MOBILE HOME

General Real Estate Investing
1

I am looking at doing a short sale on a mobile home, but have found no banks seem to want to lend on a 1973 mobile home no matter how good a shape it is in. :banghead
This one is on its own lot with slab and skirting, and in good shape. Any one know of lenders that deal in this type of home. My strategy on this is to buy and rent out if I can find a lender.

Keith

2

What is the purchase price?

3

I am working on the short sale right now, looks like it should be some where in the 30k to 35k range I will pass the deal up if it goes much higher than that. Should rent for aroun 500 to 650 with no problems.

Keith

4

sounds too xpensive
is there land included? how big is the lot
how much is the monthly maint. if any
where is it… what state city?
did you do comps?

5

You should read ALL of Lonnie Scrugg’s books. You can find his books at creonline.com , on Ebay, or at http://www.lonniescruggs.net/ . You can make a killing on that old 1973 mobile home if you do your deal right

6

Thanks all for the replies and sorry I did not get back to this sooner. I have been out looking for more deals and looking at a lot of houses.
This deal looks like it is going to fall apart. The finance company is not going to come down as much as I think they need to and will not drop the interest rate from 12% so a sub2 is out of the question. My research shows I can get $675 to $700 for rent and that does not make this a positive cash flow deal. So I think this is a walk away from deal for now.

Thanks again
Keith

7

where is this located? i have heard about MBs in CA being real hard to get financing for (upwards of 60K) and the land rents are atrocious…