All Forum Posts by: Payton House

I am trying to purchase a mobile home in a park and the do a rent to own on it. However, she tells me that the park management isnt accepting anyone because they know if they do not accept anyone they will end up getting the home becasue she cannot keep paying lot rent. Anyone have any advice. The only things I can think of is to tell them im gonna buy it anyways and if they dont accept I will just move it off the lot. (although I would rather not.) Any help is very much appreciated. Also another concern would be when I find a tenant if they refuse to allow them to live there. Thanks again

Hello everyone,

So I bought my first house about 4 months ago with a 3.75% 15 year FHA loan for $75,000. And naturally quit my job the next day.. Okay let me explain, I had a job at Toyota as a mechanic paying me $2,000 a month, however, I also had an ecommerce business where I made between 8-12k a month and I hated my job at Toyota but I had to keep it until I made sure the house would close. Now I am still making good money online, but I will write off most of my earnings as deductions. The house is now worth about $110,000 and I am considering refinancing into a 30 year mortgage to make more cash flow when I rent it.

#Askbp

Anyways, my question is will a lender refinance my house even though I do not have a conventional Job? And would you refinance given that my rate is 3.75% and only a 15 year loan?

Cash flow if I didn't refinance would be around $200-$300 a month

Cash flow if I did refinance would be around $500-$600 a month (If I could refinance around a 3.75% - 4.25% interest rate)

P.S. Is it possible to refinance into another FHA Loan?

Thank you in advance,

Payton House

Hello everyone,

So I bought my first house about 4 months ago with a 3.75% 15 year FHA loan for $75,000. And naturally quit my job the next day.. Okay let me explain, I had a job at Toyota as a mechanic paying me $2,000 a month, however, I also had an ecommerce business where I made between 8-12k a month and I hated my job at Toyota but I had to keep it until I made sure the house would close. Now I am still making good money online, but I will write off most of my earnings as deductions. The house is now worth about $110,000 and I am considering refinancing into a 30 year mortgage to make more cash flow when I rent it.

Anyways, my question is will a lender refinance my house even though I do not have a conventional Job? And would you  refinance given that my rate is 3.75% and only a 15 year loan? 

Cash flow if I didn't refinance would be around $200-$300 a month

Cash flow if I did refinance would be around $500-$600 a month (If I could refinance around a 3.75% - 4.25% interest rate)

P.S. Is it possible to refinance into another FHA Loan?

Thank you in advance,

Payton House