Rental Property Investor · Plano, TX · Member since 2016 · 65 posts · 54 votes
Hello,
So purchased mobile home w/ land in Northern Louisiana - HUD property for 50k, put 30k into it, and renting to parents at 800/mo. Rent should be around $1000 maybe $1100. Insurance and taxes around 130$/mo. Paid cash; no mortgage. Property and mobile home estimated worth $80-110k, half acre, large yard, everything updated, new fence, carport, etc. Neighborhood is a mix of bring and mortar but mostly mobile homes. Actually lots are around $25k (only about 6 lots left in this subdivision). Would like to sell it and get all equity out but would need parents to stay till I can find them a property in Texas (3-4 months) after sale at same rent. Cash out financing seems to go off HUD price not appraisal so that doesn't do **** and rate is 8-10%.
Need suggestions - just bought a property in Texas and have another mortgage so can't finance personally right now with my W2 income.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
5y
@Ross Kalmbach That's a sticky situation. You may want to just put the home on the market, if you plan to sell. In the meantime, if your parents are planning on moving to TX you may want to just start looking for temporary housing arrangements for them. Once you find a buyer for the home, there should be some time allotted for closing on the deal and the property. Best to take advantage of the market now, while things are moving and homes are selling. Best of luck!