All Forum Posts by: Account Closed

Hi there! I have a duplex I purchased in 2018 and have gained about 150k in equity. My mom moved into my unit as I live in another part of the state. I have decided I want to move back Into my favorite ski town, my mom needs this place to stay healthy. I got the first duplex with 40k down with a fha loan. I have the money to buy another with 20% down but I have gained about 150k in equity from the first one. Should I refinance into a conventional and put down 10% into the next duplex with another fha or keep the fha on the first duplex and get a conventional 20% down on the second duplex.  Priced have gone up 30% and I feel i am over paying but I could house hack for 700 a month in a pretty ok unit putting down about 90k because rates are so low and I have perfect credit. 

all advise appreciated!

It all depends where you are located. I have been in a 2 year prefab nightmare. They pressured me into purchasing the home and didn’t pull the proper permits. The house was sitting for 16 months and I was stuck in a contract and had already put my money in escrow.  I will only purchase homes that I can remodel from now on and can control the situation. Sometimes people make it sound nice “we take care of everything” doesn’t always end up that way. Luckily prices have skyrocketed and I have a good exit strategy to flip the prefab and will double up.  EVERYTHING WILL TAKE LONGER THAN EXPECTED.  Good luck!

It would bring in around 12-13k a month so I am confused how it’s not cash positive.  The owner inherited the property and didn’t want to deal with it.  It’s in a ski town and there is no rentals available to the locals at the moment.. 

I found a 10 unit building 8 1bed/1bath and 2 2bed/1bath. in my local california area. They want 1.5million but it is completely empty! It’s great becuase I can get all new tenants in at market rent. But also scary because of holding cost while filling the building up with new tenants. During covid people can squat very easily in california.  The owner will do seller financing with 400k down at 4% interest only for 5 years...

the 1bedrooms can easily rent for 11-1200 and the 2bed for 15-1600

Any ideas about this deal will truly help. I currently own 1 duplex I got in 2018 (going great)  and am flipping a manufactured home 100 yards from the ocean where people are paying 700sq ft for these manufactured homes... I have a little experience but not too much in being a landlord. 

What is your take on multi family in california should I jump on it and lowbal 1.3?

Hi there! 
I am selling a manufactured home that will be complete in about 2 weeks. It is in a highly desirable area. I found a possible buyer walking thru the neighborhood a few weeks ago. I would like to know how to sell this home FSBO with all the proper contracts to reduce any liability down the road.

There was a little bid of water damage with some mold that will be remediated and signed off by a environmental mold specialist.

If it’s properly fixed what do I have to disclose and what can I do to take any liability off me after transfer of property?

 

I am replacing a old 1960 mobile home with a brand new 2 story manufactured home 2x the size. I have ocean views and I work and plan on being in the area. Sorry for confusion.

I guess it’s a little more complex. The home was ordered to fit my lot and it is actually a 2 story unit.  It’s is pretty obvious in the contract I signed that they don’t take back homes and now I just have to figure out how to get him to fix it and make sure the home is healthy and good for resale (mold free signed off by specialist).  He is the owner of home I know in California you can not sell a home with mold or it will come back and bite you. Wondering if he is fully responsible before the trade of title.

I bought a manufactured home about a year ago to replace an old dump on a leased lot... Due to permit issues if you can believe that it’s been a year. I found mold in the unit and the unit is not in my name until it’s complete and signed off from hcd for occupancy.  The house was not stored properly from the wholesaler/salesman and it is still in his name but he is trying to put some of the fault on me...

In California I know you have to disclose any mold so we need to remediate it and have it signed off by an environmental mold test...

Who is responsible for this nightmare. He said we did not need a permit from the city but we did. Would not have purchased house until I had the permit if I had known. The mold is not that bad but I know it cost a lot to have everything done properly and signed off as mold free.

Who should pay for this?  All my money is in escrow until occupancy...