All Forum Posts by: Ralph Pombo

@Caroline Gerardo - I am sorry, but I am getting old. I can't follow your lingo. Thank you for your input, but this is closer to a foreign language than it is a benefit at this time. Again, thank you but this is of little help to me. Sorry.

@Ben Nelson - any advice is appreciated. If you have recently been involved in manufactured homes, then you understand that they are built as well or better than standard stick built homes. This home is a 2003 model. It astounds me that they will loan money on a home built 50-100 years ago before any building codes were imagined, knob/tube wiring, iron pipes, and post/beam foundations, but they won't loan money on this one? I am so confused by this. I never knew about this until just recently. 

@Ben Nelson - you are exactly correct. We actually have it as a second residence. My son and his family live there. In addition to the main house (2200 sq. ft.), there is a small 2/1 (1200 sq. ft.) on the property that we also rent out. It is a fantastic property in a wonderful location. I really don't want to sell it. I was hoping more for a refinance, second, or other. We just have so much equity that I hate seeing it go to waste just sitting there. "Black hole" is a perfect way to describe the situation. Can you explain why? I don't understand why the actual makeup of the home would change the finance-ability of the property. That just does not add up.

@Caroline Gerardo - as I mentioned, I am a novice in finance. I will answer as best I can, but many of the terms that you are using are Greek to me. 
- It is not a stick built home. It is listed as a manufactured home, but it is built in the same way that a stick built is. There is no metal siding, metal framework, or trailer hitch. 
- Built and installed in 2003 on a permanent foundation.
- 2.3 acres with outbuildings. We purchased it in 2019 and have a current mortgage on the entire property.
- in 2019, it appraised for $375k.
- This is in Oregon, in Josephine County.
- The current value is around $450k, which gives us about $250k plus in equity.
- I have discussed this with six local and regional broker lenders. No one will offer a second or a HELOC and will not discuss other financing with me.
- Many comps in the area currently. I cannot even get to that point with a lender.
- AVM? "value too heavy"?

I apologize in advance for my lack of knowledge on this subject. This is the first manufactured home on property that I have attempted to find secondary financing for. Here is the current situation. We own a large manufactured home on 2.6 acres of property. It is a rental in Oregon. The home is on a permanent foundation, does not have axles/wheels, and is stick built with 2x6 walls all built to local code. We had no issue getting the original loan and was never informed that this was any different than any other real estate purchase. Today, the property has about $200k - $300k of equity. I would love to pull out some of that equity to reinvest elsewhere. I cannot find any form of financing available ANYWHERE. No financial institution will even discuss it with me. It is not a modular home, but listed as a manufactured home, even though it is a triple wide with an extension making it a 5 bedroom, 3 bath. Is there any method to pull money out of this investment? I am at wits end.

@Julie S. - of course, I am always interested in a deal. Let me know more when you can.

thank you,

@Beth Lugo - as I mentioned several times, I cannot discuss other properties. I can only give feedback on our own property. I negotiated fees. I can easily prove all of my statements as being fact. I would not have gone with Vacasa if they could not match or exceed the costs of doing business with other property managers. I have no allegiance to them or their company, but the facts are that our renters only pay two fees. You can see that on all of our listings. There is no question and it is listed on each and every monthly statement. Thank you for your input, but your experience is not even similar to our own.

@Beth Lugo - all of that said, do not misunderstand my comments. The second that I think that I can find a better deal elsewhere, I will. This just happens to be the best that we have found on our specific island and market.

@Beth Lugo - In comparison to the three other PMs that we have had on this property, the costs are lower at the end of the year under Vacasa. They even file all of our taxes for us which in Hawaii is a major undertaking on its own.

@Beth Lugo - as I have mentioned, I can only talk about our experience. We have only two additional fees. One is housekeeping where 100% of the money collected goes to the cleaners. Then we have 5% service fee from the tenant that Vacasa gets, in addition to their 20% management fee from us. I must not be describing this clearly, because there seems to be some confusion. That is all that we personally pay for management. That is 100% except for Hawaiian taxes. There is nothing hidden and this is very transparent. We are shown every dime. Sorry, if I am not characterizing the total process correctly. I am more than happy to share 5% more with this company for doing such an amazing job.