All Forum Posts by: Gene H.

BPers:

I am selling a house on some property with a land contract in the very near future and I am looking for an attorney in the Redmond/Seattle area that can help me.

Any recommendations is appreciated,

Gene

Ken, thank for the information. It does have elimination of title, and it was manufactured in 1992. The HELOC is against the property and the doublewide. I'll take your advice and ask a broker about the cutoff date.

Do you think a land contract is a viable option to use to sell this?

@Jay Hinrichs

Hello BPers:

I was wondering if anyone had an opinion or advice on my situation. I am not sure what strategy to use to sell a doublewide mobile home I own on .3 acre in Cle Elum, WA.
Here are the details:
I have a $100,000 HELOC against the property with a Credit Union(I have used the entire amount todate). The monthly payment is $1,000 and it's on a fixed rate of 6.74%.

I want to sell it for $135,000 (which a local realtor recommends. Zillow estimate=$250,000).
I am considering selling Subject To(as I understand it) and so the buyer would take over the HELOC payments, and then for the remaining $35,000 I thought offering a seller carry back loan in combination with a cash down payment to make the deal more attractive. I'd like to sell it

Some of my concerns:

• I've heard it's hard for a buyer to get financing to buy a mobile home
• I'm not sure a bank would provide a loan that would cover the HELOC (100k)
• the holding costs could really add up if I can't sell - homes in the community take a long time to sell (6+ months+) normally.

I'm looking for a good selling strategy so any help would be greatly appreciated.

Gene

Chris and Brent, thank you for the post and I'm glad I asked.

My original intent was to cash out any equity I had - and after looking into this more since I have a better understanding of the insurance required with an FHA loan if it's financed over 80%. It looks like my home is leveraged to 77% of it's value now, so it'd make sense to try for a conventional loan.

Brent, I'm not quite sure what you meant when you wrote:

The biggest problem you may have going forward is if you continue to leverage between 80% and 96.5%, but AREN'T finding "deals" to justify it... (See where I'm going with that thought?)

So are you saying that I need more equity in my rentals to reduce my risk to the bank?

Regarding current leverage %:

My current leverage percentage on one rental home is 74%. A second home has no equity (and is probably upside down by 10%.) Finally, I am rehabbing a duplex that I own outright and ultimately want to get a loan at 75% of appraised value.

In addition, my Debt to Income ratio comes in at 40% if I am allowed to count 75% of the rental income of my 2 current rentals and the future income of the duplex. How close do they look at the equity in rentals when determining your ability to pay the mortgages? I don't remember reading about this in my research-

Again, any advice on where to go from here would be appreciated-

Thanks again-

BPers:

I had some questions I was hoping to get some answers in the forums. Here is my situation:

Goal: I'd like to refinance my primary residence into an FHA loan. I owe $182,00 and FMV=$225,000

Challenges I'm facing: my Debt to Income is too high if I can't count my rental income.

I have only been a Landlord since July, 2015 (so under 2 years) with my first rental. If it makes a difference I do show rental income on the last 2 tax returns (2015 and 2016).

Also, will a Lender consider future income from another rental I own but will not start renting until May 1st?

Thanks in advance for any help,

Gene

Thank you but I am all set and no longer looking for funding-

BPers:

I am reaching out to see if anyone well versed in creative financing would be willing to share their advice.

I am in the middle of a buy and hold rehab and have found myself in an incredibly tough spot.

Please shoot me an email if you'd like. I'll send you the details-

I'd appreciate it,

Gene

Hello BPers-

Unfortunately, I have a legal issue with a contractor and i'd like to speak to an attorney in the Redmond, WA area that's privy to real estate investing issues.

Any recommendations?

Thanks!

Gene

Thanks, Nathan-

I think I am set now but will keep you in mind next time.

Gene

I own a duplex (free and clear) in Spokane, WA . The ARV is $214,000 and the repairs that are needed total $110,000.

I am looking for a first position loan for $110,000 for 6 months at 12% p.a. accrued, with a minimum of 3 months of interests paid. I plan to refinance once the work is done.

I can get you more information upon request. Thanks!