Owner finance mobile home questions.

[Richard Green]

I'm wanting to get into owner financing mobile homes and have a couple questions. 

1. Is it a good idea to owner finance a mobile home including the land or owner finance just the mobile home and lot rent the land? 

2. I'm located in Texas and have seen most owner financing averaging a 12% interest rate at 20 years with a 3-4000$ down payment. Is this the average?

3. I can buy a new 3/2 wind storm 2 mobile home for 30,000$ w/5 year warranty(obviously bare), would it be smart to stick with a cheaper (20,000$) used mobile home and receive less on the payment or pull the trigger on the newer mobile home and receive a larger payment?

[Rich Ferradino]

1. Is it a good idea to owner finance a mobile home including the land or owner finance just the mobile home and lot rent the land?

Hi Richard. I've actually done both and just depends what your goal is. If you OF both the home and land you can sell for a lot more because it's like traditional single family and can sell based on $/sqft and there are MLS comps.

If you OF just the home you won't be able to sell as high and if there is well or septic you will be responsible to maintain it.

2. I'm located in Texas and have seen most owner financing averaging a 12% interest rate at 20 years with a 3-4000$ down payment. Is this the average?

On OF just the MH I usually do 12% and under 10 years, but I just OF used ones. OF land+MH you can do 30 years at 10% 

3. I can buy a new 3/2 wind storm 2 mobile home for 30,000$ w/5 year warranty(obviously bare), would it be smart to stick with a cheaper (20,000$) used mobile home and receive less on the payment or pull the trigger on the newer mobile home and receive a larger payment?

Is wind storm the brand? Obviously newer is more attractive, and you would have to see what your repairs you need to complete, and what's the cost to see which is better. 

If you want to JV, I already have 17 lots (.7 acres) and homes ready to go in south San Antonio. We are a new and used dealer and can get the homes at wholesale prices. PM me for more info.