[Vivian St. Rose]

Vivian St. Rose

Thank you both! My end game is to purchase a primary home for myself closer to family (and to be real I just don’t like the desert environment). The current property is mortgage free so I was musing on accessing equity to purchase and relocate. I don’t think I can qualify for a mortgage on my current retirement income so need to go cash purchase or plump down a significant down (in my estimation). Homes comparable to mine or selling at about what I paid and a little lower, so I don’t think I should sell now if I don’t have to (although I just may have to).

Regarding the modular homes (as an option for myself) I’m trying to research them as I know zilch about them (do they appreciate, can you improve them, etc.) The listing prices got my attention but I’m basically ignorant about the industry.

Regarding mobile home sales – I’ve been listening to “Donnie deals” – and related seminars on the industry.

I’ve just run across the residential assisted living talk by Robert King. Interesting. Basically, I’m perusing the wealth of info on this site looking for an “aha” find for me to venture into real estate investing, while simultaneously trying to create a means to relocate!

I’ve come to the realization, through this priceless feedback, that I may need to focus on one goal at a time. So excited for this exposure!

[Vivian St. Rose]

Vivian St. Rose

Thanks for this invaluable information and feedback. Lots to chew on! I will definitely take heed.

Viv

[Vivian St. Rose]

Vivian St. Rose

I am SO grateful for this forum and your generous advice. Las Vegas has just passed a restrictive short term rental law pushing back on investors. My understanding is that anything less than 31 days must now be owner-occupied. My HOA ordinance requires a 6-month minimum stay. I actually know a real estate agent currently living in an apartment who has expressed an interest in renting for a year. Your suggestion of master leasing definitely interests me. It could be my gateway to learning first hand about master leasing.

Bear with me, just confirming that in your expertise, there are no flashing red signs in connection with a HELOC to further my goals? A financial planner I spoke with told me he would NEVER recommend a HELOC but I’m seeking additional counsel from knowledgeable people before ruling it out (assuming I can qualify).
Many thanks

[Vivian St. Rose]

Vivian St. Rose

Thank you for this response. (I hope this isn’t a duplicate – I’m struggling a little with the posting process!)

The source of the equity is a single family residence purchased last fall. Being contemplated is the purchase of “manufactured” housing in Northern CA (closer to family and a refuge from Las Vegas summers, plus the affordability factor). Due to limited income (retired) the cash purchase route has been taken, using funds from the sale of another property. If enough equity can be accessed to support this goal, the current single family residence would become a rental as I don’t think it can be sold at this time at a price that would cover closing costs. The current listings are trending about the same or a little lower than my purchase price.

I “sense” that I should try to recapture some of the equity tied up in the property while it’s feasible, since I’m not inclined to remain in Las Vegas.
Thanks for helping me get clarity on how/if I should go forward with this scenario!

[Vivian St. Rose]

Vivian St. Rose

Hi Jackie! Yes I’m exploring those topics too. Ideally I’d like to partner with someone initially in either area during the learning phase until I can get a better grasp/understanding. Can we say confidence?! Hoping for an opportunity to see you again in Panama next year some time!
Best, Viv

[Vivian St. Rose]

Vivian St. Rose

Thank you for this response.

The source of the equity is a single family residence purchased last fall. Being contemplated is the purchase of “manufactured” housing in Northern CA (closer to family and a refuge from Las Vegas summers, plus the affordability factor). Due to limited income (retired) the cash purchase route has been taken, using funds from the sale of another property. If enough equity can be accessed to support this goal, the current single family residence would become a rental as I don’t think it can be sold at this time at a price that would cover closing costs. The current listings are trending about the same or a little lower than my purchase price.

I “sense” that I should try to recapture some of the equity tied up in the property while it’s feasible, since I’m not inclined to remain in Las Vegas.
Thanks for helping me get clarity on how/if I should go forward with this scenario!