Mobile Home in Tacoma

[DJ Espiritu]

Hey everyone! So I have this mobile home deal Im working on. The mobile home itself is paid off and bought at 21k, currently worth 28k, and is only asking for half of what she paid. No repairs needed as it was updated last year. However, it is in a 55+ park. I was hoping to buy and hold but the park only allows Owner occupants and/or lease to own residents so at this point i plan to just buy it myself, then selling it by owner.

Im looking for someone in the Tacoma or Pierce County area here in Washington, that can lend me some advice. 

Also if anyone knows someone in this area who does small hard money loans!

[Justin Frank]

@DJ Espiritu

Will you just own the home or home and land? With the price you listed I am assuming it will only be the home. If it were me I wouldn’t have much interest in owning just the mobile home. You will get some cash flow but the value of this home probably won’t go up and will eventually be worth nothing. You will probably have a really hard time finding a lender for this deal. You may have to buy cash and hope you can rent it long enough to get all of your capital back and before the mobile homes worth declines to nothing. I hope I don’t sound too negative. Just expressing my concerns. There isn’t much of a long term play.