All Forum Posts by: Sergio Rios

Home only is considered CHATTEL LOAN ,think of it as a personal loan.

Chattel loans don't behave like typical FHA loans in the sense that they're typically higher interest rates and much higher down payments.

Cons: rates can be 7-17% and down payments can be from 5- typically 15 or 35% and usually only 23yrs.

pros: close quick and little to no fees

Excuse me for being naive.

Is this a best practice: include the lot rent WITHIN the monthly note to avoid this problem? 

Seems like if it’s a park that the park manager wouldn’t allow this unless either the REAL OWNER has a lease agreement or the buyer might need one too?

What have you come up with?

How can he determine the value?

I immediately thought to get an appraisal from NADA is that not right?

That’s damn good advice!^^^ 

At this point to me it’s identifying what type of deal it is. I’ve never done a deal before but have began looking and this is helping my eyes get trained to what each deal even looks like.

from a community manager and others in hearing that in TX it’s hard to find a park that will let you buy and then rent it out.

Some have offered the advice of doing a “Seller Finance” which sounds great but what made me ask the question was finding several homes I liked that were “must move”.

I’m guessing since it has to be moved this is probably just a selling situation and not suitable for any kind of rental as I do not have my own land

I've found a few deals on MHs that are installed in a park but the manager wants it moved. i wanted to keep it in the park because idk where to move this damn thing.

do investors have a piece of land to move them to like a warehouse? that doesnt seem effective or rational.

what am i missing with these

MUST MOVE homes?

how do you delete a thread? I think I've explained this wrong.

UPDATE:

So we've got the appraisal back and it was $140,000.

so I've decided to do the max cash-out which is approx. $112,000.  This allows me to give my dad back his original $26,000 he invested to GET the property and get a LITTLE bitty bit of cash for a project. Need a new heater so hopefully that will be enough. 

So how I'm seeing this is that basically I'm buying this house from my old man for $112,000 with 0% down since I haven't spent a cent out of pocket yet. Since my new mortgage is $112k I think im still in a good equity position.

the house needs work, and im not handy at all and don't really know what NEEDS to be done, what it costs, what is priority and what can wait.

I don't think the house would fetch the 140k in it's current state. needs some TLC and updates.

i'd hate to dump 15k into it just to get to the 140k... I think renting might be best, but i'd still have to get it up to par.

ahhh, im totally torn and confused.

Not sure where to even start. My dad bought a house as a rental and I liked so I moved in and have being the mortgage from day 1. He bought the house for $100,000 and the county has it appraised at $135,000. We’re in the process of doing a cash-out refinance and will be giving my dad his initial down payment back which will bring us to $108,000 mortgage. Appraisal in next week and should be able to close on this in two weeks. The house needs several things fixed, and I’m not talking cosmetic. A bathroom that hasn’t worked in 4urs. The entire a/c needs to be done. And then a few cosmetic things such as new paint, cabinets Just to get it up to the neighborhood standard. I guess my question is: How do I go about starting an analysis and determine whether to sell the house or rent it. I guess I could sell it without doing anything but perhaps my yield would be a lot less. Or I could invest into it and rent it but my dear would be hat this house would just need TOO MUCH LOVE to get it ready to do either. I would PREFER to have a rental if possible. How do I even begin the thought process?

That’s what I was thinking. He has a renter lined up. So perhaps do that first (soon) and then do the cash out refinance. And I can’t seem to find the guidelines for Texas. I’ve heard they are tighter. Are you saying that it’s all the same?