All Forum Posts by: Sharon Rosendahl

@Julie Marquez This is my personal home, I talked to a loan officer about it about 6 months ago. It seems to me I asked them a couple years ago if they did investment real estate and they said yes. At the same time I also talked to Peoples bank and they said they did too. I have heard that Washington Federal also will do business loans but they are very conservative so a little more difficult to deal with. Opus Bank has business lending but I'm not sure if they also do investment real estate.

I was looking for a lender for SFR and duplex so if you have larger units it may be different.

I don't know TX law but I believe the domestic abuse law is federal. When I looked into it for my OR rental a police report was enough to give 24 hour notice to the abuser that they were barred from accessing the house despite being on the lease. You also couldn't evict the victim. 

Wow, now I'm concerned about investing in TX. If the tenant doesn't give you notice you can't terminate and lease with an end date? Or does this mean you have to send the last known address a letter saying hey, your lease is ending in 30 days do you want to renew? Would this constitute notifying the wife even if she didn't get it? I mean, if you don't know any other way to reach her how can you hunt down this non-present person?

I have found that for more standard financing the mobile has to been joined to the property. That being said, it can still be difficult to finance, especially if it is older. I know that the house down the street, they sold it as an improved lot with house of no value. With the appreciation they still did fine. Newer mobiles seem to do better.

Ours is a rarer situation and I have only found one bank so far that will do some kind of conventional mortgage on it. We moved a used trailer to our lot. Skagit Bank requires that the house be there for 1 year before they will consider a mortgage. The title must be surrendered and added to the property. We are getting close to a point that we will seriously pursue this. I'm expecting the rates to be higher than a stick built but the loan officer told me it wouldn't be by much.

Perhaps checking with local banks will get you what you need.

I have found that for more standard financing the mobile has to been joined to the property. That being said, it can still be difficult to finance, especially if it is older. I know that the house down the street, they sold it as an improved lot with house of no value. With the appreciation they still did fine. Newer mobiles seem to do better.

Ours is a rarer situation and I have only found one bank so far that will do some kind of conventional mortgage on it. We moved a used trailer to our lot. Skagit Bank requires that the house be there for 1 year before they will consider a mortgage. The title must be surrendered and added to the property. We are getting close to a point that we will seriously pursue this. I'm expecting the rates to be higher than a stick built but the loan officer told me it wouldn't be by much.

Perhaps checking with local banks will get you what you need.

@Jameson Sullivan LOL, and here I was thinking Tacoma might be a better market for small, multi-family. Apparently not. Western Washington and even Western Oregon are tough. I need to 1031 so I need to decide quickly. I've been thinking mid-west like Indiana.

This is exactly the type of thing I was going to ask. My tenant just asked to buy my SFH in Oregon. I live in the Seattle area so real estate is pretty high. I had a pretty decent amount of equity and am looking for a market that will allow me to spread my risk over several units. Given duplexes around here run about 600k I'm thinking I need to look elsewhere.

@Aaron K. that totally makes sense unless you live in a state with no income tax. In WA I pay 0% in income tax and in OR I pay 9% on income from my rental unit.

I suspect the tenant won't be able to buy. They are good tenants and there are 3 working adults (2 parents with adult daughter and her daughter). All adults have filed bankruptcy in the last 4 or 5 years. 

I would be willing to write a lease/purchase on it since right now I have a lot of crap going on in my life and trying to 1031 during this time would be difficult.

I would love to hear any other ideas.

My tenant has asked if I would sell my rental unit. I am willing to do this and am wondering what I should ask. The market analysis that a realtor did for me says $259k is listing price. I don't feel this is out of line for this house. If I sold to the tenant I would save the realtor fee but have legal cost for doc prep by a lawyer.

I wouldn't risk a long wait on the market although this market is moving pretty quickly if you price reasonably. This type of house is the type that sells since many of the houses in town are either really old and needing a lot of work or really large pricing normal people out. It is a small town (1100 people) with a mix of everything. The block the house is on is a good one and it is located close to the schools, city park, restaurants, bars, PO, and market.
 Since it is about 5 hrs from home, it would prevent me having to take a week off of work to do stuff like painting, cleaning the yard etc that comes with selling a house that is in good condition and just needs sprucing up. How much should I discount off the CMA? Thanks