All Forum Posts by: Dametric Shaw
Dametric Shaw has started 5 posts and replied 10 times.
Post: MH refinance scenario
- Posts 11
- Votes 3
This offer is from a bank, and it is not a chattel mortgage.
Post: MH refinance scenario
- Posts 11
- Votes 3
I'm being offered 9.6% 5/1 ARM for 15 years in order to refinance my rental property. It is a 4/3 doublewide MH on .5 acres. My last appraisal was 6 months ago coming in at 190K. The refinance is at 85% LTV. Do you think this is a good deal or could I find something better?
Post: Do not use this lender!
- Posts 11
- Votes 3
Quote from @Rodney Davis:
Does anybody know anything about Signature Capital Group? Are they on the up and up? Was told they could close in 7 days but still waiting.
Good afternoon. What was your experience with Signature Capital Group?
Post: Open to questions in regards to bridge, fix and flip, ground up construction and DSCR
- Posts 11
- Votes 3
I currently have a rental that I own. In renting this property, I've been able to amass a nice database of potential renters in the area. In that same community, I also own an acre of land that I desire to construct a build-to-rent duplex. I would like to discuss some options with you.
Post: USDA Multifamily Loan Guarantee
- Posts 11
- Votes 3
I desire to build multi-family units on rural property that I own. Does anyone have experience with applying, qualifying, or building with the Guaranteed Rural Rental Housing Program? Thanks.
Dametric
Post: 3 Days before closing
- Posts 11
- Votes 3
Yes, I have. I am either considering setting up other MHs or constructing a duplex on the other property.
Post: 3 Days before closing
- Posts 11
- Votes 3
Quote from @Chris Seveney:
Quote from @Dametric Shaw:
I have .5 acre of land that I purchased and placed a renovated double wide 2176sf 4/3 MH on for sale. It appraised at 170K. We also had our foundation engineered certified (FHA required) Had a scheduled closing with an FHA buyer. Three days prior to close, FHA stated that since the home was moved twice, it was disqualified for FHA funding. Also, the buyer's DTI ratio does not qualify for conventional funding. Since the buyer was initially qualified to close, I was thinking about initiating a lease with an option to buy. In addition, I was looking for the monies from the sale to fund set up rentals on additional land that i own. Need suggestions on cash out refi for MH or some wisdom from the group.
have you considered other financing besides FHA financing? Are you going to be putting mobile homes on these other lots or you looking to go more conventional route?
Post: 3 Days before closing
- Posts 11
- Votes 3
I have .5 acre of land that I purchased and placed a renovated double wide 2176sf 4/3 MH on for sale. It appraised at 170K. We also had our foundation engineered certified (FHA required) Had a scheduled closing with an FHA buyer. Three days prior to close, FHA stated that since the home was moved twice, it was disqualified for FHA funding. Also, the buyer's DTI ratio does not qualify for conventional funding. Since the buyer was initially qualified to close, I was thinking about initiating a lease with an option to buy. In addition, I was looking for the monies from the sale to fund set up rentals on additional land that i own. Need suggestions on cash out refi for MH or some wisdom from the group.
Post: Looking for ideal real estate strategy to maximize a small land purchase
- Posts 11
- Votes 3
Just purchased 1 acre of land in a rural community. The neighborhood is about 60/40 stick-built and mobile homes SFH. It's about 14 miles from Tuskegee University and 16 miles from Auburn University although I'm not sure students would live that far out. I thought about dividing the acre into 3 lots. Not sure what route to go.
Post: New to the Neighborhood
- Posts 11
- Votes 3
My name is Dametric. I live in the Opelika/Auburn area of Alabama (War Eagle). Looking forward to learning and engaging with others on this real estate journey. My wife and I just purchased a great 4/2 MH on .5 acres. It is about 30 days or so away from rental status. We also just purchased 1 acre of land in a rural neighborhood and we're looking for ideas to maximize the profit of this purchase. Welcoming ideas...Thanks.