All Forum Posts by: Madison Clark

@Madison Clark You may want to check with your local manufactured housing association. They may be able to provide you with more information and referrals. Also, talk to local mobile home dealerships. In the past, I've found both to be good sources of information for market insight and referrals. Hope that helps! 

21st mortgage does financing for investors

Please run your numbers.  Believe a new Mobile home runs $80 to $120k.  With $10k for move and install.  See if you have to set on piers in your town.  

You can’t pay off in 3 years with $1,000 per month rental.  Without putting tons of cash into the deal.

Also if your rent is $1,000 and your MH payment is $600 don’t think you’re making much money.  
1.  Don’t plan on 100% occupancy

2.  Although new plan on maintenance costs

3.  Roadways and infrastructure, unless you have two boys like my brother and I digging water and sewer lines all summer for free. 

4.  Insurance

5.  Property taxes

6.  Income taxes

Your risk reward is high risk and low reward on a new trailer.  

Note above I recommended you give 1 year free rent to someone who move a new trailer in.  Low risk high reward. Plus the arena captured client.  If your lot rate is $200 you can raise it significantly and they can’t afford to move the trailer.  Read books on mobile home parks.  

Checking in from Wilmington NC here as well!

Check with On Q Financial, I've had luck with them on some manufactured homes nobody else would lend on, so could be a potential contact.

@Madison Clark

Yes. You can get DSCR (Investor loans using net rental income to qualify) and other qualifying loans.

There are some extra requirements of manufactured homes for investments, mostly to make sure the property qualifies.

Hi Aaron, 

If you're still looking for financing on your manufactured homes let me know. I have a few lenders we work with that offer loan programs for investors.