All Forum Posts by: Matt Rathburn

Hi everyone, I recently found what I think is a great deal. A 1.7 acre lot with a 8 bedroom 4 bath brick home, with an in law apartment which is included in the bed/bath count. The land also has 6 mobile homes that are currently rented at $500 per month as well as 4 rv spots that are vacant but could rent at the same price once filled. All rents could eventually be raised to the current market value of $700-$850. The family is selling because the parents passed away and the children are not interested in being landlords. This preoperty has never been on the market and I only found out about it while I visited an estate sale they were having. 

I'm new to investing, and this is actually the first property for me. I made a verbal offer of $199,000 and the seller said they would accept that. I also asked for 90 days of due diligence and it's all contingent on me receiving financing. So, I have a few questions I'm hoping someone can help me with. If this is the wrong forum for this, please let me know. So when I look at the county tax assessor's info, the home is listed as a 4 bedroom 1 bathroom home and as a result is valued at $93,857. The mobile homes are only valued at $9,000 each. The land itself is valued at about $18,000 so the grand total is about $122,000. That's not an exact total, but it's close. So my question is, how will I ever be able to find an investor to finance this? Will they be more concerned with the current and possible future NOI? I doubt I can get a bank to finance me because I'm self employed and since I just began a year ago I don't have current tax documents to prove my earnings.

What happened was the homeowner went through and restructured the home without pulling permits or notifying the county, is this a deal breaker? They did not change the footprint of them home, just the layout. How do I go about fixing this issue? Would a new property assessment be the way to go?