Be careful. There are very few mortgages that do not have a 'due on sale' clause and that 'due on sale' clause can make it risky to do a wrap (as soon as the original mortgage lien holder finds out that the property was transferred to a new party they will call in the loan~ unless the property is worth less than their mortgage).... more
So in general investments in rental income property can be good, in fact very good. Mobile home parks do very well if they are managed correctly. I have many clients that like this product and know how to make money with it, as do I. As for you particular investment Idea, to give you sound advise I would need to know more such as location and particulars about the unit or units and then price would be a factor along with any terms that may help.... more
No but if your exit includes an FHA loan obtained by the buyer then yes up to 90 days. I work with a lot of investors and there are easy ways to deal with the timelines. Different types of bridge work arounds feel free to make contact if you would like to know more.
Thank you.... more
Average days on market is misleading. It averages well priced homes, distressed properties and overpriced properties. If you look at mls on any given day, you will find most of the listings are well over the 51-55 day average. This is because in this market, with just over half of the inventory we should have, properly priced homes are selling very quickly. Often they are under contract in under 48 hours from initial listing. Financing and closing can take 45-60 days giving you the days on market. Investors will sometimes by the best deals, for cash in as few as a few hours after a house hits the market. Closing is typically in 10 days.
If you are buying, you want to be very aggressive and efficient in your search. Don't spot a house you like on Tuesday, and expect to see it Saturday if it is a good deal.
If you are selling, an experienced agent can help you take the time to prepare the home and price it right. If you take his/her advice, don't be surprised if there is a crowd on listing day!
If you would like to discuss this further, I can be reached at 520-370-8907.