All Forum Posts by: Thomas B.

A little background - 

My personal residence is a doublewide mobile home. I'm in South Carolina. It does not have a title and is classified as real property. I own this property free and clear. I am thinking of doing a cash out refi or a HELOC on it to get some cash for investments. The property is probably worth 110k.

My questions - 

Does anyone know a lender that will do a cash out refi on a mobile home?

Is it a bad idea to pull money out of a primary residence for investment purposes? 

Congratulations! On both - the pregnancy and the quitting of your job. I envy you - well at least the job part. But seriously, a huge milestone that I hope to achieve one day. 

I just wanted to say that the 90/10 rule applies to drivers. 90 percent of people believe they are in the top 10 percent of drivers when in reality. This rule is in place almost everywhere. To the original question, I would love to make 500k a year. Doesn't really matter to me where everyone else is lol. But to be fair and actually answer, I'd rather be at the top. I never feel adequate unless I'm winning. Wait, that should mean I'd rather be at the bottom so that I wouldn't quit striving for more until I was making 1MM, right?

It really depends. In some areas, that might be a steal, in others, it will cost you big time. Sounds to me like it probably is one you want to pass on, but without more details, it is hard to say. What is the cost to build a replacement home? You're telling me that this house has burnt past the point of restoration, so that is what you are looking at. The price you will eventually pay for to have a house on this lot will be:

Price you can buy it for right now + Demolition of current house + Construction of new house.

Sounds to me this is a no go. 

Thanks guys!

Personally, I love this stuff, but do yourself a favor and get the tool for the connectors and don't use the push on type. The tool is only about $100. And in my area, this makes the connectors cheaper and higher quality. I wouldn't want to have a push on connector on a water line o have pressure on. If doing an entire house, you'll easily save the cost of the crimp on tool by not having to buy the more expensive/cheaper made fittings.

Man, I'm glad I'm in SC. Here, a dumpster is 300 no matter the size. You can keep it as long as you want. They deliver the day after you call and pick up the day after usually. I probably would still get the dumpster for 700, though. Makes the whole process smoother

As others have mentioned, it really depends on where it is located. How about some more details? Typically the first step, however is to stop the water. Wherever it is coming from. Leaking pipe, sink, roof? Fix it. Then get a fan in it. I use industrial blowers. Once dry, you can go from there. Again, depending on where it is, there may be mold issues as well. Clorox works great for that.

Sorry that came out as one big paragraph guys, that's not the way I typed it.

Ok, so I guess I have the general concept of this strategy. Basically, it goes like this: ARV-100k. (Gathered from comps) Buy-50k Rehab-25k Rent-2k Refinance-75k(pulls all my money out) Repeat- use that money to do it again, so I basically never spend my cash, just use it. My question is, how many times can I do this? How do I do this inside of an LLC or other entity. My father has been in business a long time and always recommends not to have anything in my own name. I have my own capital, but is it really this simple? Seems to Me I would have to place these properties in my own name to refi and that doesn't give me any asset protection. Furthermore, if I did go this route and put things in my own name, it seems I would run out of loans around 4.