All Forum Posts by: Michael Snead

thanks george!

its funny we arrived at the same conclusion! i just now saw your response. great idea and she loves it too.

Hi BP,

My mother is having some trouble and I am trying to help her out. 

She is trying to buy a home in Salisbury / Ocean City , Maryland area. Her debt to income ratio is preventing her from getting another mortgage, because she hasn't been claiming her rental income for the past 6 years (had I been educated sooner, I wouldn't have let this happen.)

The rental property (my childhood home) is technically, or used to be a mobile home. The stick-built additions total more square footage than the mobile home portion of the house. The mortgage is less than 2 years from being paid off, and I recommended she does a cash-out refi to get enough of a down payment to get another mortgage. 

The problem is that although she was able to get a mortgage on the home the first time, and later on a HELOC, she can't find anyone who will refinance a "mobile home." I suggested that she call around to small banks, but there aren't many on the eastern shore.

Is there any hope of refinancing?

also, is there any way to get a property that used to be a mobile home designated as a SFR?

These aren't your average questions, but I appreciate any help.

welcome Rae, 

I'm a newbie myself, but I am house hacking my primary residence, doing a "live and flip," and in negotiation with my first rental. Between local reia's and BP marketplace, I see a ton of deals come up in the area; just online through wholesalers alone. You shouldn't have much trouble finding a deal as long as you have the financial figured out.

Congrats on going pro with basketball that's impressive. 

Are you primarily investing in Alabama or are you going to look in the Hampton roads area?

I started a small campaign on the peninsula a month ago with hand written letters and have received at least 5 calls per mailing (50 letters). All of which were hand written, both letter and envelope. This is extremely time consuming and I can't keep doing this forever if I want to expand to a larger list, however the response rate is amazing. 

I haven't made any deals, however I do have two in negotiation. The majority of people were tire kickers, but almost all of them had been mailed  by many people. Several people told me that the only reason they replied to mine over the generic printed postcards, was because mine were hand written and felt personal. 

Just my .02

Good luck

i would find a neighborhood with a lot of recent cash sales and hit the streets. The Newport News tax assesors page does not provide the owners address though, just a name. So be prepared for some time consuming research. 

There is an awesome way to use IFTTT.com to link your phone to a spread sheet on your computer. You just text the address to a phone number (generated by IFTTT) and it adds it into a spread sheet that you can use later to look up the owners.

Good luck

i see good multi families pop up in the Norfolk vb area all the time. I would recommend going to the preia meet ups and possibly becoming a TRIG member. Im also just getting started, and as a 24 year old myself, everyone seems very willing to help. 

At the meeting Thursday there was a lady looking to seller finance a duplex. I may be able to get her contact info if you'd like to look into it.

The deals are here!

I've installed my own 220 outlet and welding equipment in several houses back when I used to rent. There really isn't a big fire risk with the welder, but rather other tools associated with welding, like the oxyfuel torch. I wouldn't be concerned about the welder but ask that the tenant does NOT use any torch cutting equipment  anywhere near the property. 

welcome Nicholas!

Your story sounds a lot like mine!

I too,am just getting started and transitioned from flipping cars and motorcycles in Hampton roads.

Good luck!

welcome! I'm a welder out in Newport News and share similar goals. Good luck and maybe I'll see you around!