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All Forum Posts by: Jacqueline Mims

Jacqueline Mims has started 3 posts and replied 37 times.

Post: New BP Member in Hampton Roads

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0

Welcome, Gerald!

Post: New Member in Charleston/Mt Pleasant

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0

Welcome, Laura!
    Don't know what agency you're with in Mt. P, but Anne Whalen (the BIC) for Coldwell Banker United Realtors. She's absolutely awesome! (I worked for her when I was in Mt. P).

Post: Owner Financing from the seller's side

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0

Hi all,

My husband and I are in a position to offer our first owner financing deal! School me on any experience you've had as far as terms and conditions go to help us structure a deal where our bases are covered!

The details:
The property is a single family detached dwelling.
We're asking $125k and wanting 10% down. We will most likely not be doing more than 3 of these this year, but would like to comply with Dodd Frank, just in case!
We are thinking of charging 6% in interest and amortizing over 30 years. Do you suggest an incentive for buyers to refi after a set period (say, 2 years) in the form of an ARM that will adjust up after said time?
Logistically, how does this play out for us/buyer? I'm assuming the monthly payment (minus taxes and insurance) will go to us and the buyer is to secure their own insurance and pay taxes themselves as well. Or, do you suggest including taxes in the monthly payment?
Regarding terms of payment: How do you word in your contract payment and default details? We're wanting to protect ourselves as much as possible without being unfair to the buyers.

Any advice is much appreciated! Thank you in advance!!

Post: Anyone heard of selling a MH sold without a permit?

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0

Came across this for the first time in my tax searching. Has anyone ever heard of this?
I'm assuming it's basically selling the MH, but not permitting it to be moved from the location....but I'd really appreciate insight from someone with experience.

Thanks in advance!

Post: Do You or Does Someone You Love Serve in the US Military??

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0
@Joshua Dorkin:
Thanks for bringing this into the spotlight! My husband just got back from Afghanistan, and we were thinking along the same lines as you. Real estate could become another goal for vets to pursue, and they need good people to work with them!

Post: Mobile home left on property after closing

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0
@Ben Bakhshi:
Ben, because mobiles are personal property and not real property, obtaining title after purchase will be uncertain at best. The best place to start, IMO would be to take the MH VIN# and check it against the OHDMV. If that doesn't turn up anything, I would think (and others with more experience, please jump in) that the best thing to do would be to report it abandoned to the DMV. I don't know where you could go from there, as far as showing ownership and then obtaining title, but it may be worth the effort.....or at least some questions to the DMV.

In any case, if the MLS listing said that the mobile was part of the deal, at that point, you have a strong case for ownership and may very well be able to sell it as is, understood to the buyer that you won't be able to convey title. Would then be a permanent rental situation.

Good luck.

Post: ?Mortgage questions concerning double wide on 5 acres.

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0
@David Rundle
Depending on your strategy, and if the property is a good enough deal, you will most likely be able to find a lender who will lend on the acreage only. In that scenario, the lender will usually lend a less LTV%, but the mobile won't need to pass any inspections, etc.
I'm going through this right now, and in my area, a mobile on acreage will have NO PROBLEM renting at a rate that makes sense for us. If you're looking to buy and hold for a while, it may be worth a second look.
Good luck!

Post: FHA...3.5 % down...owner-occupied duplex...???

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0

All the lenders in SC I have worked with on FHA loans have required the reserves. For the most definitive answer, I would check with the lender who has pre approved you.

Post: Investing in HUD Homes? What Are Details that I Should Know

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0

I would also check your RE laws in MD. Sounds like you might be close to an ethics violation. So, you'd be getting paid the commission and an assignment fee? The LLR might have something to say about that. Adding an additional fee in there (your assignment fee) would necessitate a bigger spread on the deal, which would compromise your buyer's position and offer. Just CYA for sure.

As for HUD homes, there is no inspection period contingency for investors, so if the numbers are close, I always go out and see the condition for myself. Not all HUD homes are move in ready. In fact, in my area, most are not. Also, the escrowed amount for repairs is nice, but on a cash deal, that goes away, so remember to negotiate a lower offer in a cash deal when repair escrows are offered.

Even then, when your bid is accepted in an O/O deal, you (the buyer, more specifically) is responsible for all costs to dewinterize/rewinterize, and turn on utilities for inspections. That could end up costing a significant amount up front and out of pocket before closing.

Good luck.

Post: Newcomer from Greenville, SC

Jacqueline MimsPosted
  • Involved In Real Estate
  • Greenville, SC
  • Posts 40
  • Votes 0

Thanks to all for the replies! Jared and Kevin, I'd like to learn more about exactly what you're looking for and discuss the current market in and around Greenville!
-Jacqueline