All Forum Posts by: Logan Marienau

Just realized I may have put this in the wrong section. Sorry!

Hi Everyone,

Trying to find my first property and there are very limited numbers available in my area. Northwest Colorado. I found a 1972 Mobile home with two lots. The mobile home still needs to purge it's title but sits on 0.4 acres and then a vacant lot on 0.36 acres. Utility hook ups are right there and the vacant lot's tap fee is already paid for. That's roughly 13k-14k in my area.

The total property is listed for $230,000. I believe it can easily rent for $1500 and could possibly rent for $1800. I've talked with two banks already. One is referring me to one of her colleagues and the other bank said that they wouldn't be able to finance it and said most banks wont finance it because of the age.

The actual mobile is a double wide with an added addition and a new metal roof. It appears they added more to the exterior wall too. The interior isn't in that bad of shape just cosmetics mainly. If I do proceed with making an offer I will definitely get it inspected.

What are you guys' initial thoughts on the property and where would I be able to finance this?

Thanks!

Logan

Hi Everyone,

Trying to find my first property and there are very limited numbers available in my area. Northwest Colorado. I found a 1972 Mobile home with two lots. The mobile home still needs to purge it's title but sits on 0.4 acres and then a vacant lot on 0.36 acres. Utility hook ups are right there and the vacant lot's tap fee is already paid for. That's roughly 13k-14k in my area. 

The total property is listed for $230,000. I believe it can easily rent for $1500 and could possibly rent for $1800. I've talked with two banks already. One is referring me to one of her colleagues and the other bank said that they wouldn't be able to finance it and said most banks wont finance it because of the age.

The actual mobile is a double wide with an added addition and a new metal roof. It appears they added more to the exterior wall too. The interior isn't in that bad of shape just cosmetics mainly. If I do proceed with making an offer I will definitely get it inspected. 

What are you guys' initial thoughts on the property and where would I be able to finance this?

Thanks!

Logan

@Account Closed Thanks!

@Evan Polaski Goos to know! Thanks!

@Bjorn Ahlblad sounds like I need to step up my networking game! Thanks

@Mao Du thanks! I’ll take a look.

Hello Everyone!

I've got an interesting property in my area that has come available that I don't see too often. It's a 54 unit apartment complex listed for $3,000,000. I still need to get more details but it looks like they are mainly filled with 2/1 & 2/2's Rent appears it could be between $700 - $800 per unit. 

Little bit about my real estate experience. Over the last 4 years I have had multiple opportunities to manage multifamily units. At the peak I was managing 45 units and working a full time job. The units that I manage consisted of townhomes, condos & apartments. I would say I have B to C- properties. Knock on wood but I've only had to evict one tenant! Woo! My education and main work experience is in accounting and love the numbers game.

Main question and concern to my post is the money issue. I have some money but definitely no where the amount needed for a down payment. What have been some of your guys' strategies to get large properties like this with little money? Bring in other people? Owner financing? etc. 
Anything is greatly appreciated. I'll try to get more info on this property. 

Thanks! Logan

@Joseph Firmin are you saying I should look into getting some of my equity out of the land loan and use it to help purchase a rental. Sorry I wasn’t following it.

Thanks for your help!

Hi Everyone, Quick question for you guys! I know answers will vary and a lot could depend on a number of variables but I wanted to get your thoughts.

I recently purchase 5 acres of land for $65k. The land is meant for my wife and I to build a house in the future. I put $30k down and have a loan of $35k @4.5% interest amortized over 15 years, balloon at 5 year. My banker is saying that I could utilize the equity in the land up to 75% LTV. I could pay the land off in about a year and a half and use the equity to buy a rental in the $60k to $160k range. Condo or SFH. or pay it off in 5 years and save the difference in cash if I were to pay it off in a year and half.

Main question is should I pay down the land loan in that year and half or 5 years? Which do you think would get me closer to my first rental deal?

Thanks!

Logan