Updated about 4 years ago on . Most recent reply
We need help financing our deal.
My wife and I are new REIs with 2 LTR and we've completed 1 flip, all within the last year. So far so good with good cash flow from the rentals and an even better flip result.
We just bid on and won at auction a single property with 2 homes and 3 acres. We want to finance and keep them as LTR but our lender is having problems.
The hurdles he mentioned are that they share a well, they share a driveway and one house is stick built but the other is a manufactured home on a foundation. His major issue in getting us funding is the manufactured home as an investment property, he just can't seem to find a solution. It doesn't look like the county will allow us to separate the houses even though they have different mailing addresses. They say there isn't enough land.
We won the auction at $193k, with the buyers premium the total is $212,300. Both homes are currently rented, $750 and $725. At current market value they should be renting for $1000k each.
We have the ability to get a heloc on our primary home and pay cash but would prefer not to do that if possible. We have very good credit!
Just a nudge in the right direction would really be appreciated.
We just bid on and won at auction a single property with 2 homes and 3 acres. We want to finance and keep them as LTR but our lender is having problems.
The hurdles he mentioned are that they share a well, they share a driveway and one house is stick built but the other is a manufactured home on a foundation. His major issue in getting us funding is the manufactured home as an investment property, he just can't seem to find a solution. It doesn't look like the county will allow us to separate the houses even though they have different mailing addresses. They say there isn't enough land.
We won the auction at $193k, with the buyers premium the total is $212,300. Both homes are currently rented, $750 and $725. At current market value they should be renting for $1000k each.
We have the ability to get a heloc on our primary home and pay cash but would prefer not to do that if possible. We have very good credit!
Just a nudge in the right direction would really be appreciated.