Rental Property Investor · Leland, NC · Member since 2017 · 13 posts · 6 votes
I've found a decent deal and I'm trying to find the best way to finance it. I found 4 lots that are permitted, have septic and county water in place. I'm still negotiating but think I can get the lots owner financed for around $100k. I will be able to get 4 decent double wides placed and set up for around another another $100k.
Also I have a family friend who owns a lot mobile homes in the area and will help me with the permits.
Once set up, I should be able to get $950 per unit. Im open to all advice and suggestions. Thanks in advance.
Homeowner · VISTA, CA · Member since 2015 · 726 posts · 340 votes
9y
So is this a rental community or will you be selling each home with the dirt? Also, are they new homes? In Cali, removing a MH from its original situs makes it very difficult to finance if it's on real property. If its a rental community then it's whatever your building & zoning have to say unless there's a State Mandate in place that regulates the entire industry.
Professional · Roseville, CA · Member since 2017 · 174 posts · 31 votes
9y
For whatever it's worth you might want to consider manufactured homes, I believe they are easier to get financing on. And it seems these will be rentals? Manufactured homes will stand up to the test of time much more so than a mobile. I believe the foundation the home sits on is the reason. Also there maybe a mobile home residence law on the books where your at. You might want to check just so your covered Good luck
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
9y
Owner financing or private money would be your best option for the deal. Most times, other investors familiar with the asset class will be your best bet when it comes to obtaining financing. Good luck!