At the moment, I am only targeting homes that are in parks and I can buy for $8,000 cash or less. I am Owner Financing or selling As Is. I would like to venture into land home deals. I do not know anything about purchasing with land, or how I would help my potential buyer in getting this home off my hands, getting financed via a lender bank. Can anyone point me in the right direction? Dropping 8,000 cash is one thing; dropping 15-20 grand cash is another. ;D
I’m not sure what you mean by “…dropping 15-20 grand cash is another…” maybe you mean down payment…
but If you look around, there are lenders that will do loans on land home packages for manufactured homes - we have done 5 loans with M & I as rentals/investment properties. Once we got the homes in place, we did a refi. I f I remember right, some they only did 70/30 & others 80/20… ultimately we got our original investment back & either sold as a wrap, sold outright or rented & moved to the next project. We are finding it is a real niche no one expects to be profitable… but it is
What I mean is, I can buy a used mobile for $8,000.00 and not be to stresed, I know I will get my money back in the worst-case scenario.
Now buying a mobile for $20,000 cash. Well that stress me out a little as I do not know how I would sell this home. I will owner fiancé the less expensive homes if I can not sell them right out… Now with the 15-20 grand, price range. I want to fix that home up and retail it off to someone as fast as I can. I only have so much money to live off of and buy homes with.
So what finance companies do individuals use to purchase used mobile homes? So I can have my original money and profit back in my pocket ASAP.
1 out of every 3 homes I owner Fiance. I like that ratio, so I can continue to buy homes, and not run out of money.
It is hard to get the loan just on the repo
we started using cash from a credit card… but when we are done the interest & fees for that are small compared to the profit.
market for the homes in parks… with no land is not good here
