All Forum Posts by: Sean Gallagher

Closed 2 weeks ago, managed to get a 4.25 rate 30 yr.  Its a manufactured home btw, not sure if I mentioned that, this made it hard at times looking for decent insurance / lenders but was able to make out well after doing a lot of shopping on insur.  Mortgage including insur + tax etc, 700, which isn't too bad.  Its not far from the water (not in a flood plain luckily) and its a big area for summer attraction which should make renting a breeze due to these amenities.  So the home sits on approx 1/2 acre (yes a yard to take care of) with a decent size stick built garage that I have my 2 project cars in, its like a 24 x 30, its a good distance away from the home with its own driveway out of the way.  So my vision is to rent this home out & not sell it, a big factor being I love to wrench on my cars and have no where else to store them.  So Im thinking maybe I'll get another electrical box set up dedicated just for the garage, and its a shame because I know I could rent out the garage too, but I need it right now.  Rent have some flow, pull equity in 6 mo and go after another deal.

Home needs all new flooring.  The kitchen and dinning room however has pergo through-out.  Not trying to get too crazy, I may replace the carpet in the 3 bedrooms & living room, allure the bathrooms/ laundry room, and extend the pergo a little.  Home came in at 164k, about 40k equity at the moment.  Will have it re-appraised when I pull equity, after freshening everything up and depending on the market I'll be curious!

Any suggestions?  

I was able to close in this fashion with Wells Fargo.  Not sure why I had such a problem understanding this process but I'm all up to speed now and everything went smooth.

yeah I was thinking of appliances and other items that need to be tenant proof or set up to not cause me any problems in the future. Such as the fridge, right now it has water hookup, the thing already leaked once from the supply line.  Need to cut that water supply off/ downgrade the fridge/freezer. 

Nothing is really outdated but how crazy should I get with doing any upgrades?  For instance if bathroom could use a renovation but everything functions and looks OK should I leave it be.  

I guess what I'm asking is how nit picky should I be.  I was thinking focus on all of the main things, make sure they are operating and functioning correctly.  Anything that would pose a health or safety Hazzard fix.  Opinions on this would help.  

Because the $$ went right back into the home?

Loan structure as in all the figures.  Home cost 150, appraises for 180, you pull equity.  Does the house lose its equity now?  What I'm having a hard time wrapping my head around. 

I'm saying the structure of the loan as for repayment

Because I think doing a gift of equity through the lender there is no cash going into your pocket.  The gift of equity rolls right into the loan

Is this in favor of the bank?  It's looking like it.  It seems as if they want to pull your equity, put it as dp and lock in a loan larger then it will technically sell for.  Am I right??

Yeah I understand that, say the home appraises* for 180k