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15
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3
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Madison Clark
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15
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Financing for mobile homes for rental purpose

Madison Clark
Posted

I have a MHP and need to replace a few homes with new ones. Are there any financing options to purchase manufactured homes under a business for the purpose of renting them? Any suggestions on funding would be appreciated. 

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48
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27
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Rudolph Shepard Jr
  • Investor
  • Wilmington NC
27
Votes |
48
Posts
Rudolph Shepard Jr
  • Investor
  • Wilmington NC
Replied
Quote from @Madison Clark:

Thanks so much for you help with this.  Lot rent in our area runs around $200 month. We could rent a new mobile home for around $1,000 a month. I know if we finance we would be looking at around a $600 payment but in order to pay it off quickly, we would need to take that $400 dollar difference plus additional to pay it off in 2 or 3 years. I'm not well versed in finance so I am trying to figure out how this all works. Thanks again for your replies, I do appreciate it. 

The mobile home rental plan is what we are perusing also, except we don’t buy new.  We buy solid used units at a good price and remodel. (1980 or newer) With mobile homes the roof and floor are your major pain points. We do treated plywood or tongue and grove OSB (3/4) We also replace the water lines and add a metal roof with overhang.  All this for a fraction of a new unit with no overhang and suspect sub flooring.  Additionally the pad has to be raised and slopped to remove the possibility of standing water.
Hope this helps!
  • Rudolph Shepard Jr
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