Buying mobile homes as rentals

[Liza Dydyshka]

Hey guys! I recently started learning about mobile homes and mobile home parks, so I am looking to buy a few mobile homes as rentals.  I want to hear from those of you who has experience buying mobile homes, if you know of any lenders/banks who can finance/refinance them, what's your criteria when you buy them, how do you analyze the deal, etc.  These are just a few questions that come to mind. 

So just yesterday I found a deal. Its is mobile home on 0.15 acres in Hempstead TX, owner is asking 40K for it, it has been renovated, and currently he has a tenant there who just re-signed the lease for 1 year for $1000/month. The problem is I don't want to tie up 40K in one mobile house, so I am thinking if I buy it for cash will the bank refinance it? Any advice for a beginner? 

[John Underwood]

Ask owner if he will owner finance all or part of it.