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Updated about 11 years ago, 11/20/2013
Needing advice on Mobile Home investing & Financing!!!
Hi everyone!! I am a total newbie to real estate investing! I have a million question... So here it goes...
I found a nice mobile home property that I would like to buy and rent out for extra income. I hope to eventually buy a good many down the line so I can quit my "day job" and finally do what I feel like I would LOVE. First off I'm a little worried about investing in mobile homes. SOOO many people have told me investing in mobile homes is a bad idea. Well I don't have a lot of start up money and I can buy a decent/nice mobile home (on its own land) for 30k and under. Around here if the mobile home is in a nicer area you can rent a 3br/2ba for $550/mo give or take some. Is this a bad idea? Would you suggest mobile homes for someone wanting to have rentals with very little money to start off with?
My husband is a handy super man so when it comes to upkeep I will rely mainly on him. I feel like upkeep up a mobile home would be cheaper than a stick built home.. Do you agree?
Other HUGE problem is I cannot seem to find anywhere willing to finance a mobile home. I have called many local banks. There have been a few that said they do but it would need to be our primary residence or a double wide. If or when I find financing what type of loan would you suggest? Are there 30yr loans for these? A lender won't even speak with me to find these answers out since they don't offer financing for them. I just want to know round abouts how much I will most likely have to put down and how much my payments will be with everything included (insurance, etc.) I am wondering if I ask $550/mo if I will be profiting enough after all is said and done. I would like to at least be profiting $200/mo or so to make it worth it.
Any advice for me would be WONDERFUL. I am totally new to all of this and want to absorb your information and advice like a sponge. I just want to get my foot in the door and become successful without getting in over my head. I know that this isn't going to be easy by any means. I love a challenge, but I don't want it to break my pockets.