All Forum Posts by: Chris Mantell

@Ron Trinh

I purchased a primary residence in October 2018 before moving out to Missouri. My lender required current employer paystubs and the offer letter (with no contingencies) from my new employer. It was not an easy process but I had a lot of moving parts.

@Johnny Sweet

Do avoid the seasoning you have a few options. It's mentioned above about using a local bank and doing their in house financing. Also mentioned, using a HELOC, if you have a home with good equity. The other option, which is harder to pull off, is to pay cash for the house. I'm surprised that a HML would fall under the seasoning guidelines.

@Ashly McGlasson

I’m not sure if this has been said yet but I would explore a rent to own option. There could be a nice family, trying to improve their credit, wanting a nicer house like yours.

A former colleague of mine did a rent to own in a hot market where he would of had zero trouble selling it. He got 10% of the purchase price (down payment) plus he got enough rent to cover the mortgage and I believe, an extra $200/month. The buyer had 2 years to qualify and purchase the house. If they can’t, you get the to keep the 10% and full ownership of the house again. Then you have the option to do it again with a new buyer.

@Kendra Levy I'm sure you can call the city, as you mentioned. Their listings on MLS are advertised as STR.

I've seen quite a few new Vineyard Airbnb listings. They are all decorated very well. Its a pretty low risk investment, based on the numbers. Vineyard doesn't offer a whole lot of amenities so their HOA is low and at the purchase price of $90k, your break even isn't very high.

@John M.

I've been in the process of looking for a STR in Branson for the past 6 months. I'm waiting on a flip to finish and sell so I can do a 1031 exchange.

I've been working with a realtor who's broker also manages properties. It's a huge benefit because they can provide real numbers of subdivisions for properties they manage. From my research there's a subdivisions called vineyard that recently switched zoning from long term to STR. The PM only has one property there but it produced quite well. They are selling the 3 bedroom units for $90k.

They are in the process of updating all their units. We went and looked at them about a month ago and while I think they can have a great ROI, we didn't feel like they were the right units for us.

@Josh Hill if you are getting the property for 50% of the value I'd go to your local bank and get an in house loan. It will have an adjustable rate. You can normally lock it in for 1-5 years. They are a bit higher than the standard Fannie Mae backed loans but you don't have to jump through all the hoops. Also this being mobile homes and 30 units, it might be your only option. They will normally loan up to 75-85% of the property value. Since you will be getting at such a low value, you shouldn't have to put any person funds in. That will all be contingent upon an appraisal coming in at what you believe to be the value.

@Justin G. Those deals are most likely found in small towns. You most likely wouldn't find that through MLS or auction but networking with the locals. It would have to be someone close to foreclosing their property or having to leave to a nursing home, abruptly.

If you work all channels, it’s possible to find a place for $10-15k but I would not hold out for that. If you want develop a portfolio or flip multiple houses a year, you may need to lower you standards and plan on less margin.

@Justin G. With the economy doing so hot right now, flip deals are harder to come by and most likely a bit competitive.

As mentioned above, auctions have some potentials. If they do auctions in your area. Also, when it comes to ARV you can mitigate your risk by analyzing the numbers. The best way is to get the comparable properties in that exact area. Try to find a property similar in specs nearby. If you can't find properties with similar specs, look at the price per square foot for the houses sold in that area.

@Brian Adzadi it’s funny you mention that. The hospital here is doing a 50 million dollar expansion. That being said, I don’t know how well these units will appeal to that audience. My realtor sent me a property a mile or two from the hospital (the hospital even looked at buying it) that may be a sound investment if I can talk them down to the right price.

Thanks @Jack Orthman. It’s the advice I don’t always like to hear but need to hear every now and then ha. Normally I have limits that I try to stick to. I’ve just had a vision of being more aggressive over the next few years but I need to remember not to sacrifice quality.