Updated over 17 years ago on . Most recent reply
manufactured home on permanent foundation
I'm looking at a manufactured home on a permanent foundation for 68k maximum on a short sale. Leary because I don't know about these homes. Previous sales have been for 55 in 95, 75k in 01, 51k in 05 and 228k in 06.
rental comps in area are 1200 for same BD/Bths and sq footage, but for real homes. You can't really tell its not real, it is a stucco finish. I've read one good thread on here about non permanent foundations, but none about this situation.
I'm going to look into financing options. I'm interested in an interest only option 30 year fixed if possible as well as options for pulling out current equity in my home for use as a down payment. HELOC, 2nd or refi are my options I suppose, as well as cash, however it will all but deplete me to pay for it in cash. I have about 60K in equity.
To me this sounds like a great deal. But not being familiar with anything, much less a manufactured home makes me reluctant. It feels good though. This will be my first investment house.
Also, I am really thinking of going in with someone (I trust) to lessen the risk. They have handyman skills and money. I was going to buy the house and put them on title. My current home doesn't offer me a write off because the interest is not enough. How should I deal with the taxes and a partner in this case.