All Forum Posts by: Shannon H.

Hi,

I am in WA state. Do you lend on manufactured houses, own lot, permanetly fixed foundation?

Hello all,

I have a 180 day bridge loan I need to refinance out of. My score is under 620, I spent all my liquid cash and took out a loan for the downpayment. The house is in Washington State and will rent at $2100. Minus a water heater replacement in work, it is ready to go. I don't have the equity in my primary residence to do a refinance. Is there a lender out there that can find a way to do this loan deal? I have a property management company in place. The house is a 2007 manufactured on a permanent foundation on its own lot, in a high rent demand city. I am open to creative financing.

 Hi Chris,  oh PLEASE share with me your contact. Do they lend in WA? 

Try private or hard money. Banks are tied to regulation and strict requirements AND take the lease amount of risk possible. Hard money is more expensive but far more flexible with investors as they understand the uniqueness of our positions. Find a mentor or more experienced investors in your area and pick their brains. I used hard money on my first deal. You should have no problem meeting most qualifications. Go to the marketplace under funding or check out local reia groups or of course google hard/private money lenders.

 Thank you!

 Thank you!

Investment Info:

Single-family residence buy & hold investment.

Single-family residence buy & hold investment.

What made you interested in investing in this type of deal?

Was going to move in to the house but it was not going to work for my family. Additionally, funding was an issue with traditional lenders. So, made a rental out of it!

How did you find this deal and how did you negotiate it?

Word of mouth, off-market deal. I dealt directly with the seller who was gracious enough to work with me.

How did you finance this deal?

Hard money and I had to come up with a down payment and collateral.

How did you add value to the deal?

Updated refrigerator, dishwasher, changed out carpet to vinyl, water heater, painted and fixed a few things here and there.

What was the outcome?

The house looks fresher and newer. We can command top rental price now.

Lessons learned? Challenges?

Don't underestimated the condition of the house. Once we got all the furniture out and did a walk-thru with our property manager we had some hard decisions. Fix now or later? So, allow for $20,000.00 minimum for surprises such as appliances suddenly failing and freshening up a place. Be willing to jump through hoops to forward move your deal. Ask "how can/do I...". Finally, don't give up. SOMEBODY will give you a chance if you have a good deal. It is about the deal numbers working, not you.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Veristone Capital. Shout out to Erin Belmore and Jason Schwarz​ for opening that door and giving me a chance. Foremost Insurance with Ian Landry and Gretchen Reed of Pacific Crest Services via Ben Miller Insurance. They worked really hard to see this slightly complex deal through and on time for closing. Outstanding service guys! Thank you.

Hello all,

I am under contract to buy and hold on a SFR in WA state. I need either another lender to complete the funding for purchase or a partner with excellent credit and funds. I will have some skin in the game as well. Property address will be provided to serious inquiries.