HELP

5 Replies

Ohk Bigger pockets fam I am interested in  investing in mobile homes considering that ther cheaper to own than any other type of estate I was wondering does anyone has any advice on creative financing

Mobile homes depreciate faster than cars. Not something I would personally take on. Something that might work though is just purchasing a few acres of land and renting out the lots to people who own their own mobile homes. They could pay you a monthly fee for letting them park there and wheel their own trailer in. No maintenance fees. No hassle. Just collecting every first of the month. 

Hi Tee, No one will lend on your mobile home deal.  You will need a few $k to buy one in a park.  Just read craigslist in your area.  Search on mobile home.  It's a difficult deal to round trip.

Please go back many months in this forum and read every article.  There's a ton of knowledge to be quickly learned.

Originally posted by @Alex Castro :

Mobile homes depreciate faster than cars. Not something I would personally take on. Something that might work though is just purchasing a few acres of land and renting out the lots to people who own their own mobile homes. They could pay you a monthly fee for letting them park there and wheel their own trailer in. No maintenance fees. No hassle. Just collecting every first of the month

Who are you thinking drills the well/septic?, or plumbs sewer/water? The tenents? Or Are you talking about rvs?  Just curious.  :-). 

Originally posted by @Dawn Young :
Originally posted by @Alex Castro:

Mobile homes depreciate faster than cars. Not something I would personally take on. Something that might work though is just purchasing a few acres of land and renting out the lots to people who own their own mobile homes. They could pay you a monthly fee for letting them park there and wheel their own trailer in. No maintenance fees. No hassle. Just collecting every first of the month

Who are you thinking drills the well/septic?, or plumbs sewer/water? The tenents? Or Are you talking about rvs?  Just curious.  :-). 

 Hee hee. Yeah, I guess you got to spend money to make money. Not something I've looked into personally but in my head it seems like it would be worth the investment. I'm sure there are single septic units built to handle the volume of a good sized park. 

tee, talk to banks. It just depends on what you're talking about doing, and it will help if you're willing to live in it for a year.  Some banks will do a personal loan, secured differently.  But they are higher interest.  Also, you might try owner contract. We got a cash out refi on our primary residence to buy ours. (The bank won't go over 80%(or so) loan to value.  Dont overpay. Keeps us posted on what works for you! There is a podcast on this subject by bp, but I don't remember the number.

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