What Does It Take To Get A Leasehold Mortgage?
Hi all, I am writing because I have found a property that can rent positive for around 3 - 400 a month. Its located in Hawaii, and is a leasehold property. The asking price is 49K. Can anybody tell me what a lender looks for in a leasehold mortgage, and do some or many lenders refuse to look at leaseholds? I am looking at leases that can be controlled for at lease 25 years, so really it would be a long term income play. Feel free to share your thoughts and expertise... additionally, if you are a broker and have a lender who can do these, feel free to PM. Im just looking to learn as much as possible about the "leasehold" niche.
Cheers - Veronica
Whoops, I just read my writing and should clarify - the going long term rents for a similar property are 750 - 1000, so after most general costs, the cash flow would be 4 - 500 dollars.
mold is a new name for mildew,there like 500 diffferent kinds of mold types and only 2-3 are deadly,mold means cheap in my book,but I am able to do all rehabs myself,I love walking into a house with water damage and trashed,hard work but easy money,beats punching a time clock every morning.