All Forum Posts by: Account Closed

@Stephanie Medellin no, it is on a dirt slab and is tied down.

Hello, this is my first time starting a discussion so I apologize if this isn't the right forum. A few years ago I purchased a mobile home with cash, it is on a parcel of land that is paid off. After learning a little bit I realized that I probably should have used a lender and saved my cash. It occurred to me today that I could possibly refinance the paid off trailer and land to get my cash out. The trailer is a 2007 in good condition and currently rented out. Any thoughts or advice? Has anyone done this before?

@Sven McGaha we have two mobile homes currently. One is a rental that is only about 10 years old. The other is really old so we sold that one with owner financing (land included). The owner financing on the older one is awesome because the "tenant" is responsible for taxes, insurance, and repairs. She also paid us a down payment. So if she defaults, we can just turn around and do the same thing again. The rent on the newer one is great because there have been very few repair issues. The low price point of mobile homes is a huge plus for us.

@Nicole Anglesey My husband and I have two that have been great investments. One we sold with seller financing and the other we rent out. We have found that the risk is low because most things in mobile homes are fairly inexpensive to repair. Because they are so inexpensive, you can pay them off quickly and have really good cash flow. The tax advantages are different in different states but in Mississippi our CPA has found some good tax breaks for us and the property taxes are low because they are considered personal property, not a "house".

@Albert Hunter I used to work at a bank and inquired about this. At that time I learned that a lot of banks don't want to finance a mobile home that is more than 10 years old, and many times they only feel comfortable if it comes with some land so that they can use that as collateral. Some banks and credit unions will do it though. A quick google search led me to cascade loans, you might try them. Also, if you are looking for a mobile home to put on some land that you already have, most mobile home dealers will finance your purchase.

That's interesting, I am in Big Spring and I have been down to San Angelo a couple of times, but never paid attention to the area as far as for investments. I have read that South San Angelo is a more desirable area than North. Is that true?

@Aaron Nelson are there a lot of transient oil/gas workers in San Angelo?