All Forum Posts by: Ryan Clark

@Taryon Coffey. I have been looking locally in my small town to house hack a multi family. I have made contact with all of the local brokers and asked them to call me if they hear something. I also got pre qualified with the best Mortgage broker in town. He has also reached out to people for me.

I think you’ll get a pocket listing come your way if you can convince brokers that you’re ready to buy.

I was watching television this week and saw a commercial for .9 APR on a vehicle. The next day I saw a Starbucks commercial advertising more credits for reward cards. I don't watch television much so I don't know how common this is, but I can't remember the last time I saw car makers offering that low of a rate. Has anyone else seen signs of softer consumer spending?

I’m concerned that softer consumer spending may make it more difficult for me to get a mortgage in the coming months. I live in a small town and have been looking to house hack a multi family for the past month, but not much inventory so I continue to wait.

@Greg H. Property was classified as mixed use today. No more 3.5 down payment. Found a small local bank to do commercial loan with 15 down, 20 year amortization and 7 year balloon. $1600 monthly on NOI of 2000 monthly. $50,000 out of pocket.

On one hand COC return less than 10%.

On the other hand I live there for free and lower my living expense by $725 monthly on top of it.

@Greg H. My loan broker is telling me that the property will not qualify for FHA loan. Still early in process but my understanding is the entire five acres is one parcel and none of the mobile homes on the property are owned by the seller.

I get the feeling that he has never faced this inquiry before and may be saying no on reflex.

I have been pre qualified for FHA loan. I found a duplex on five acres that also has nine mobile home lots. Will this still qualify since the mobile homes don't convey with the property?

@Mike Franco is correct. The unit is not likely the problem, but rather the ducts are more likely responsible for the issue.

@Will Fraser yes, this is related to the other post.

@Will Fraser. Hi Will. I’m seeking a 2-4 family. I have looked up through Jacksonvile and am open to surrounding areas. It looks to me that Little Rock is growing westward so I’m looking in center of town to westward.

I live out of area, but interested in buying a multi family in Little Rock.

Can anyone recommend a property manager in the Little Rock area? Looking at a duplex to purchase, but I live out of area.