All Forum Posts by: Richard Stephens

Zach, thanks for your input, still trying to comprehend everything you said. I’m in pain from health issues and understanding things have become difficult for me. All I know is we’re in desperation as wife is unemployed still raising 40 yr old daughter and her 20 yr old autistic son and now our 3 yr old g-gson and trying to figure out how to make use of the 2 properties. I see your number and website that I may call for advice. Thank you again sir 

Hello BP Community, company called CMG in all 50 states has a refi program that ties your mtg. with checking so when you deposit it goes toward mtg. Loan to drop balance daily. We have $130k in equity and they will loan $100k and raise pymnt. from $530 to $880. Not sure should do as we have $55k in debt that planned to pay, we also have a rental with same or more equity and would like to move to smaller home as we’re both 60. But by paying debt we wouldn’t have enough to put down on new primary. Any smart people that can offer guidance would be sooo appreciated.Regards 

Have a brick 3-2-2 home about 18-2200 SF we owe $116k that needs $10-20k upgrades in a MH park on 2 lots in unincorporated Parker county aledo,Tx that everyone wants In because of schools. Also on same lot has detached J-ADU 1-1 about 600SF combined rental $33-3500 monthly income. Along with attached other lot that has 2 fully functable rv spaces with room for 4 more spaces. Rents from $530-600 ea. Appraisal district has neighbor 3-2 double wide at$245k and ours @ $242k and only 1 lot that is about 2/3 size of 1 of our lots. Would like to rent for passive income but wife is out of work and I'm on SSI disability, so banks won't give loan due to DTI Ratio. May be way off base BUT comparing apple to orange, I believe my property is valued between $330-380k. We have a rental brick home we owe $63k and value @ $240k+ confused to sell , would like to get equity from rental to apply to other house for updates but there again can't get a loan to do so. Any suggestions what y'all would do as I hate to loose potential passive income by selling. TIA

The 1st house on the property at the back of the property is a 1974 12x56 Wayside that was lived in till my guess 1996 when the palm harbor was  purchased new and brought in to the front of the property and was acknowledged as the primary home. Believe parents lived in front (primary)home Palm Harbor and kids lived in Wayside (back) Don’t believe either house has been moved from being new and placed on property, 99.9 % sure Palm Harbor has never been moved.The 1974 wayside needs a lot of work, but it’s habitable (our kids are living in it) My wife heard the reason lender backed out was because 2nd home (Wayside) has a kitchen and bath.

Hello all BP's community,need some expertise advice/answer please as to why our 1996 Palm Harbor doublewide  mobile home with an extra older 3-1 mobile on the 1/2 acre of land.In a highly sought after $300k-Mega Millions lake area and were the only mobile within miles and being on the market for 70 days can not sell.Had buyers attempt a loan and were denied for having a second mobile on property,then the lender said will approve if remove 2nd mobile within 2 wks. of closing.Then buyer paid for an inspection that i feel would of killed any deal,(60 pages of negativity,down to a door stop missing)next thing we know we recieved the buyer's $300 earnest funds.Do you feel the inspection killed the deal or do the lenders just dont want to loan on the mobile homes market in general is my primary question. Also,while I have yall's attention I wonder do lenders pull up appraisal districts just to get a ballpark figure as to a homes value before approving a loan.If so were shot down big time because were asking for $220k and appraisal district has us around $43k even with the 2nd home that is being lived in but needs work. The Palm Harbor is in great condition,has real brick skirting on 3 sides has wheels and axles removed along with tongue.Not sure if its considered "Real Property",it has typical cinder blocks along with strapping underneath the home.Does Real Property classification on a mobile make the difference for a loan approval.Thanks so much yall

Hey Adrian, Thanks for your time and advice. Regards,

Hey Rachel, I think that’s a great idea. Thanks so much Regards,

Hey Scott, Thanks for your input and I do agree that the value is in the land. We have gotten input from the showings and all the input received was over priced. We figured if all times to sell would be now with it a sellers market. We were considering owner financing  as a last resort if we don’t get anywhere. Regards,  

We live in a prestigious lake area, homes ranging $300k-millions and we're the only Double wide M/H in the area.Been listed on the MLS for 6 wks. with only 3 showings. I believe we're over priced @ $249k realtor started it @ $350k and have reduced 2x. Theirs 1/2 ac. of land and no vacant lots/land in the area. Their is also another older M/H that my kids live in that the realtor/bank consider it a shed. Not sure what to do, we have an elderly parent that we want to purchase his property of $170k and to take care of him with sale/proceeds of our property.Open for any/all suggestions, TY B/P's Community. Regards,

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