All Forum Posts by: Tori Prophet

Now you've really got me thinking @Timothy Church ! Can we chat sometime about how to best position ourselves to do that? We are planning to attend the Save1900 open house, it would be great to connect with you.

@Jim Cummings You'll be first to know! ;-)

@Jim Cummings You definitely read my mind. That's what I wanted to do at first but we just aren't in a position to do that. The bright side is that, once we move, we are putting every effort toward getting that Galveston vaca rental we've been dreaming of forever.

Thank you @Jim D. . Glad to hear confirmation that I received good advice. We expect about a $25K increase.

I've been researching this and would like some feedback about which direction is smartest. I hope it's ok to ask since it's not about an investment property, but about our residence.

We live in Texas and want to upgrade our home to sell and buy another for our growing family. We only need about $10-15K to do make a few repairs and upgrade some things. I was first advised by an investor friend to seek a cash out refi and pay it off when we sell, then another investor I met here on BP said no, do a HELOC because the fees would be so much less and we can pay it off too when we sell.

So now, Royal United Mortgage has quoted me a new mortgage amount of $977/month and taking $15K cash out for a term of 25 years, or $1215/month taking out $30K for a loan term of 15 years. Fees are rolled into the loan and my only out of pocket expense would be my appraisal, about $450. They know our intent is to sell asap.

My personal bank has preapproved me for a HELOC up to about $30-38K and said the only fee would also be the appraisal, from $200-500. Variable interest rate at 4.75%, prime +50, capped at around 18-25%.

What are the advantages of one over the other? Which option would you take? What other information do I need to consider? Would the HELOC put me in a better position to get an investment property later (thinking sub30K) or help me get the new home? I like that with the cash out refi, I would not have another payment on top of my mortgage.

Thank you for any wisdom and insight you are able to give!

Welcome and congratulations on your wedding!

I'm so sorry that happened @Rivy S. ! Any updates? Are things looking up?

@Michael Bell Is this what you are talking about? I think it's based on 20% of the average home price in the area code you input. If you have $0 saved and can only put away $100/month, then in 18 months you will have $1800 but not enough for a 20% down payment. The graphic below shows that I would need to save $1000 for OVER 18 months to have enough for 20% down. With the numbers you input, it will take you over 18 months as well.

Search for "no money down" in the search bar on BP and you will get more results than you can shake a stick at!

It sounds like you should start with building up your savings. Do you agree? Is that something you need help figuring out?

I saw a great little house in Galveston just waiting for someone to fix it up! It can't be me right now, maybe it can be you!

Thank you so much @John Fedro for your thorough answers to my questions! (Total FanGirl moment: I've watched so many of your videos! They inspire me to do a deal already! I hope you will do more videos on this topic.) You have helped to clarify things for me. I think I just got a little excited to get my first property. My budget is only $5K cash and I need to keep that in mind. This very well may not be the investment for me at this time but it has already been a learning opportunity. If anything further happens with this property or any others, I'll be sure to post back.

Now, there's a mobile home park down the street I need to check out...

Hi everyone! I need your help to figure something out.

@John Fedro says that mobile homes on land are an entirely different animal. Unfortunately, I'm having a hard time finding out exactly how to capture that animal.

I stumbled upon a 1 week-old ad selling a 3/2 1570 sq. ft.  manufactured home on owned land built in 2002. They are asking $92K. On the county records, the seller is "Acme Properties" Inc. and the assessed value is $71K. There is another home for sale in the same neighborhood for $110K that looks pretty nice inside from the photos I've seen. It appears that rents in this area are around $1100/mo and the neighborhood looks decent. I may drive around it this evening to see what the overall environment is like. 

My question is, is there a deal in here somewhere? What's a good offer? I used the BP rental property calculator and the numbers just don't work. This seems like a lot of money with no way to make all my money back in a short amount of time like with mobile home parks. So does that mean you would treat it like a traditional home? Would you do a direct mail campaign to this neighborhood? Would you avoid ones that are business-owned and just target individuals? 

I filled out the interest form and 2 realtors have already left me messages. Should I talk to them, what do I say? Is this worth pursuing? 

What ARE the guidelines for investing in a manufactured home on land in a subdivision and not in a mobile home park?

Links to articles, videos, or books welcomed.