All Forum Posts by: Ralph Pombo

I could use some quick advice on a "subject to" since I have never done one before. This is a killer deal that will last less than 24 hours. I have a wholesaler that found a subject-to at a great price. There will be some cash up front by me, but I will take over the loan. The seller keeps the loan in their name, the deed goes into my name, but I have power of attorney to pay the loan. Tell me what to look for and which questions to ask. Any advice is welcome. Thank you.

Is home title fraud a real issue? Should I pay to protect the different homes that I have acquired?
https://www.fool.com/the-ascen...

I see no reason to repeat the same post several times. Thank you.

@David Ginn - correction, you do hold when you need a place to live. My son and his family currently live in the property. I am pretty certain that I mentioned this, but I will repeat it. Cash out is the only real change that makes any sense at this moment. Thank you for your input though.

@Steve Milford - Your words agree with everything that I have found so far. I have no doubt, at this moment, that you are correct. This property cash flows very well for me, so I am probably going to just suck it up and try to pay off the loan over time while increasing the rent slowly. The property is beautiful, clean, easy to maintain, and everything that I can ask for in a rental. It just does not have the ability to be utilized as a tool of growth. Thank you for your insight. I am sure that I won't find anything that contradicts this.

@Chad McMahan - can you refer anyone? I have not been able to find such a broker, as of yet.

@Stephanie P. - Thank you. That is the exact route that I have unsuccessfully taken thus far. This is actually not even comparable to a single wide or even a double wide. There is a huge difference between mobile homes and the newer "manufactured homes", but not much difference between a manufactured home and a modular home. If it was designated a "modular home", then there is no issue with financing whatsoever even though they are often built on the same assembly line. It is extremely confusing.

@Derrick E. - can you explain this in a little more detail? This is not my primary residence. I would happily call this the primary residence. So far, I can't get any lender to even discuss that possibility. Thank you.

@Caroline Gerardo - Thus far no finance institution or broker has even discussed value with me. It appraised for $375k in 2019. The market has been extremely hot, obviously, since then. The one across the street on 5 acres is listed for $750k, but it is a really nice place. This is not a duplex. It is two separate homes on one piece of property. We bought it as a second home. It is currently being lived in by my son and his family.

@Caroline Gerardo - my son does pay rent and it is well documented. We did get a first at a very low rate for 2019. The second home on the property was the original home and has been on the property since the 1930s or 40s. As I mentioned, valuation has nothing to do with the question. Not one single lender will even discuss a refi, a second, a first, a HELOC, nothing... so far.