My next step...need some advice.

[Matt Granger]

I am trying to decide on my next course of action. I currently have one mobile home I am renting on one acre of land and a additional acre of land with nothing on it, but the septic tank in the ground and its right next door. This will be year 3 of the same tenants, and I have not made any money on this property yet. In the last two years, if it could go wrong it did go wrong. Now my personal loan I used to fix up the things it needed, is finally paid off. I get 750.00 in rent minus insurance/taxes/10%maintenance. I net about 450.00 a month. (I've managed to break even in the last two years)

Now it's paid off, I'm looking for my second rental property. My plan is to take out a loan against the rental and the second piece of land and use that money, to finance my next project. I've only turned to my credit union for financing, and they will not touch manufactured homes, I haven't looked further, but I expect most places will be the same.

I can do a lot of the rehab work myself (except for HVAC, carpet, roofing) and I have a contractor to tackle the stuff I feel is beyond my abilities.

Am I going to have any luck finding a lender for a manufactured home?

Thanks for the help.

[John Adamkewitz]

Hey Matt, I just went thru a mobile home to be moved and rented loan, for a 5 acre vacant parcel I own, and it was a pita. Lots of banks told Me if I wanted to buy one, I should take a look at Their inventory. :)

I ended up asking My real estate agent which banks were mobile home friendly, and She was right. I got the deal done.

I would also call a used mobile home dealer in Your area. Ask them: If I were to buy a home from you, who would you recommend for financing?

They are trying to move that product so they will know.

John