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Updated about 4 years ago on . Most recent reply
Small Town USA investing
HELLO BP,
I am just getting started with rental properties in South Carolina and want to know what you have found with mobile homes, detitled on sitting on a few acres of land. This seems to be a very common property type around here. I own one of these and am currently renovating, but I cannot find banks or lenders that will refinance an investment mobile home. Looks like I am going to have to come out of pocket for all renovations. Has anyone dealt with individual mobile home cash out refis or renovating and selling these type properties? Any advice on mobile home friendly banks/lenders out there?
Patrick
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#1 Short-Term & Vacation Rental Discussions Contributor
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- Greer, SC
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#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
I pay cash for my properties so I have never dealt with refinancing. I can generally get a MH with land pretty cheap that needs some TLC. I fix them up and put in central HVAC. Then once rented the payback is pretty quick. The last one I paid 7K for the double wide and land. I put about 12k into making it nice. So I have less than 20k into a nice double wide. I just rented it for $980/month. so about 20 payments and it is paid for (not including taxes and insurance).