All Forum Posts by: Michele B.

My title was separate amount from the closing costs.  I am not sure if that is normal or not.  The title is paying tax on the amount of the sale and in my state like $15 title transfer. 

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IS it a girder based home? does it have a mobile home type title?  If so, you will have to pay the transfer of title  cost which will be in my state 6% of the purchase price. Plus any other fees that the lawyer/ title company put on it. 

I know someone that has 5 businesses, his main one is rentals, he uses his rental (personal home) as part of his payment to himself in lieu of paying himself a larger income.  You can do this without red flags and use that amount as a payroll expense for the company.  He doesn't pay rent.  Let me say it this way he gets housing and a paycheck for him working at his own company. The company has to pay all the bills for the house as part of his perks.  IS this legal?  He has been doing it for going on 20 years....thoughts?????

Just remember ask lots of questions.....

I think you need to ask a lawyer.

 it will depend on if it has an addition put on it.....put a deck that has a roof on it that extends over the other roof and then it starts adding value.  Add a room on to it and it becomes a house. 

I think you need to give some more information.  What is it you need to loan, the amount, how long you want to have the loan? 

A commercial loan right now is 70-80 LTV (depending on what it is used for, and by that I mean if it is cannibus related it is a 50% LTV), around 6% (if you have a 650 or above), for 15 years (this could vary).

First you need to find out the zoning, secondly you need to figure out if the house has to be fixed up to what it was for the insurance company.  The next thing you need to do is get blue prints made to what you want to do, get estimates.  Most new construction loans I have seen require a General Contractor to do all the work.  This can have a loop hole if you talk a general contractor into letting you be the sub contractor and not taking pay ( you might have to grease the wheels for the General Contractor to let you do this).  

Cash buyers are always a great thing.  As for mobile homes, if they have no steel girders under them, called stick built, they do gain value if set on a foundation not in a park. If they are in a park or have the steel girders then they depreciate fast. My neighbor bought a modular/mobile home that took 6 semi's to bring in it is a huge house with 2 stories and a two car garage with a loft, and it is definitely appreciating in value.  Those are super expensive and come with nothing on the second floor. So you have to put in all the walls and electric and plumbing , the are roughed in but not completed.