All Forum Posts by: Sarimar Hernandez

I am a Realtor assisting the buyer on the purchase of a mobile home. The title company sent me the following and I am not sure what it means to the buyer:

 "Here is where we are at with title on this file, In order to transfer title on the Mobile home seller will need to seek counsel from a real estate attorney who will draft a court order which instructs the DMV to issue titles for the mobile home. If buyer wants to close as-is we would add the following requirement as an exception to the owners policy, The insured "Land" as defined by the policy shall not include any mobile home which may be affixed to or located on the Land, and title to any such mobile home is not insured. Let me know which route all parties would like to proceed with." 

The Buyer wants to rehab the mobile home. He does not want to demolish it. Title stated that if he is demolishing it then it'll be okay. Something does not sound right here for the buyer, but I may be wrong. 

Yes. On the LE the Interest Rate is locked at 3.875% until 2/17/22. That is great for investment property. So, I will definitely move forward. Thank you so much for your input. I would love to buy in Gatlinburg, TN area since I hear taxes are cheaper than Blue Ridge, GA area. I still have to do some research before making my next investment in those states. I will keep you posted. Thank you so much, Khaled! I will let you know the outcome!

Hello Khaled, 

Thank you for your input. I am currently locked in a 3.875 APR to refinance the property. Rates just went up and I asked a few other MLO's what rate they can do and they say 4.99%-5.50% APR. For an investment property, the rate I have been locked in is' still great even though is a little higher than the 3.75% APR I currently have. So, because of the slightly increased rate I will take and the cash out, my mortgage will go up $413. Also, my property taxes have not increased yet, I know they will go up an estimate of $200.00 per month since I have another rental property in the same street and my taxes tripled when I transferred the Homestead Exemption to my primary residence. I rehabbed the home when I first purchased it last summer and only spent $11,000.00 on that. So, I don't forsee any big expenses. Besides, I have money aside just in case. I know it's going to be hard to get multifamily property in Tampa for less than $300K. What do you think about the Air B&B in another state? I rented a cabin in the Blue Ridge Mountains and spent $1,000.00 for 4 nights Air B&B.

Thank you so much for your response. It confirms the way I am thinking is correct. Those are exactly my thoughts. The $70K will be 20% down payment + cash reserves.  I would like to invest in a cabin in GA or TN mountains to do Air B&B which I understand gives a great return, plus we can use it for vacation time for the family a few times a year. I live in Tampa Bay area, so I would have to hire a company to manage the cleaning. I can also invest the money locally in Tampa Bay area, in this case it will be a residential multi-family. The investment definitely would have to cover the gap/hit I am taking in the current cash flow. My current loan is $155K and it will increase to $236,250.00 after closing cost and the cash out. The home is worth $300K-315K currently.

I purchased a home last year that I rent and I would like to refinance it to purchase another investment property. The interest rate is currently 3.75 and will increase to 3.875 with the refi. My cash flow will be reduced from $1100.00 to $500.00 but I may be able to cash out about $70K for the next investment. I am a little concerned about the cash flow. I am a Pro member and I need help figuring out if this is a smart move or not. Can someone help me, please? Thank you. 

A buyer is offering to buy a triplex that has a lien and code violations and take over all the issues. The seller is willing to accept a low offer to an investor that takes over all these issues with the city. What form needs to be signed to release the seller from the responsibility and have the new owner deal with the violations and lien? I heard a Hold Harmless Agreement is what is needed. Where do I find that? Thank you!