It's a manufactured home on a permanent foundation, but it's on a land lease.

Names this Act the "Housing Stability and Tenant Protection Actof 2019; Would make permanent the system of rent regulation in New YorkState and building conversions to cooperative or condominium ownershipin the City of New York.Part B: Repeals Vacancy Bonus Increases, which allows automatic rentincreases of up to 20% upon vacancy; Repeals Longevity Increases, whichallows automatic rent increases based on the length of time since thelast vacancy.Part C: Prohibits a Rent Guidelines Board (RGB) from setting vacancybonus rent increases.

Once rents have stabilized we will refinance into permanent debt and cash out a sizable amount of our initial investment.

@Colin ValentaThere are some fees you can avoid when refinancing (broker fees) and obtaining a permanent loan and others you cannot (appraisals, bank fees).

Don’t use fha - use a conventional loan ....this way you can 1) avoid paying the fha upfront mortgage insurance premium of 1.75% and 2) avoid having monthly mortgage insurance that’s permanent on the loan and that will never be able to drop off ..... there are conventional loans that you should qualify for with the down payment you mention

They should know you are doing this as a profit maker and not as a permanent occupant.Good luck to you!

Unfortunately,  I purchased the house i did so with a tenant who had a lease and I started treating this lower unit like my permanent apartment when the original plan was to move upstairs when i got them out.  

Eventually, she got a permanent restraining order, which she only used sometimes due to her battered woman syndrome.

How about a construction to permanent loan?

Hey BPers,I am currently working with a client looking to purchase a lake house on Nolin Lake just south of Louisville, Kentucky. The one they want is a manufactured home that has been secured to a poured concrete fou...