a lot going on - Posted by Ryan B (KS)
Posted by Ryan B (KS) on July 16, 2007 at 10:51:20:
Business is moving along. I’ve got a lot of irons in the fire right now. I did finish the replumbing job, and I decided to just do the whole house while I was at it. Pex is amazingly easy to work with and the job took only two days.
I’ll be buying another MH later on in the month. Its a nice '79 2br for $2k. It needs no work that I can see, and I expect to be able to sell it for about $6k or so. We shall see. I don’t know how strong the market is for 2 bedrooms really.
I put in an offer on a bank-owned (Greentree) L/H, despite the fact that I don’t really know what I’m doing on those. But its a 1999 DW on foundation in a ‘manufactured home community’ (no zoning problems). The DW is nice despite the infestation of fleas. I offered $16,300 for it and they countered by coming down from $50k to $40k. I countered with $20,700, so we’ll see what happens. Seller agreed to pay for a septic inspection. I should be able to rent it for about $600 pretty easily.
Now, something that I did want to ask the board about is the financing on this L/H deal. I expected to have some trouble securing the financing. I did get a bank to agree to finance, even though they weren’t real comfortable with the idea of a DW as an investment property. Here are the terms that they offered me:
20% down, 1/1 ARM starting at 9.8%.
I feel very confident that they home will appraise at around $60k (possibly more). But obviously the bank’s terms are less than ideal. Any opinons?
I ordered Tony’s book this morning