Hi guys im looking at a residentail cabin which would be +cashflow but as it doesnt have a title securing finance will be an issue..
any ideas/suggestions??thanking you in advance
why do you want to buy residential cabin?
it would be difficult to sell in the futureyeh true i did consider that but the rental return is so good and the vacancy rate is good – im just looking at it because it'll be putting money in my pocket.
Don’t let anyone tell you not to do it if it fits into your investment strategy.
Be careful because there could be a lot of hidden costs. If it is in a park then you might have quarterly fees and you might actually not be legally allowed to rent it out to a long term tenant. But if you have looked at all these hidden costs and it still works out for you then it could be a viable option.Financing will be hard. If you already own a property you could max out the equity on that property and then just use the cash to buy the property. Or you may be able to do some vendor finance on the property (it is worth making an offer for vendor finance). But yes, otherwise you may have trouble finding a lender. You might have to go with an untraditional lender and pay a higher interest rate.
Good luck with everything
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just A Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeWhy would you finance it?
I would purchase a small one cash say $15,000 and refi once set up. Would be best option.
If you cannot purchase outright, look at other options of obtaining short term finance.
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