All Forum Posts by: Will Stewart

@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. 

Hi Joe, I have two dogs of my own and had similar concerns when we moved into our most recent house with a detached rental unit in back from our old home, which was set on an acre of land with no one around. The dogs will adapt. 

As for student loans. You have to live somewhere. Living in a unit of a 3 or 4 family is the best way to minimize your housing expense to help you pay those down fast. Get your first deal under your belt then re-asses whether it makes sense to pay them off aggressively or continue investing.