All Forum Posts by: Cheryl Foster

@Parag Doshi I don't know where you are investing but CBC Bank out of Cumming, GA - mortgage broker Scott Wisuri - got us a 15% loan on an investment property for 30-yr. loan. Do an internet search & you will find them/him. Good luck!

@Handel Carter

This can be very costly in legal fees. Make sure you want to get into it legally. Decide how much you want to spend.

Try to approach the situation as a good, helpful neighbor, wanting to collaborate. Bring over some muffins and offer to talk it out with the owner. Find out what the real underlying problem is - why now? Why after 30 years is there a problem? Is it "just the principle of the matter?" (But still - why after 30 years?). Do they need money? Do they need to put an RV there for their down-on-their luck uncle? Do they want or need to sell the home & this prohibits sale? Is there a child that will inherit the property & they want it clarified? Are you as a neighbor doing something new or different and they don't want to see/ hear it so they want a fence? See if you can identify and possibly help them solve the underlying problem. When you speak with this or other neighbors, try keeping your phone in your pocket but using your phone's "voice recording" app feature and record all conversations. This is only for your personal records, not to be "used in court" but it helps you actually remember and refer to every exact thing they said. Then transcribe it into the exact notes. Get them to talk. Be open, listen. Remember to truly think "how can I understand this person's needs so I can try to work out a solution?"

In the end, your personal reputation (and in concert - your business reputation) will be one of helpfulness and fairness. If you must proceed legally, you can still do it in the spirit of fairness and collaboration, to make both parties "win."

Check your state's laws on "squatter's rights" - usually 20 or 30 years. Be aware talking to neighbors that they are leery about taking sides. Be fair. In the spirit of collaboration.

@Britt Loukos

Send me info! We are in Greenville SC area.

@Kurt Bouma So glad you are getting alternative advice, as your advisor is not giving you the correct, full picture of how a self-directed IRA can be used for purchasing real estate. Glad you have BP!

@Lauren Hogan Would you mind checking BP re: your post? The question in your post says, re: Greenville, SC, yet everyone is answering re: Chattanooga, TN. I am viewing the thread on an iOS device, on the Apple app. Interestingly enough, we have properties in both (great) markets! 😃

@Jerry Hernandez reach out to the local investor community to see if there are any that specialize in mobile homes. Those investors may be able to structure a "rent-to-own" deal for her or you whereas the home is "purchased" (loan released), moved (to a mobile home park?), rehabbed (I'll bet $20k for rehab is high, with the right "mobile home rehabbers involved"), and roll all that into a new loan . If the rent-to-own deal is for her, she gets a place to live or rent out; if the new loan is for you, you get a marketable mobile home to own, rent out or sell.

Next time you post, please add what city/state/area you are speaking about, as it helps answer the question better. You may wish to update your BP profile too. Godspeed in your endeavors!

@Cheryl Foster @Provi Hall It is a bit difficult to get good internet advice on getting an FHA renovation loan for an investment property. A quick internet search yielded an article by mashvisors https://www.google.com/amp/s/www.mashvisor.com/blog/fha-203k-loans-basic-guide/amp/

A big thing to think about is that you could get a 3.5% down payment and benefit additionally by getting a relatively straightforward "reno project" rolled into the loan like a new HVAC system or new roof. It allows you to keep your down payment cash for whatever else you need. I'm not a finance person, nor have I done an FHA reno.; just throwing this option out there for you or another investor who reads this thread. Godspeed your move and purchase!

@Provi Hall

Sounds like a great plan. We house hacked in NY long ago with good success. Don't forget to check out the FHA renovation loans that can be used to repair one unit of the 2-4 unit building that you buy. You get the loan based on the ARV, at only 3.5-4.5% down payment. You could do a reno to your unit as extensive as a full remodel, or just a roof, HVAC system, and/or upgraded electrical service (you get to add it to the reno because it affects your 1 unit but it is great because that infrastructure improvement benefits the other units incidentally).

@Jonathan Cole

We have a creative mortgage lender out of GA that assisted us. He's good about throwing ideas around before the actual application just to brainstorm with people. PM me if you want his name/firm.

@Victor Hugo Acevedo

Here is a link to one of the newsletters I was talking about (if BP allows such links). Hope it helps! https://mailchi.mp/3a5583bcf611/recent-articles-to-help-you-2731177?e=1b3ff9a939