All Forum Posts by: Michael Gutierrez

Hey BP, Im 26 years old and am Interested in yout opinion .. I’ve been a member for close to 2 years. This whole time I’ve been looking for a duplex to begin house hacking close to where I work. It has not worked out so I decided to switch it up and house back in a single family home. The area I’m buying in is woodinville, wa where th median single family home goes for 550k.. I found a 4bd 2bath 1997 manufactured home with the lot that would sell for $375 ARV. I submitted an offer in for 300k and reached mutual, needs new shingle roof and new carpet . The total cost to live there with PMI, taxes, P&I, insurance and how come out to be $2089. I will be renting out the master bedroom for $800 a month so that would leave me with $1289 out of pocket. Down payment wIth FHA loan is $10500. $7000 grand for new roof and flooring. So total $17500. I know that after a year I want to rent it out and possibly look for a new home. It would rent $2600 a month which is around $511 over all my expenses. Does this seem like a good deal or should I keep saving. My biggest issue is I have a wife and daughter and we currently own a 500sqft 1bedroom manufacture home on rented lot and I pay $700 a month. We need more room and I feel my $700 could be going to equity. My goal is cash flow buyIng and holding then sellIng Isnt Ruled out for me. If you were in my position with 20k I’m savings what would you do? My biggest fear is putting down all I have saved into this . No one In my Family has boughten a house so I have no mentor to go to. No car payment , some credit card debt and regular bills is my liabilities. Thanks for any feed back.

After researching it seems close to impossible to finance a 1973 Mobile home that is sold with the land. Found One I lIKe, Does Anyone on here know of any lenders who would consider it ?

Can you use Venmo? That’s how people pay electronically all the time. Appreciate you sharing , currently in the hunt for my first small multi family home!

This is amazing! Curious, Did you personally finance the down payment and rehab cost? I am nervous about a brrr because I don't have experience rehabbing and I wouldn't have the capital to finance it myself.

Was this ever sold

Good advice fellas. I definitely don't plan to pay the asking price I'm going to ask 25k lower. All great things to consider. Appreciate both your feedback.

I live in Washington state and the market has been on fire. Due to all the activity it has trickled over to manufactured homes. One has opened up close the Seattle area for $70k up from $50k in 2011 and it's a 3/2 1800sqft built in 1991 I've done the research and from what I've seen it's around what most are selling in the area. The rent for this is typically $1500 a month. My question to the community is what should I look for in terms of common problems. Should I even dable I'm manufactured homes?

Im not a guru nor have any deals executed yet but when I look at zillow I look go to the neighborhood tab and see the market condition in your case it is "cold". Then I look at the other houses that are "for sale" and the only one I saw on there has been on the market for 85days . That would tell me to look at it as a buy and hold and possible rental but more importantly that it should have been a crazy good des considering the demand isn't in the area. But again I'm an newbie and this is my thinking. Good luck on the sale and maybe it can become a rental until demand goes up.!

Found out that I have to wait another year to get a loan for my first investment property (1yr in commission only job). What are some strategies that I can use to get my first investment property without fha? Any help would be appreciated, thanks! Best regards, Michael Gutierrez

Appreciate being apart of such a thriving community. Would love to connect with local investors! Best regards, Michael Gutierrez