All Forum Posts by: Wayne Clark

 Thank you for that info Karen. This helps a lot!

 Karen, 

I would have to verify on the title, but I'm quite sure it is a late 1990s/early 2000s model. Not sure about how often it has been moved. It has been in this location for the last 14 years. I will own the lot and home. 

I close on my first investment property this week. It is a manufactured home on a permanent foundation. The home will be de-titled at closing. I am purchasing using private money and funding the rehab myself. My question is, how difficult is it to get these types of properties refinanced? I will list the details below. Cashflow on this will be decent, and I really want to hold it as an LTR versus selling if I can get the property refinanced. Does anyone have any advice or experience with this? Anyone you would recommend reaching out to for lending?

PP: $95k

Rehab: <$20k

ARV: $150k (this is a conservative ARV)

Monthly Rent: $1300+

You may want to check with your lender and see if they have a Due on Sale clause associated with their loans before you go through with that plan, just to CYA. Although it isn't super common for lenders to use that, it can happen. 

@Nicholas L.

I have $5k in savings. I also have between $80-$100k in equity in my primary residence that I am willing to use via HELOC or cash out refi for a down payment/rehab project. I am really looking more and more into a DSCR loan to get started with.

@Matthew Crivelli 

Okay, that makes sense. Thank you for your help and the information provided!

Sam, I think finding the right lender has been the biggest issue for us. I am going to work on reaching out to a few other lenders and seeing what I can do. 

Hey Matthew. So your saying that if we found an STR we wanted to purchase, we could use the current market to figure in what we could pull if said property was actually an LTR, and use those figures to support the note? There wouldn't have to be previous LTR rental history to support those numbers? And I am assuming you are referring to a DSCR loan?

Sorry for all the questions, I am still trying to grasp all of these financial terms and options. 

Thanks!

Hey Sam. So we have talked about using the commission as a down payment, but our issue is that every closing she has had so far, its been a 24-48hr turnaround time for her to receive her payment, so that has been the issue so far. 

And yes, I've been to several showings for "myself", trying to find out exactly what we want to start with. It has been a great experience so far, and I've learned a good bit about what I want and don't want to deal with.

Hey Matthew. Quick question. If I wanted to purchase a home and prep it as an AirBnB, couldn't I still technically "Brrrr" it? I know it isn't a traditional "Brrrr", but being able to purchase, fix, refi, and then STR it should still be able to be done, correct? I apologize for the ignorance. Financing has been my biggest headache when it comes to learning RE investing.