All Forum Posts by: Michael Harris

I got into a mobile home on 3 acres in suburb of Tulsa ok, the owner quit claimed deed to me and we signed a contract that I would rehab and sell at that time he gets $60,000. I am almost done with the rehab and I am considering a few options.

The comps on the property have been around 190k but I feel this property isn’t quite as good as the comps I could find so I’m running with the assumption of getting about 175k.

1. Sell house and buy a cheaper house all cash avoid the current high interest rate. Down side the houses in this price range are older and possibly not in best neighborhoods, more repairs possibly harder to find good renters.

2. Use proceeds as down payment on higher quality house maybe even new house, less repairs, can look I. Better areas. Will have high interest mortgage.

3. Refinance and rent the mobile out, already have tenants interested. Use refinance fund payout person I bought from and do either 1 or 2 above.

Thanks for reply’s, contacted several title companies none of them offered that service , I  am having a lawyer do it for me.

I need to fill out a quit claim deed in Oklahoma and I found the paperwork on county site but I do not know what goes where it says parts with a blank after them. Thanks for looking

Thanks for all the replies.

Hello complete newbie here wanting to know if this is possible. I found a house that I can get into for $184,500 that appraised for $250,000 2 years ago. That works out to just under 75% LTV. Will lenders loan the whole purchase price, the ones I have spoke to say 80% of purchase price. The home is in a small town but is in city limits not zoned rural and is on public water/sewer. I have a renter lined up @ $1600 month. Thanks ahead of time for any replies.