What to do with paid-off rental mobile home too old to refinance.

[Austin Harley]

Currently it nearly pays for my primary residence in another state, which is mortgaged at $1100/mo at 4.125% and has about $75k in equity. But... I'm thinking about selling it and putting the money down on two single-family rental homes closer to me that should bring a cash-flow of $350 each after the mortgages are paid.

My rental is a paid-off '75 doublewide that consistently rents for $1k/month. It can't be refinanced or mortgaged since it's pre-HUD, but should easily sell for $100k cash.

I could replace it for $100k and then I would be able to rent it for $1.5k or sell for about $220k. My rent increase would essentially cover the payments for the replacement, and the increase in sales value would still yield about the same profit.

What should I do? Keep it, replace it with new mobile, or sell it to buy two stick-built homes closer to me?

Thanks!

[Dennis M.]

I can tell you the highest and best use going forward but you likely won’t do it .. owner finance the house . Create a mortgage and note -get a Fat down payment And collect a steady income stream for the next 15 years with 10% interest