All Forum Posts by: Richard Green

 Lol! I didn't have a personal one on my work computer so I'm improvised. 

 Ok, thanks. 

 I definitely would like to pick your brain on exactly how the paper work trail goes with your deal's since you are from the great state of Texas.  Do you get a lawyer involved or is it a "do it yourself" process?

Great info guys, thanks for that. I'm not too concerned about layoffs in our area due to the booming construction going on locally in the refinerys. We are on the coast in SETX, if anything the oil field lay-offs have brought people back home who have been gone and are looking for homes so that is a positive . Just to run an idea by you all; I found a 5 acre plot of land that have 5 individual 1 acre lots that can be piped up for city water and sewer, my plan was to buy the land, clear cut it, and the move mobile homes on the property as I am financially able. My research tells me you want the tenets to default on the OF loan so you can flip it again. So if I add the land in on the deal I could sell the home site for more with the hope of a default or I run the risk of paying it off and never being able to profit on the lot rent for many years after the trailer is payed off. Since I'm new to this area of investing I just need convincing on which is the best route to take. I'm young and have a lot of years to build a rental portfolio but would like to start ASAP. 

I'm wanting to get into owner financing mobile homes and have a couple questions. 

1. Is it a good idea to owner finance a mobile home including the land or owner finance just the mobile home and lot rent the land? 

2. I'm located in Texas and have seen most owner financing averaging a 12% interest rate at 20 years with a 3-4000$ down payment. Is this the average?

3. I can buy a new 3/2 wind storm 2 mobile home for 30,000$ w/5 year warranty(obviously bare), would it be smart to stick with a cheaper (20,000$) used mobile home and receive less on the payment or pull the trigger on the newer mobile home and receive a larger payment?