Financing a mobile home.

[Victor Serna]

Hello everyone,

I'll get straight to the point.  There is a used mobile home for sale in my area that also has a house on the same lot.  It has been on the market for 1 1/2 years and it is currently selling for $89,000.  This property brings in about $2,200 a month and the landlord pays for all the utilities.  The property is a single family home property so they aren't metered separately, but once I acquired the property I would make sure each property pays for their fair share of utilities while at the same time slightly reducing rent.  

I wanted to offer 50k cash to the seller.  My plan was to find private investors to finance the deal.  I would pay $1000 a month for the loan and at the end of the first year I would refinance the property through a bank and pay the 50k back to the investor.  That would be about a 24% return on their investment.  The problem is that I can't find a lender that will re-finance this property because they don't like dealing with mobile homes.  This is the part I'm having issues with.  Let's say I acquire the property, how would I be able to pay the investor if I can't refinance the property?