All Forum Posts by: Carey Green

@Chris Mason - that's very helpful. I guess what sparked the question was a conversation with a loan officer at our local community bank where she heard about the short sale and immediately said, "We have to wait 3 years." That may be just the bank's policy, or maybe she misunderstood the Freddie Mac/Fannie Mae side of things. Regardless, it clearly gave me the impression it was impossible for now. I appreciate your insights. I'll be checking out your site.

Hey @Account Closed, great to know that my course helped you!

I'm not sure FHA would apply because I would not be living in the property. My understanding is that it's required for an FHA loan. http://www.investopedia.com/ask/answers/112515/can-fha-loans-be-used-investment-property.asp

I'm a total newb to all of this stuff but learning quickly from the BP podcast, books, these forums (thank you all).

I'm curious what all of you can tell me about the potential of getting financing for a multi-family deal when I have a shortsale in my past - about 2 /12 years ago. At the time I was transitioning from one career to another and simply didn't have the money to pay the mortgage on our home so the bank approved a short sale and it was completed.

Since then I have 200K of personal gross income this past year and it's growing every month through my business (non real-estate related).

I'm curious if it's possible to find a lender who would/could do the financing for purchase of a multi-family investment property (buy and hold) given those financial difficulties. I'm able to provide business P&Ls, or whatever is needed.

Thanks in advance!

Our community is becoming more and more attractive to "suitcase entrepreneur" types so the jobs issue isn't quite as important as it is other places. We also have lots of retirees, so the 55 and older communities that are trailer parks might fly. We'll see.

@Levi T., I've had the same idea here in our community. Not sure how it would go over... there was a city ordinance passed lately that all "non-permanent" dwellings, even RVs had to be parked outside city limits. I think if they were tiny homes that were attached to the land permanently that would be a different deal, though. Have you had any experience with tiny homes?

Hey everyone, I live in CO but have roots in the Texas panhandle area and am considering some property investments in the Amarillo, TX area. But I've heard that high rates on property taxes in the great state of TX make rentals and fix and flips difficult. I'd love to hear from TX investors to see what your experience is dealing with property taxes.

@Bill S. - sterling advice. I'm downloading that podcast episode now. What you describe makes perfect sense. I'll see what can be done. Thanks!

Hi @Bill S. and thanks for the insights. I'm not sure I want to do the vacation rental thing simply because I want to help the residents of the community who need housing. It's partly the vacation rental market that is driving up the cost of rentals here locally. I'd love to figure out a way to help the community that provides the opportunity for those vaca rentals. 

BUT... I'm open - just trying to get my bearings and figure out the best way to help my community.

On other fronts, I've thought of the typical buy and hold approach in a variety of areas, including Amarillo, TX where my parents live.

Thanks for the warm welcome @Jeff F., @Jared Bouzek, @Joe Fairless, @Michael Lee, and @Mark Nolan - you guys are already encouraging me with your own positive attitudes. I appreciate it.

A bit more info on what I'm thinking... our town is around 2600 people, growing tourist place, but in need of affordable housing for both year-round and seasonal residents. Rental prices are very high right now (for our area) and available rentals are few and far between.

After hearing many strategies on the BP podcast, my thinking is that the development of a manufactured housing / mobile home community would fit both the need and the opportunity. If I could raise enough capital I'd be interested in putting in the infrastructure, placing new(er) double-wide-ish homes in the "park", and then owner-financing the sale of those homes to interested individuals. The ongoing cash flow for me would be the lot rent. 

In my view I'd be providing both a lower cost housing option, establishing monthly cash flow through the lot rent, and setting the stage for long term cash flow through home ownership for the participants rather than renting.

I'd love for any of you to point out blind spots, give me things to think about, etc.

I know the owner-carry issue would require careful navigation of the SAFE act stuff, which I know only a little about. Any thoughts or experience there is appreciated too.

And if I need to post this someplace else, please let me know where. Newbie. :)

Hey everyone. I've been listening to the BP podcast for a while now and decided it's time to start getting myself educated a bit more here in the forums. I'm a retired Pastor who is now an online entrepreneur, running a couple of different companies from my mountain home office in Colorado. I think there are some opportunities in our growing town so I'll likely be asking questions along those lines.

But I'm also interested in learning about what others are doing and want to ensure that I do this thing right. I doubt I'll flip but I may get into some developments, rentals, mobile home parks, etc. So, that's me in a nutshell.