Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Luke Edward

Luke Edward has started 3 posts and replied 9 times.

Originally posted by @John Brodeur:

Hi Luke, I would check out asset based lenders / non-traditional lenders (non-banks, many of these companies offer non-conforming loans that are solely based on the asset that they are lending against (the property). They look at the profitability NOI and Debt Service Coverage Ratio and Market Value of the home to determine what they could lend against it, vs. your income. I am currently working with one on a refinance.

I would check out the https://www.biggerpockets.com/loans section and do some research / review potential lenders there to see which ones lend in your state, and might work for you. Then I would suggest calling 3 to 5 to get quotes on what they would lend.

Good Luck on your continued journey in real estate investing!

 Hi John, thanks for replying. I will definitely do that for sure! Thanks you 

Originally posted by @Nathan Gesner:

Why change anything? $2,000 a month is pretty good income. If you don't need to live off it, save it up and you'll have money for a downpayment in a couple years. Rinse and repeat.

Thank you for the reply! Frankly, I don't want to wait 2 or 3 years to make my next move in REI and even though it's not an extremely large amount of money, I feel that it is enough to do something with, if that something was a good idea/investment. I'm just unsure on what my options would be related to REI with that amount.

Thank you for reading, My question is fairly simple. I have 1 single family home 3 bedroom 2 bath, it was my home growing up and it was left to me after my father passed. I cleaned it up and had it painted, my Father had a lot of work done to it before he passed so it was in pretty good condition. Older home but good bones. I payed off the home and own it out right, no mortgage. It currently brings me 2k in rent a month. After property taxes, school taxes, insurance etcetera I'm left with roughly 15-16 maybe 17k at the end of the year. What can I do, real estate investment related, with that much/little? I am currently not working, so I am aware that I do not qualify for some HELOCs and other loans and lines of credit, even though I have monthly income from the rental. I've tried to do a refi and use that cash but I don't have a "conventional" job and haven't found anyone willing to use my rental profits as income. So what is possible with that much money in REI? Thanks again for reading.

L. Lee

Originally posted by @Mark Brogan:

@Luke Edward, it sounds like the park changed their mind, get outside the Houston area within an hour and ride some other parks I'm sure you will find some 
happy investing

Hey, thanks for the reply! What areas do you think outside of Houston I should look into?

So after everything was set up and ready to go, the property manager came back and said they can't sell me the home because it would break "Habitable" law because of the work that needed to be done, it wasn't immediately ready for someone to move in and because of that she said I could turn around within 60 days and sue them. The entire process was a giant waste of my time, and a complete let down. 

I am trying to make my first purchase on an investment property. I have been looking at sites like Auction.com and other sites as well to see what homes are going to be auctioned in my area. My question is, how can I find out if these properties have any liens on them? How can I do my due diligence before I make a purchase? So far, I was interested in one particular property, so I called the county clerk, finally was transferred to the right department that would have the information I was looking for, only to be told that they don't have that kind of information, even though I've been told by many people that the county does in fact have records such as liens. So after that dead end I called a title company to see how if they could run a Informational Report to see if the property had any liens or outstanding debts that I would assume on purchase, but the representative at the title company said it might be like 200$ to get the info I want. Is there a better way to do things? I have the capital to make a small purchase on an investment property, but I do not have the capital to waste 200$ every single time I need to research a property. Also, what kind of things should I be looking for when researching a potential investment property? How should I go about doing this? I have come to the point of being ready to invest, but I have absolutely no idea where to start, or how to start. Any help is greatly appreciated, thanks! -Luke

Hey! Thank you all for replying to my post, I appreciate all of the good advice. Since posting I have found a decent used home, already in a park. I have placed an offer with the property manager. Hopefully everything works out, and I will keep the thread open to update my status. Feel free to continue to post ideas or thoughts! -Luke

I am interested in this, please let me know what we need to do to get the ball rolling

I am finally at the point where I have enough capital to purchase a used mobile home. My intentions are to purchase the MH and then spend a couple thousand in renovations (if needed) after the renovations are complete I want to rent it out. I am seriously needing help in finding a MH for purchase, as well as a park that will allow rentals in my area. I have scoured the internet for weeks, I have looked at all of the websites that I can think of and I am coming up empty. If anyone has ANY ideas that can help me I am interested. I have the money, I have the time, I am ready to move forward, I just feel like I am stalled because I can't find anything to buy. I am willing to spend up to 10k total investment (10k with all of the renovations done) Please help, I don't want to waste anymore time, I am losing money everyday that I don't have a MH. Thank you in advance, seriously any help is greatly appreciated. -Luke

P.S. I am located in the Houston area