All Forum Posts by: Shawnn Lynch

It's been a while, I use to use a mortgage lender who was direct endorsed with FHA and they would "spin" my loan request. It cost them a few bucks to do it, $275.00, but if they felt confident in the loan request they would do it. In essence they put all the info into the system and it spits out a guaranteed loan commitment with a list of the necessary docs that need to be in the file, kind of a checklist.. making the loan a commodity to be sold to servicing companies. Check the area for mortgage lenders who are direct endorsed with FHA. Always good to have a rep with them on file for when these things come up.Good luck.. Shawnn

I have to agree with Danny, what better time to do what needs to be done during the winter months and have your rehab completed and ready for after the holiday season and tax refund time. I keep in mind that if a buyer isnt enjoying Christmas dinner in the home I have listed, and the clock is ticking now,Im likely going to have that down time marketing wise to apply my efforts towards reno work.. work with what you have.. time is money..

I had to say I was surprised by this post. I was curious if this size home on a production level is even allowable by the dept of public health and safety, and what an underwriters guidelines are. How would you appraise a property like this with no comps, what sets the standard value. I have learned that a manufactured home has minimum requirements. Would these homes fall into the same catagory? XI, 304.01: Manufactured Homes (06/15/07). Interesting concept In the south raised home this size would allow for parking underneath, the same size as a standard 2 car gagrage with a stairwell. Great post, Im will follow this.
The manufactured home must be at least 12 feet wide and have a minimum of 600 square feet of gross living area.

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I have addtional help to offer. As I suspected you have a firm grasp on what it is your looking at. I am new here and do not know how to make you a colleague.A helpful lead.

Refreshing approach, as all real estate ventures are somewhat speculatory I think you are on to something here. I can only assume with the projected growth and development in the area in the months and years to come that are anticipated the local official have done a demographic and feasabilty study on the demand that will be put on the area, the economic impact, tax affect,and municipal burden and the projections for this have been done. I would suggest you speak with those governing members in the area at City Hall and do some elbow rubbing for the skinny, who knows.. they may have a complete report they're willing to share in supporting your speculation as well as encourage you to help in the local economic development. I think you will do well to pursue this venture. I will follow along. Best of luck

My comment was in relation to refi. as a sale I believe there is a 90 day flip restriction with fnma now after that.. shouldnt matter what you bought/sold it for..

I did the math on this, lets say 24k if he accepts your offer, at 80%. 670- all mtg and fees leaves you at 2400 - 300 for taxes (income). If you go 2 months without a rent payment/pay realtor to rent and minor repairs you make nothing. Unless your in it for the long haul, may not be worth the aggravation..

Great topic, one I have run into myself. The bank will use the purchase price as the appraised value for the first 12 months thereby forfilling the seasononing period, at times it can be 6 months depending. The bank will use the receipts and labor cost (no sweat equity credit given.. so company invoices :cool: ) plus the purchase price to justify the increase in value. There is no set formula, but an underwriter typically can spot an "issue" with flips. Provide them with whatever they need to satisfy thier trust..recipts x 2 + 28% is reasonable and before and after pictures.. they speak volumes. Good luck..

Sounds like a sweet deal either way you look at it. You should have no problem using the original footprint with the officials, and with the required rebar, mesh, psi strenth of the footings/slab I doubt if there is a plumbing concern, especially pvc. As for the construction cost, acting as the gc yourself and hands on a house that size should run you about %58.00 a sq ft to build + lot cost. You need to keep the load bearing walls in the same location as the original home, so rebuild it around that understanding. Good Luck..

when dealing with commercial, at the end of the day it will be about the debt service involved. The age of the property, income, expenses ect. Commercial property is looked at in value as how much it can make, not the building itself. There are a number of places to place a commercial loan if your approach s right.Financially where will you stand in the end time/money/effort not equity. Residential has a different value. Do the numbers cash vs equity thats how the lender will view it.