Investor · Nottingham, MD · Member since 2015 · 15 posts · 2 votes
My name is Patrick and I live in Baltimore Maryland and find mobile homes cheap and rents high, I was wondering what kind of loan I can get to buy these mobile homes, like do I need to get a car loan or is there some other type of loan i could get. as well as a loan how can i find out an ARV or something of the likes of an ARV to get a good value of the mobile home?
the most popular bank I use 21st Mortgage and require 20% down for their conventional loan. You can get an FHA loan but the home has to have a foundation. For value you can check the NADA (I never use it) or go on craigslist or mhvillage to see what they are selling for. If you get into mobile home investing be prepared to owner finance. Most of your clients won't have the cash or credit to get financing.
Mobiles are historically difficult and IMO, high expense. Nothing in a mobile is standardized like an SFR and getting access to parts is a big problem, let alone the expense.
Consequently, the LTV on mobiles will be worse than commercial loans.
I'm finding them in meddle river and I've heard of a few investors having success with mobile home so if anyone has had experience with it i would love to know how they do it.
the most popular bank I use 21st Mortgage and require 20% down for their conventional loan. You can get an FHA loan but the home has to have a foundation. For value you can check the NADA (I never use it) or go on craigslist or mhvillage to see what they are selling for. If you get into mobile home investing be prepared to owner finance. Most of your clients won't have the cash or credit to get financing.