First Time Investing - Tiny House - Need Financing Advice

[Kevin Macartney]

Hey everyone! This is my first time trying to buy an investment property. The property is already a successful Airbnb, and I plan on continuing it.

It’s a fully furnished tiny house in a community outside Asheville for $125k.

Since it’s technically a manufactured home, however, I’m having trouble getting financing and making the numbers work.

I was approved for a 10 year loan with 20%down, but it’s almost $1500 a month. I was hoping to pay about half that monthly with a longer term. If I were an Owner/Occupant, I could get up to 25/30 years and bring the monthly price way down, but I live in Florida and plan on doing so.

Any advice for a beginner on some creative financing?

[Will Fraser]

Hi @Kevin Macartney, if possible approach the seller (or their agent) and pitch an advantageous owner-finance scenario.  You can tweak owner-finance in so many ways that you are sure to make a deal workable IF they are open to it.