Hey all,Looking to purchase my first MHP and as I presented the LOI to the bank and how the deal was structured they weren't too thrilled that I was looking to have no money in the deal.

I grew up in Oregon and joined Navy to get to SD so I was not thrilled to get stationed in Jacksonville, but looking back it was a great place to live.  

@Kapena Otare I bought a property in Makiki through Hubzu and was less than thrilled with the experience but learned a lot.

But, I am thrilled to have an overall positive result in net worth, and a great experience to learn from for my next deal.Financial ResultsPlannedActualPurchase Price$51,500$51,500Renovation$35,000$80,000All In Cost$86,500$130,500ARV$135,000$170,000Rent Income Before Refi$0 [didn’t plan this]$2,400 [only 1 unit rented so far]Money back from Refi$94,500$119,000 - $4,000 closing = $115,000Money Left in Deal-$8,000$13,100 [calculation: $130,500 - $119,000 - $2,400 +4,000]Net Worth Impact+ $48,500+ $41,900I had forgotten that my renovation budget was initially so low.

OK, since you guys seem to know about title insurance, how does this get handled, if at all, by standard title:1) Buyer wants repairs done by close2) Seller contractor finishes them by the day before close and the buyer approves.3) Property closes4) In the thrill of closing, seller forgets to pay the contractor5) Contractor waits 90 days and then gets lien against property since buyer really has no defense against the work he did on the property and he benefitted from it, but doesn't think, rightly, he should pay for it.

ConclusionIn conclusion, I am thrilled with how the deal turned out.

It was very thrilling.

Hi Dan,I am thrilled how intelligently you laid out your response to my frustrations, lack of money, and no experience in RE Investing!

I've been pretty happy with the PM, but not thrilled.

You're clearly a well qualified borrower, most lenders will be thrilled to work with you.Industrial RE?