease proving $1250/m income.

What would you do?

Thank you!