All Forum Posts by: Matt Granger

my one rental is worth 40k, I rent it for 750 a month

Well I haven't started seriously looking for another property. I'm looking for another rental, and those numbers are max numbers. 100k is my max limit on a property, but would really like to find something under 75k. Hence the 20k deposit (for 20% down) These numbers aren't firm. I am still undecided. I have a acre next to my current rental, that has septic and well installed, just no mobile. I am actually considering purchasing a new mobile home from a dealership, but haven't ran any numbers yet. My current mobile is a 3/2 and I get 750 a month. I know I can at least get 800 a month on a new mobile. I just haven't even priced any yet. My current job i work 10-12 hours every day with a 45 minute commute so I do not have a lot of free time.

I'm looking for 40k. 20k for a down payment and 20k for repairs.

And owner financing is not a option in this case. I have a agreement with my mother that she could someday live at this rental again in the future, if she needed too. (long story)

and I need to find the tutorial on how to tag peoples names in posts LOL

Thanks John, I am not sure why I didn't think of that!

@elizabeth C.

I've only asked my credit union and they will not touch a manufactured home. I qualify for a personal loan of 25,000.00 at 7% interest. I'm trying to avoid that route for now, and 25k limits me to having to purchase a mobile home near 10k, while I use the other 15k for repairs. For me to find a double wide 3/2 in my area, if its around 10-15k it's going to need that much in repairs. Unless I can finance my current rental, and use that for renovation costs/down payment on a stick house that I finance.

I feel I have alot of options and just not sure the best course. I haven't really looked at what's available in my area yet, because I feel I need to secure some financing before I start looking.

I am trying to decide on my next course of action. I currently have one mobile home I am renting on one acre of land and a additional acre of land with nothing on it, but the septic tank in the ground and its right next door. This will be year 3 of the same tenants, and I have not made any money on this property yet. In the last two years, if it could go wrong it did go wrong. Now my personal loan I used to fix up the things it needed, is finally paid off. I get 750.00 in rent minus insurance/taxes/10%maintenance. I net about 450.00 a month. (I've managed to break even in the last two years)

Now it's paid off, I'm looking for my second rental property. My plan is to take out a loan against the rental and the second piece of land and use that money, to finance my next project. I've only turned to my credit union for financing, and they will not touch manufactured homes, I haven't looked further, but I expect most places will be the same.

I can do a lot of the rehab work myself (except for HVAC, carpet, roofing) and I have a contractor to tackle the stuff I feel is beyond my abilities.

Am I going to have any luck finding a lender for a manufactured home?

Thanks for the help.

I have a mobile home rental with this type of plumbing, its over 15 years old, and I have had no plumbing issues. (knock on wood)

Really great work, I was going to comment that you must watch alot of HGTV LOL but you beat me too it. Good luck on the sale!

thanks for the welcome! Already in contact with my credit union to secure financing on my rental property! time to get another one!

Yes, if it's right and you know it's the right call, do it. Thanks to this site, I am finally getting off my butt, financing my rental (that is paid for) and starting the process of looking for a good flip or rental property. My job in the air force has gotten in the way the last 3 years (literally) from being deployed (excuses) me letting it get in the way, I'm finally making the next step.