All Forum Posts by: Shannon W.

 Clayton bank said they don't service these loans.

I've tried one or two local banks. 1 said I need to remove the second manufactured home and they can loan on it. The other is checking.

Hey there 

My husband and I found a property we would like to buy and build on. The property has two manufactured homes on it, and banks won't touch it. Our plan was to buy with little down,  live in one unit and start construction on of a permanent residence.  However the banks are not allowing is to get approved because of the second manufactured home. 

Any ideas?

Thank you. 

Good Morning! 

My husband and I own a couple rental properties, and we are considering buying a new primary this year. The conversation is, do we keep our current primary as a rental or sell it? In our area rental rates are good. We can cash-flow 500-700 per month (gross) based on my calculations.  This is primarily because our interest rate is low, resulting in a low payment. Our payment is 1550, rental rates are between 2100-2400 for my area. 

My question : How do you calculate ROI on a primary since there is no purchase price, closing cost, rehab etc- is there a tool for this?

My first thought was to keep the home as a rental- we can purchase a primary with a lower down payment than needed  for an investment property. Rental rates are good, and the home is in a nice area. 

Thoughts on this ? 

Thank in advance for any suggestions/tips. :-)

Shannon

I personally like the look of black trim on brick. Black shutters for example, can give the brick an updated look. Do a quick Google search and look through the images for examples. 

Hello there,

My husband and I bought a 2nd home last year and turned it into a vacation rental. We have owned the home for one year. We rented it out over the summer and have made enough to pay the mortgage for the year. 

We are interested in buying another and have found one that has great rental history. They have documented income that would pay for the mortgage and then some. They have people leasing it this year ( short term)

What is the best strategy for getting another loan. We dont have 30% down, but we have almost 200 or more in equity in our first rental. Can or should we get a heloc as a down? Are there options for lower down payments when the house has proven rental history? 

The owner is not interested in carrying the contract. 

Thank you !