All Forum Posts by: Pierre Belanger

Quick update since a started in January my Real Estate adventure. I am still doing it full time :-) I have successfully flip 3 houses and bought another rental last week. I am aiming at 25 rentals by 2019 with a very specific road map, i am ahead of my schedule and very happy with my new adventure.

I specialize in a niche and area (thanks to great advice) and will continue that way unless a major market change.

Voila! Back to work and best of luck to everyone.

Is it to late to buy a ticket :-)

Agree :-)

Tou,

i am not buying for myself and what is decent for you might be overkill for me. The areas where i am buying are not the nicest neighborhood, but at that price, you get for what you paid. I am also very involve in my rentals and those deals are not for passive investors!

I do not try to get a top shape unit, i try to get the best return for the money without judging who will be my renter. I deal with Section 8 and alike with probably the same rate of problems other landlords in upper class have.

Tou V.

I am actually buying rentals in the same area Greater SF up to Sacramento and i have no problem to find 50k-85k unit renting for $850-$1200. Not sure where you are looking for but i average $300-$400/month positive cashflow on each of my units. (20% down & ~5%). I developed my network and most of my deals are reference from Realtors.

The last one i bought was last week!

Hi,

i hope that could help. Yes, there is some institutions that will do a credit line equity on your manufactured home. I am not sure in California, but here an example:

https://www.twinstarcu.com/home-equity-loans

Primary Residence - Over 80% Loan-to-Value (LTV) on stick built homes. Manufactured Homes must be new or last 9 model years and limited to 80% or less LTV. Must be classified as real property & located on land in the borrower's name. Value is based on tax assessed value and verified by independently certified valuation; or full appraisal; member pays cost for appraisal. Value method and cost determined at time of application. LTV over 80% is an exception and requires additional review and approval.

I have no affiliation with them and used them to show you that there is hope :-)

Contact Credit Union, i think you will have a better chance. Also, manufacturers of mobile home can be a good place to ask, they often have agreement with local lenders.

Hi Chris,

thank you for your reply, i finally got a Loan and should be able to close on my first rental propriety in Sacramento. I am looking forward for my second one :-) At $350-400 Positive cash flow/month with 20% down in my selected niche, my main challenge are not to find good proprieties, it's to finance them. That the major factor that slow me down :-)

Dear BiggerPockets Members,

i have my first TownHome rental under contract and my actual broker cannot finance me because of my E2 Visa Status. I have been able to buy house with FHA loan before with no issues, my credit is good and income as well. I have been in the US since 2008 and just got married to my wife (obviously) who is US citizen. I cannot include her as a co-borrower because she foreclose on her house 4 years ago (like many other).

I am looking for a broker/lender that can actually finance my rental in the Sacramento Area. The purchase price is low (70k) and i can put 20% down for a loan around 56k.

Any reference would be appreciated.

Thank you,

Pierre

@Joseph Atkin Welcome to BP!

I am in San Jose as well and will certainly attend a local BP meeting!

@Minh L.

i agree, the market is tight and the odds against me! I am very persistent and will find my way :-) I missed some houses by a few thousands dollars, once i get my number right, i will land some deals. I started to bid in other area that are less competitive, will see what happen.

See you soon,