All Forum Posts by: Danny Moreno

Investment Info:

Mobile home buy & hold investment.

Purchase price: $33,000
Cash invested: $28,000

Bought a mobile home and turned it into a rental property. We did a full remodel. Paid everything cash and hoped we could do a cash out refi in order to invest in another property, but it was not possible in Texas

What made you interested in investing in this type of deal?

The deal was available and made sense with the numbers

How did you find this deal and how did you negotiate it?

Lady offered it because she was moving out of state

How did you finance this deal?

Cash from savings, partner in the deal

How did you add value to the deal?

Full remodel

What was the outcome?

2 months to remodel and had a renter within 3 months

Lessons learned? Challenges?

Coming up with the cash to purchase and being ok with leaving the money in the property since there is no cash-out option

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Realtor to list the rental property

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $65,000
Cash invested: $68,000

First single family rental property. Many lessons learned . . .

What made you interested in investing in this type of deal?

Long-term wealth building

How did you find this deal and how did you negotiate it?

Friend referral

How did you finance this deal?

Private money and savings

How did you add value to the deal?

Full remodel

What was the outcome?

3 months of rehab, had a renter within 5 months, cash out refi within 6 months

Lessons learned? Challenges?

Too many to list . . .
Self-managing for now

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Our realtor helped with listing and getting property rented. Our lender helped with the appraisal process and cash out refinance

Hey Jeff, I just found this post.  Did anything materialize from this planned investor meetup?  I assume this was toward the start of the pandemic.  Just curious

Very interested.  That's my neck of the woods. Keep me in mind

Talk to Matt with Longleaf Lending.  They are great to work with

https://longleaflending.com/

Thanks Effram. I will take these things into account. If I understand OF correctly, I wouldn't necessarily need your typical underwriting requirements (pay stubs, tax returns, etc), more so the ability to catch up if the owner is behind on their payments, or if the house is in need of repairs. That's where a Subject-To deal seems like an option, since I would actually be living in the home.

I am looking to acquire my first property as a homestead for the short-term (2-3 years), then move out and turn it into a long-term rental. I was laid off last year due to COVID-19 and decided to turn to self-employment. As traditional lending is not an option right now (need a couple years to show self-employment income) what would you suggest should be my focus to acquire my home? I am targeting the Humble area (northeast of Houston), have cash reserves and good credit. My inclination is to find a home where I could do owner financing/subject-to in order to keep the current mortgage in place, then take out a mortgage in my name in a couple years after I have reported income. Thoughts/suggestions on who to work with and how to get started? Is there another option I haven't explored?

I would be interested.  Spring area would be great!