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Updated over 5 years ago,

Bastian P.'s profile image
Bastian P.'s profile image
Bastian P.
  • Involved In Real Estate
  • from Palm Bay, Florida
  • Member since Jan 8, 2011
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10
Posts
2
Votes
Bastian P.'s profile image
Bastian P.'s profile image
Bastian P.
  • Involved In Real Estate
  • from Palm Bay, Florida
  • Member since Jan 8, 2011
Connect
Bastian P.
  • Involved In Real Estate
  • Palm Bay, FL
2
Votes |
10
Posts
Private Lending & Conventional Mortgage Advice

Mobile Home as collateral for credit

Bastian P.
  • Involved In Real Estate
  • Palm Bay, FL
Posted

I want to buy a mobile home in Florida for 60k cash and rent it out. Monthly income is about 900, no lot fees / no HOA. The property value based on comps is 100K.

After that I would like to apply for a 300K loan to buy 3 other mobile homes and rent them out as well. I want to offer my first mobile home as security.

Anyone here who may have advice on the credit part, i.e. do banks accept a mobile home as security? Your feedback is much appreciated.

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