All Forum Posts by: Mark Weldon

I don't know how else to title this lol. I'm intending to brrr a property and first aquire it by some sort of short term rent to buy option. I would  propose a large down payment (10% range), rent to own option with a 12 month or less guarantee to pay in full (once renovated and refinanced). The down payment would be non-refundable so if I fail to aquire financing in time the earnest money would be forfeited. I don't have the capital to purchase outright and renovate without partnering but, I do believe I could put up the earnest money, rehab enough to refinance and pull enough out to recover my investment and put the finishing touches on the rehab. My question is what forms and process might you take, from approaching the property owner to drafting a contract? Any advice? I have a large rehab budget currently invested in another deal that I will get back in three months for shortages in the rehab or when it comes time to finance I'm just searching for a creative way to pursue this deal.  Any advice, strategy, forms or input would be greatly appreciated!  Best wishes to all.

@Mark Sewell any more info or links on the flood zone strategy? I've not heard anything about this.

Planning to purchase a new home and refinance our current home to convert into a second rental property (basically brrr'ing our current residence) . Timeframe between purchase and refinancing would be pretty quick. Hoping to be honest with a lendor about our plans and finding one that is OK with it. Does anyone have any advice or had recent success with a similar situation? Will likely refinance first but we're a little frustrated seeing homes we'd like to purchase selling in two or three days. No LLC established so we'd have three mortgages between us both. One with a lease and great cash flow I can prove, one newly established rental which will also cashflow very well (will need to convince them of that which shouldn't be hard) and a new personal residence. So basically I'm looking for a lendor that will overlook a recent refinance or home purchase (depending on what comes first) with the understanding it's being done as an investment into income producing property and not shy away from offering a new mortgage or refinance (again depending on which comes first).

@Andrew R. Lucas thank you! I see your in Columbia. I'm just outside of Charleston, let me know of there's something I can do to return the favor.

@Rachel H. Thank you so much for the clarification and your time to respond!

@Maurice Bell good luck I hope it works out for the best!

@Maurice Bell from my research it may be as simple as signing the title over to you, if it's a titled mobile home. I would at least do that before bringing any offers to the table to avoid being cut out of the deal. My biggest concern is how quickly I can have a new title in my name to transfer to the new buyer... an assignment contract would avoid this scenario as long as they follow through with it and the current owner transfers the title as agreed upon.

I currently have a wholesale scenario falling into place. Property owner wants a mobile home in need of repair moved, that's it, free and clear. I posted an add in FB marketplace to see what kind of interest it may stir up and I've been overwhelmed with inquiries. I've offered to pay the current taxes due on the home for the property owner and he's fine with me selling it but I'd like to sign some type of contract (or just the title) before doing anything official. My question is where might I find a contract and what other hiccups may I stumble across when trying to sell to the new buyer? Are mobile homes as simple as transferring a title and then creating a bill of sale?