Mobile Home Financing

[Mike Luebbers]

Hello BP crew, I am looking into buying a mobile home court and was wondering about the type of financing people use. My bank will only give me a 5 year ARM with 20% down. Wondering what others may have done. Thanks

[Gary Thompson]

depending on the location and market. it is in a rural area and the owner is ready to move it, you can negotiate an owner finance. i was able to buy one a few years ago from an owner that was ready to move it and i sold her on the monthly payment to supplement their income instead of taking a payout. deal was, 8 years at 6% interest. i am now looking to expand on the park and grow it to 40 lots. rare, but these deals are out there.