Mobile/Manufactured Homes (Good or bad investment?)

[Lewis G.]

I'm thinking of buying a mobile home as an investment, it's for sale by owner.  The seller is asking $50k for the home.  The current mortgage is around $500/mth and the lot rent is another $500/mth or so.  In total the payment for the home is just under $1100/mth.  I'm trying to figure out a clever way to acquire this property that benefits both the buyer and I, looking for a win/win situation.  I don't really want to finance this myself if I can help it.  The property is a 3 bedroom, 2 bath home.  Another property in the same mobile home park is renting for $1495/mth.  Does anybody have any suggestions?  Is this a good buy?  Looking for suggestions or advice on how to acquire this property.

[Jacob Caddick]

I believe it's better if you also own the land. Financing depends on if it's a single wide or double wide. Double are treated as regular homes. You should be able to get financing of 65% From 21st century mortgage, but it would be called a 'chalet' loan because you don't own the land. It also depends on age of the home. Your numbers don't look like they pan out on this deal. you'd have very little if any profit renting this out. the park itself makes all the money on this deal.