All Forum Posts by: Lindsey Run

Thinking about buying some newer build homes that are turn key for long term rentals. 
BUT if you’re not buying in all cash and going to finance it. How much do you think you need to make on top of the mortgage to make the deal worth it? If the mortgage, PMi, Insurance and taxes are for instance $1,900/mo. Would it be worth it to rent out for $2200-2400/mo? How much do people usually put away for future possible repairs etc? 
I’m having trouble figuring out what would be considered a good deal. 

Thanks everyone for the great info, really helps me out!

Hello everyone! I am wondering where I can find a great Rental Agreement for a 6 or 12 month lease option. Does anyone have a great one they are willing to share or know where I can find loop hole free ones? I also wouldn't mind having a Lease to Own option agreement (if I decided to do Owner Financing) Any advice or help would be greatly appreciated!!! Cheers!

So I was all exciting about finally being able to invest in my very first mobile home. So I began my search of trying to find a local bank for financing. That in itself was near impossible. After multiple multiple calls and attempts, I finally found somewhere willing to finance a single wide, permanent foundation mobile home. So I headed over to TD Bank with hopes of leaving there successfully. Well come to find out I would have to have 20% down, and about $3,000 in closing cost for a loan of $35,000.00. I wanted to get pre-approved for that, but definately wouldn't spend that much on one. I am looking more in $20,000.00 or less. My problem is I do not have the money to put 20% down, and still have money to "fix up" a place if need be. Plus I don't want to use to much of my savings when I have a family. I really was hoping to only have to put down around 3.5%. So my question is.. Does anyone know of any banks/lenders offering this? Or does anyone know of another route I can go? Any advice would be great. I have always wanted to invest in real estate, and knowing that it may not be an option now is a total bummer...

@Deadrick Colbert

Thanks a ton, do you know who she works for so I can find a number for her?

@Aaron Kinney

Thanks for the info. Looks like line of personal credit is going to possibly be the only option, unless a miracle happens.

@Robert Minnella

Thanks for the advice, I never would have thought of doing it that way! Great Idea to go to a mobile home dealership!

@Deadrick Colbert

In the Greenville, SC area. I'm also looking around Greenville like Simpsonville, Greer, Piedmont, areas.

@Tom Goans

Thanks so much for all the great information!! You are right, I need to get some more knowledge under my belt. I'm just so ready to hurry and jump in! I will take all of your advice for sure.

@deadrickcolbert In the Greenville, SC area. I'm also looking around Greenville like Simpsonville, Greer, Piedmont, areas.

Hi everyone!! I am a total newbie to real estate investing! I have a million question... So here it goes...

I found a nice mobile home property that I would like to buy and rent out for extra income. I hope to eventually buy a good many down the line so I can quit my "day job" and finally do what I feel like I would LOVE. First off I'm a little worried about investing in mobile homes. SOOO many people have told me investing in mobile homes is a bad idea. Well I don't have a lot of start up money and I can buy a decent/nice mobile home (on its own land) for 30k and under. Around here if the mobile home is in a nicer area you can rent a 3br/2ba for $550/mo give or take some. Is this a bad idea? Would you suggest mobile homes for someone wanting to have rentals with very little money to start off with?

My husband is a handy super man so when it comes to upkeep I will rely mainly on him. I feel like upkeep up a mobile home would be cheaper than a stick built home.. Do you agree?

Other HUGE problem is I cannot seem to find anywhere willing to finance a mobile home. I have called many local banks. There have been a few that said they do but it would need to be our primary residence or a double wide. If or when I find financing what type of loan would you suggest? Are there 30yr loans for these? A lender won't even speak with me to find these answers out since they don't offer financing for them. I just want to know round abouts how much I will most likely have to put down and how much my payments will be with everything included (insurance, etc.) I am wondering if I ask $550/mo if I will be profiting enough after all is said and done. I would like to at least be profiting $200/mo or so to make it worth it.

Any advice for me would be WONDERFUL. I am totally new to all of this and want to absorb your information and advice like a sponge. I just want to get my foot in the door and become successful without getting in over my head. I know that this isn't going to be easy by any means. I love a challenge, but I don't want it to break my pockets.