All Forum Posts by: Matthew Jefferson

Quote from @Scott Wolf:

@Matthew Jefferson, local banks are probably your best bet.  

What area are you in, and what can you bring as a down payment?  Is there a redemption period for the property?

We are in the Shenandoah Valley of Virginia.
We have up to the full purchase price available from our heloc, would prefer financing.
It was not a foreclosure auction so I don't believe there is a redemption period.

My wife and I are new REIs with 2 LTR and we've completed 1 flip, all within the last year. So far so good with good cash flow from the rentals and an even better flip result.

We just bid on and won at auction a single property with 2 homes and 3 acres. We want to finance and keep them as LTR but our lender is having problems.
The hurdles he mentioned are that they share a well, they share a driveway and one house is stick built but the other is a manufactured home on a foundation. His major issue in getting us funding is the manufactured home as an investment property, he just can't seem to find a solution. It doesn't look like the county will allow us to separate the houses even though they have different mailing addresses. They say there isn't enough land.

We won the auction at $193k, with the buyers premium the total is $212,300. Both homes are currently rented, $750 and $725. At current market value they should be renting for $1000k each. 

We have the ability to get a heloc on our primary home and pay cash but would prefer not to do that if possible. We have very good credit!

Just a nudge in the right direction would really be appreciated.