All Forum Posts by: Tyler Geisler

Thanks to everyone for helping educate me here. Really appreciate it!

Thank you for the feedback!

We aren't looking to use it as a rental. We were told it had to be seen as an  investment because it was inside 50 miles from our primary residence.  Also being told I need 25% down, not 20. So not sure if that is just the lender saying that or if something else is pushing that extra 5%.

By unlivable I mean the roof is damaged and leaks significantly, no appliances, standing water in basement and has foundation issues. We are looking to buy for the acerage and if the house is salvagable, we would consider it but we'd have to clean everything out first since it was used as a hoarding site it seems like. 

Does the full 20% need to be non-gifted?

Does anyone have a lender they recommend who is willing to work on a Short Sale deal where I would use some gift money as a portion of the down payment. The property is in KS and is less than 50 miles from my primary residence. We intend to use the acreage as a place to escape the city when we want but are finding it difficult to get lenders to accept the use of gift money. 

The property has a house on it but it is unlivable in it's current state. 

Any suggestions would be most appreciated!

@Jess Archives I have had good interactions with Home Rental Services so far. Have not contracted with them but they advise well and an handle the full rehab and rental if needed. 

@Logan Freeman - Thank you passing along the name. I am looking for (B-)class properties right now that would be ready for a rehab. More so looking at 2 to 4 unit properties. 

@Rachel H. - Thank you very much for your insights!

@John Jacobus - Thank you very much for your insight! I think the real property vs personal property conversation is something I should understand more about before jumping in so I really appreciate you pointing that out. My main goal would be for good cashflow as I figured appreciation would not really be as relevant when compared to SFRs.

Thanks for all the advice and details!

Tyler

@Roger Hefner - Thank you very much for the details! If I understand your comment are you saying you do a Rent to Own structure with the people purchasing the home doing an 8% interest on 30yr amortization? Just want to make sure grasped what you said.

Thanks again!

Tyler

@Corby Goade - Thank you very much for your advice and insight! I plan to purchase in cash so the loan would not be applicable on this one. The current homes are around 30-40k at an almost turnkey status so it sounds like I need to focus closely on the maintenance/management of the property. 

Thanks!

Tyler

@Nathan Gesner - Thank you very much for this insight! That is very helpful to understand. I just looked up the Podcast and downloaded it for more education. 

I live where there are all 4 seasons but the colds are definitely cold enough to freeze pipes if not setup properly. 

Thanks again!

Tyler

I am looking to understand the viability of having a mobile home as a rental property. I don't have much exposure to this property type so I am curious:

1) Do people find these the same, easier or hard to rent out? Assuming a decent neighborhood.

2) Do these properties compare to single family homes when it comes to expenses or are they worse or better?

3) Are there any major blind spot items around mobile homes that are often over looked?

Thank you in advance for any advice you may have!