All Forum Posts by: Phillip Walters

Does anyone know of a lender that will finance a manufactured home built On 8-03-1976?

This home meets the below requirements.

The home must have a floor area of 400 square feet or greater.

The home must have been constructed after June 15, 1976.

The loan must cover the home and the land on which it stands.

The home must be classified as real estate, but not necessarily for state tax purposes.

The home must be built and remain on a permanent chassis.

Thanks for your help.

Navy Federal will loan on this, only as a Primary. I’m looking for a investment Loan. The property is located in the State of WV.

Ya that’s what I keep thinking with the cash. I know it’s a lot to maintain. The interest rate I have just gets me stuck. Thanks for the advice.

They are emailing me the quote, I had them raise it up to 1 million liability.  Oddly the pool is not the issue its the woodstove I have.  You are not aloud to have a wood stove in a rental property in WV for primary or secondary heat.  It must be removed. 

Currently own 2 properties, looking to buy another primary and unsure of the best route to go with on my current primary. Current primary residence is a 3 bedroom, 2 1/2 bath, 2 acre lot, with a fenced in, in-ground pool and 20x20 koi fish pond. My mortgage is a 2550SQ FT 15 year 2.75% rate with a payment of $1788 a month and just over $1000 a month going toward priceable balance with 12 years left of a balance of $185K. The property is currently valued around 300-350K (still need a official appraisal) in a desirable school district in Berkeley county WV along I-81 interstate with a population growth of 10.3% in 2017. I’m going to estimate I could rent the property between $1800-$2100. I’m debating on selling it and collection the profit, renting it for a few years and then selling it before my lived in primary residence 2out of 5 years Claus is out, or keeping it because of the low interest rate. The pool, pond and higher payment has me debating what is the best decision. Thanks in advance for your input. My plan is to collect as many rental properties as possible and become the monopoly man.

Currently own 2 properties, looking to buy another primary and unsure of the best route to go with on my current primary. Current primary residence is a 3 bedroom, 2 1/2 bath, 2 acre lot, with a fenced in, in-ground pool and 20x20 koi fish pond. My mortgage is a 2550SQ FT 15 year 2.75% rate with a payment of $1788 a month and just over $1000 a month going toward priceable balance with 12 years left of a balance of $185K. The property is currently valued around 300-350K (still need a official appraisal) in a desirable school district in Berkeley county WV along I-81 interstate with a population growth of 10.3% in 2017. I’m going to estimate I could rent the property between $1800-$2100. I’m debating on selling it and collection the profit, renting it for a few years and then selling it before my lived in primary residence 2out of 5 years Claus is out, or keeping it because of the low interest rate. The pool, pond and higher payment has me debating what is the best decision. Thanks in advance for your input. My plan is to collect as many rental properties as possible and become the monopoly man.

Currently own 2 properties, looking to buy another primary and unsure of the best route to go with on my current primary. Current primary residence is a 3 bedroom, 2 1/2 bath, 2 acre lot, with a fenced in, in-ground pool and 20x20 koi fish pond. My mortgage is a 2550SQ FT 15 year 2.75% rate with a payment of $1788 a month and just over $1000 a month going toward priceable balance with 12 years left of a balance of $185K. The property is currently valued around 300-350K (still need a official appraisal) in a desirable school district in Berkeley county WV along I-81 interstate with a population growth of 10.3% in 2017. I’m going to estimate I could rent the property between $1800-$2100. I’m debating on selling it and collection the profit, renting it for a few years and then selling it before my lived in primary residence 2out of 5 years Claus is out, or keeping it because of the low interest rate. The pool, pond and higher payment has me debating what is the best decision. Thanks in advance for your input. My plan is to collect as many rental properties as possible and become the monopoly man.

it's unanimous sell.  It's basically fixed up already and ready to sell. I put 20 k in it thru the time I lived there. Only faults would be no central air. I could add it for 4-5 k not sure if I'll get the returns out of it doing so. Also basement is finished but the large room cannot be considered a bedroom unless I make the window bigger for the egress. 

Currently working a night shift job and running my own electrical business doing the day WaltersTristate.com. To help with investing. lease is up in august so I will get it ready to sell. I'd like to walk away with some cash for investing so I'm going to try the FSBO first.

Thank you all for the guiding me in the right direction. 

I Bough this three bedroom one bath 1 acre home in 2009 and paid way too much for it. Not long after I lost my job and things were getting tight. I talk to my real estate agent and they said to stop making my payments. If I did that the banks would work with me and give me a lower interest rate. I did that and the banks did work with me through the harp program. Since thatI bought another property it was a Reo and a great deal. I'm running the other house out for 1350 a month and my total mortgage is 1430 a month. My interest rate goes up in three months to 4.75 which will put my mortgage payment at 1500 a month. I looked at the rental comps with doing a few things I can get the 1500 a month in rent. Still not cash flowing though. The property is worth approximately 200 K and I owe 182K on the loan. Should I keep losing money every month and building equity? Is there some magical loan out there that will get my payments down so the property is cash flowing? should I do a FSBO and take the extra money and invest in another property.