Updated about 10 years ago on .
Please I need help with this deal.
Hello. My wife and I own our own house fully paid. It is valued around $80k. We also own two double wide mobile homes fully paid. One of then being rented for $550 a month and the other one just finished remodeling it and ready to put it in the marked for sale and expect to get at least $35k cash or owner finance it for around $45k with at least $10k down.
Now with this in mind, I'd like to continue acquiring more mobile homes. Right now there is a double wide mobile home that I can acquire for around $20k cash in good condition with tenants in it generating $600 a month.
What would be the best way to go ahead with this deal. I don't have any cash, and I've always been afraid of getting a loan. I know it would be worth it. Should I go ahead and get a loan on the equity of my home? What other options do I have? I need some help please. I want to get this property so bad.
Thank you for your help!