Hey all this is my first post after lots of forum stalking. I have come across a deal to acquire 7 rental properties. All mobile homes, ranging from early 90's to early 2000's. It's a package deal with owner financing from a family member looking to retire. He's selling them as a package deal and looking for 80% of tax value. Some have been remodel and some almost gutted. All currently rented. Rsning from $650 a month up to $725. Tax values range from 58k to 78k. Balloon payment at the end of 5 years. My biggest concern is bank refinancing at the 5 year mark. What else should I be looking at?? Please help me
Horrible. The 1% rule not applicable for 📱 homes.
Use market value not assesses value. I'm thinking seller is hoping you are green behind the ears.
I'm firing a loan officer who reFis you out of this Deal.
I could be wrong on all 3.good luck.
@eric ado I appreciate the post. Should I get them valued then offer under market then? I would want to hold these if possible.
Are they on their own land? One lot or multiple lots?
Own lots, included in the sale. Range from a quarter acre to just under one acre.
Anyone else have any input? Anyone with mobile home experience?