Mobile Home- Owner Financing

[Carlos Cueva]

Hi All,

I am an investor in PA that owns a Pre-Manufactured Home. I have a seller that is interested in the home but would like to do Owner Financing. I am into the home for 14 K. The selling price is 20K. The land rent is 650/month. Total taxes are 1,700. 

 This is the first time considering this option. Is there any specific terms or numbers I should look for? How many years? What amount for the down payment? etc? 

Thank you in advance.  

[Ken Rishel]

Originally posted by @Carlos Cueva:

Thanks Mark for the reply. I'll look into both of those rulings. 

 You might try researching them on this forum as well. There is considerable information here from as little as two weeks ago to as long as three years ago. 

I would suggest that simply trying to "look into both of those rulings" will do little for you. First of all, they are both public acts - not rulings. Second the Dodd Frank Act is over 2300 pages long, and there are another 12,000 pages of secondary legislation attached to it. 

You also need to be cognizant of Pennsylvania regulations as well. You will find there is no legal method for lease with an option to purchase lending arrangement a manufactured home in that state.

Again, do some research on this forum because people get tired of writing the same thing over and over again.