All Forum Posts by: Nathan Cain

I toured the property today. I think it may be good to turn it into a triplex. 

I don't think the solar panel loan is in 2nd position. Not sure though.

I have little over $10k cash. I can probably sell one of my vehicles for another $10k.

My idea was to put an apartment in the basement and rent out two units or live in one and rent the other. 

There is a house that has solar panels that haven't been paid off yet. The owner has a 3% apr loan with 23 years left and a balance of $33k on the solar panels. He says I can assume this loan instead of building them into a new mortgage at a way higher interest rate. 

He has a mortgage with $120k left for around 29 years or so at 3.75% apr. He is asking $211k, which is $58,000 above his mortgage and his solar panel loan. He's also already told me that is negotiable. (He is now selling without a realtor.)

What is the strategy here? Is there a way for me to get this with no money down? Could I get it under contract by assuming the loans (or subto) and then get a second mortgage? I assume I can't do that because I wouldn't own the place yet. Maybe I get a private money loan and then use a second mortgage to pay it off? 

Any other ideas? 

Thank you all for your advice. I will not be pursuing this opportunity. I'm sure you saved me a lot of pain.

I just came up with this plan yesterday: 

I offer $15k, contingent on signing a minimum one year lease with the land owner and getting the current tenants to sign a year lease with me.

For financing, I use my credit card that is offering me a promotional rate of 1.99% for 12 months, with a $600 fee. After 12 months, the rate goes up to just under 20%, so I would hope be able to get a business loan (or another credit card with an introductory balance transfer rate) by then because my LLC will be showing revenue.

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Option 1: Using the rental income I pay $650 per month to pay down the card, which would take 24 months to pay off.

Option 2: Using the rental income, I pay $300 to $400 per month to pay down the card over 10 years, while I save as much as possible for my next down payment.

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Whenever there is a need to do maintenance during those 24 months, I could pay from my savings, make a minimum payment that month, and/or charge the card again. 

Eventually, I could move the home to my own land, that I'll own in the future, and then I'd be taking in an extra $250 per month since I won't be renting the land anymore. 

Please give me your thoughts.

Hi guys,

I have an opportunity to buy my first investment property for only $17k. It is a 1989 mobile home that is currently rented for $900 a month. $250 of that is going to the owner of the land. 

Questions:

1) At a low total price like that, should I be concerned about the market value of the home or be more concerned about how much it is worth to me due to the cash flow? 

2) How can I figure either of the above mentioned values?

3) Do you have any other advice to help me make a success of this (or perhaps avoid this deal)? 

Thank you everyone.

I'm looking for financing for a high cash flow pair of manufactured homes. ABL1.net was onboard and they looked so promising until they dropped that bomb.

ABL1.net says they will fund my deal, but they are asking for a $250 refundable deposit before they will give me a pre-approval letter.

Is this a legit practice? 

I'm looking for software that I could use to calculate and keep track of owner financed loans and possibly take direct deposits from the buyer. I would like it to, for example, allow for interest-free extra payments.