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Updated over 2 years ago on . Most recent reply
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Single-wide trailer doing good money on Airbnb
Background: I paid $370k for a 4bdr 2 ba in April of 2021 and got THE last short-term rental permit in the city. My mortgage is 1,700 per month and YOY I just did 54k (May 21' to May 22') in total revenue. My home is now worth $500k+ as real property and with the value added by the STR permit, probably worth $600k+ based on comps and my local realtor(great small market+highly regulated by city).
A for sale by owner just came up that really interests me. Very nice 900 sqft single-wide trailer on .15 acres that also has a STR permit that is transferable to the new owner. My first thought was, dang, it's a trailer. Then I got the P&L sheet from the current owner and it is doing 37k between Airbnb and VRBO! It is listed at $265k. Numbers all work out. The question I have is, how would you finance this? Any chance this appraises/will the appraisal take into account their previous rental income?
Would love some advice from the community as this will only be my 2nd STR purchase!
Most Popular Reply
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first thing that everyone says is they are hard to get financing for but they never say unless you know where to look
21st century mortgage, Vanderbilt mortgage are 2 that I know of I'm sure there are many more, mobile homes are all we do and I'm sure you would do great with this one
good luck @Cody Dastrup