Lonnie deals in the Bay Area

[Jason Kosowan]

Has anyone tried to do a Lonnie in the Bay Area? It seems that the for-sale MH listings here are a lot more than some of the prices that others are quoting. (e.g. rather than a few thousand for a cash-deal, I've been finding MH listings that start at around 10k)

I have not done a Lonnie yet and am willing to try, but this seems like the numbers are really skewed on what should be a "smaller" deal.

Example: even for a small owner-financed 2-year $15k loan and 10% interest, the monthly payments would be over $600 / month. My impression is that this is supposed to be an affordable choice for lower-income people, but these numbers don't bear it out.

What do you think?