All Forum Posts by: Samuel Coronado
Samuel Coronado has started 27 posts and replied 293 times.
Post: House Hacking Opportunity in Huntsville

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
Hit me
Post: Sell or rent

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
The general consensus is to sell it. I am in talks with a couple people now. I am letting it go for just the payoff amount of $400,000 if anyone is interested.
Post: Looking for other private lenders

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
I know a few. Are you based in the area locally?
REI Partners is a great broker for hard money lending and private money. I have some invested in their general fund. Might also know a couple individuals for the Huntsville area.
Post: New Investor, buy and hold residential single family rentals

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
Quote from @Jane Trust Ryan:
Hi All! I am also a new investor in the Greater Huntsville area. I bought 2 new construction in Athens last summer and rented them right away... so far so good. I am from out of state so wanted less maintenance in the short term while I build my portfolio and grow to the point where I am comfortable hiring a manager! Fingers Crossed!
Would love to keep in touch and see where you are buying etc!
What is the cashflow like on those new constructions? I am about to do one of my first ground up construction projects with the intent to rent in the area of Athens a little further west.
Post: How to Buy a $2.9 million MHP

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
Quote from @Jordan Moorhead:
You can use local banks and there are national lenders. I checked this out and it looks overpriced without having any other info. For almost $100k a lot you want a pretty high NOI to make sense of it, like over $300k IMO
I agree. It's definitely a bit high. I believe these are all POHs as well.
When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?
Post: How to Buy a $2.9 million MHP

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
This is more of a reach goal for me since I am still in my "collect 4 green houses before trading up to a red hotel" stage, but I thought I would ask the hive mind anyways. How are deals like this usually structured? First off, when I was doing my Zillow map search, it came up as in MS. I've personally driven this neighborhood and was amazed at how nice and clean it is. Is this a cut and dry 20% down deal the rest through a commercial lender like Wells Fargo or are there better ways to do this?
This is the address: 0 Highway 72, Killen, AL 35645
Post: Insurance is on Fire

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
This was an excellent post with an awesome amount of substance. Thank you for sharing. I was able to get all my insurance policies down this year as well. 25% savings on an MHP. 13% on my personal residence. and 50%!!!! on another rental property.
Post: Retired Navy, New investor looking to buy first Property in 2025

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
Huntsville long term will get a better % ROI than Atlanta. I am biased though. I don't Atlanta is too landlord friendly and the demographics shift it harder to do business everyday.
Post: Sell or rent

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
I have a 5 bed/3.5 bath brick home in Madison, AL. 4100 sqft on a VA loan at 6% with a remaining balance of $404,000 roughly; 28.5 years left. Current mortgage is $2,850, but will be coming down very soon to $2,600 thankfully. Insurance fell dramatically since a new roof was put on and I switched carriers.
I am at an inflection point where I need to decide if I should try to sell or rent it due to possibly moving for a job change.
If I sold, I think it would be by a hair that I can offload the property for the balance despite a tax value of $440,000, but it would get it off my books completely and free up my VA loan to purchase again.
If I rented, it would conservatively go for roughly $2,500 a month. I did a test to see interest at $3,000 that got some good candidates, but didn't take them through the whole qualification process because it's not ready to rent yet.
So those are kind of my options- rent at a loss or sell for the balance. We talked about an aggressive paydown at a rate of $5k for the next 6 months to make the deal sweeter for the next person, but renting it would be preferable to that I believe since I can get a higher return on smaller development projects at a burn rate like that.
Post: Is it possible to buy with no money out of pocket?

- Investor
- Huntsville, AL
- Posts 297
- Votes 172
A lot depends on your entry price and instant equity.
I borrowed $30k on a personal loan from Discover for 15% with no fees for a plot of land and paid "cash" for it. I then went to the bank and mortgaged it for the same $30k at 8.5% over 20 years. I paid about $1500 in closing costs between title, appraisal, etc, but the original loan was wiped out in favor of a new lower rate.
I am essentially in the property for nothing besides closing costs as the land appraised at $45k. To the bank it's a good deal because there's 40% equity in the property. To me it's a good deal because I only paid $1500 for a 45k property.
The payment is roughly $260 a month. The lot rent from the mobile home that will be on there will be roughly $400. Insurance is $300 a year. Taxes are the $100, so about $290 a month expenses. $110 a month in cashflow. On paper, that's a 88% return before depreciation (can't depreciate land, but you can do a cost seg on the septic and other improvements), appreciation, etc.
How many times can you spend $1500 to get an 88% return?
Others do this at a much higher level. I'm just a simple yokel from the backwoods of Alabama reading about how you guys are doing things and trying to learn by doing. :)