All Forum Posts by: Eric Armstrong

There are lenders that do national and also some that will only do local.  That is the same with private/hard money.  I would begin looking for local lenders.....small banks, credit unions.

Many people that want to buy them are buying for less than 10 K, so that limits your spread.  But if you can make a grand or 2 here and there, it add up.  They want to buy low because they can then resell with owner financing.  Look up John Fedro on Youtube.  There will also be links to his website for more info.  Maybe it will be beneficial for you to keep them yourself and generate passive income.

I'd say yes, but I believe your agreement with the contractor will need to be more detailed. For example, if you invest 25% of the proceeds, you must put 25% of the profits back into your IRA. That could get tricky with your current set up. You may just need to get all the costs in writing.

I know when investing with IRA's you must follow strict guideline.

@Dave Van Horn knows this stuff inside and out.

You will also need a rental license for city of Wilmington. $50/year for the first 3 and then I think $10 more for each additional unit. I think you need the property address before you get it though. 

Build your network.  If you havent already, join DelREIA(monthy meetings), get into local and national Facebook group (again DelREIA, Greater Delaware Real Estate Investors, Wholesaling houses full time, etc), stay active on BP.  There is a local group from here that may be meeting in May......someone here will probably be able to lead you to the link to get on the mailing list.  All the best.

Regarding your loan, if you don't plan on living in the property you will still probably need 20% down payment.

Hey Charles- I have mine through Wilmington Savings Fund Society (WSFS).  I'm sure you know they are a local bank in DE.

which part of Wilmington?

I second Zach....and for the same reason.

Is it more challenging to get a mortgage for a low cost primary residence mobile home than it would be for a traditional grounded structure?  I ask because I'm looking into buying mobile homes and then offering owner financing.  Ideally, I don't want my money tied up for more than 5-10 years so I would hope that that person would be able to refi with a more traditional mortgage.  Most of the MH's I'm looking at would be under 40K.  If I bump the purchase price up to 50-60K with owner financing and get at least a 5K down payment, after years of payments to me the balance would be lower and my concern is if the bank will give mortgages that low.  

I realize there are many other factors involved with purchasing a MB and with owner financing, but I'm just looking to tackle this one right now.

Thanks for your thoughts......

Eric