Updated over 7 years ago on . Most recent reply
High interest mobile home loan
I have an opportunity to buy a mobile home for a decent deal, it's just over 20 years old so most banks won't do financing but a local credit union will do a 20% down 10 year at 9-10%. It rents for 750/month right now and I think I can get it for $30k so my payment would be around 300/month, taxes are next to nothing. Do you guys think 400/month cash flow is worth up to 10%interest? Would you pour the 400/month back into the loan or invest toward more REI?