All Forum Posts by: Will Stewart

Second the MassSaves route. I can see a $6k difference, especially if you called one of the big shops. I’d get another quote or two if you’re questioning but this shouldn’t be more than an $8k job

@Ryan Morrissey thank you for the clarification. Not bad terms there. I always like having the line as an emergency fund of sorts. 

@Ryan Morrissey I have done some business with HFCU on the personal side of things, great credit union to work with. SBA line is a clever idea, hadn’t heard of that before. 

The closing costs (appraisal in particular could be $3k+) might make it not worth it, but we’ve refi’d as soon as 6 months after purchase and it sounds like you’ve done a ton of work. Bet there is more equity there than you think. 

I’d start with current mortgage holder, see if they’ll do a 2nd lien or unsecured line/loan.  

My only words of wisdom: do the math on your loan options ahead of time. FHA can be very expensive at this price-point up front, paying .75% upfront PMI if I remember right. Maybe call some local credit unions, see if they'll do a first for 80 and a second for 15% or look into conventional options. Rates/PMI can be better elsewhere.

I figure $1200/unit/year if you're paying heat (which I think you would have to at $1,100/month rents). Be sure your comps aren't including the services you are excluding in your expenses (snow removal and lawn). Agree with @Ryan Murdock get a quote on that insurance too.

I can’t imagine not doing month to month rental agreements. Just gives you the control should a tenant start acting out, bringing a new girlfriend/boyfriend around, etc. Easier to get them out. 

@Charlie MacPherson

I own a couple of smaller parks in Maine and would be happy to compare notes. Shoot me a message if you’d like to talk more. I think you’ll find that purchasing an existing park would be a better use of time. 

@Andrew Earle funny I sent a message to him about 5 minutes before your comment. Gotta love the keyword alerts! Thank you!

@Catheryn Barry I’m always looking for used mobile homes, I’m in Central Maine, keep me in mind if you come across any as I’m sure they aren’t your target property.