All Forum Posts by: Philip Linton

I am currently looking a a 24 lot Mobile Home Park that is for sale with 99% occupancy. The rent is low and has not been raised in the last 17 years. there is huge potential for an RV park with a large amount of construction work in my area and out of town workers with RV’s paying top dollar for RV lots. Any advise would be greatly appreciated.

My wife and I recently inherited a 1200 square feet home. the home was built six years ago by Habitat for Humanity for my wife's sister and her husband who were both disabled and have both passed away. The house was left to my wife. It appraised for $110,000 there is a $40,900 balance on the mortgage with a $36,300 "Forgivable Loan" from the Federal Government.

There are no outstanding bills so probate is not a problem.

I am told that since the Mortgage was not paid off before they both passed, the "Forgivable Loan" is now due. So with a total of $77,200 needing to be refinanced, we are undecided what to do with the home.

Should we sell the house? refinance it and rent it? Any suggestions? The mortgage payment after refinancing could be as much as comp rentals, which is around $700/month. 

Any feedback would be greatly appreciated.

Thank you, Lynn

Inspire me it has, Joshua! BiggerPockets has a wealth of useful information.

Thanks Jon, it is great to be here.

Thanks Travis, I will be attending my first local REIA meeting Thursday. I hope to meet some of the local wholesalers and rehabbers there. I am going to take it nice and slow to begin with. I want to educate myself and let the seasoned wholesalers and rehabbers judge when I am ready to go solo even if it takes two years.

I can"t wait to read it!

Zac, I have a friend who put a metal roof on his home just a few months prior to it burning completly down. The firemen at the sene told him metal roofs hold the heat in and make it impossible to get water onto the fire from above. Something to consider when weighing the options.

Thanks Brandon, I have not check the blog yet. I have set up key words to help me keep up with topics of interest.

Thanks James, I have been reading the wholesaling forum for about a week. There is sooo much useful information there it is almost overwhelming!