All Forum Posts by: John Shepherd

I purchased a property last year, remodeled it, put a renter in it, but have had trouble being able to get a mortgage on it.  We went through the steps to retire the title, its on a permanent foundation, no axles or tongue, the whole works...its now considered real estate through the state and county.  However I cant seem to find a company that will put a mortgage on it due to it originally being partial mobile and a non owner occupant investment property.  Anyone know of lenders that can help me out with this or any other advice??

Side note: We listed it for sale prior to renting(we were still working on the title situation) and had people knocking down the door to purchase, some over list price. We couldnt close at the time due to the title issue taking longer than expected.

Thanks!

@shaun weeks

thanks for the good info.

@john morgan 

pm sent

@ryanhowell haven't heard of an asset based lender on residential so that is good info. I will do some research. Thanks for the info!

@jodysperling I am going through a mortgage lender to try and get the 30 year because my bank only does 20 year loans. I will check around with some other local banks. Thanks for your response!

I currently have 3 properties I am trying to get refinanced. The lender says my debt to income is an issue because I don't have two years rental history. One house has a 15 year mortgage in place already, one was self funded and the other on a rehab loan through a local bank. Any advice or other options for 30 year? My local bank will only do 20 year loans.

Thanks!

We are based in Georgia and primarily are doing flip houses right now. I have found a property we are interested in purchasing.  This property has a house on it now that needs renovation.  I am interested in renovating the existing house and subdividing the land into smaller parcels for new construction. The renovated house and 5-10 acres should pay back the entire property purchase leaving me with 35-40 acres of buildable land. I am seeking advice on what type of contingencies should be in place when I make the offer.  I know I will have to go through the rezoning process.  My questions are :

-Survey done before or after closing to show new lot lines or just a simple proposal of potential new lot lines to show county

-Contingencies based on county approval of subdivided lots

-Any additional info someone who has done this might have to help