All Forum Posts by: Tramone Russell

Does anyone know if mobile homes have equity? Are you able to take HELOC out on a mobile home?

Around me these homes go for about $60,000 for a really nice 4 bedroom and 2 bathroom mobile home.

Currently I'm trying to come up with a strategy plan. I can currently save up a rate that I will at least have 10k saved in a year. So I'm thinking to put that much down on it through a FHA loan and live there for a little while until I have a 75% LTV ($15,000/60,000) once I have that I want to try to refinance so that I can get someone to rent it out. If I have $15,000 into the property monthly payments estimate to about $308/month (Principal, Interest, Prop. Tax, Home Insurance, Mortgage insurance all included) and these mobile homes typically rent for $800-$1000. So in my mind this seems like a solid investment. My next question is does this build equity? If I have someone pay down the principal to let's say eventually 35k, could I take out a HELOC on this mobile home? If this is possible I would like to take that HELOC and use it towards other mobile homes and just rinse and repeat this process.

Does anyone know anything about this? Are there any flaws I'm not seeing in this plan? Is there anything that would make it better?

Thanks so much for anyone who takes the time to read this! Much love to BiggerPockets!

Thank you for responding! I do have a job but only part time, and I possibly could qualify for a loan. That is an amazing idea, I've seen a little about house hacking but just now starting to look into it. A big bulk of what I've been studying is about wholesaling, which I just found out isn't the most beginner friendly.

Life has been taking its course and has now led to a desire to begin real estate investing. So far I have been doing a ton of research to find how to get started. In my current situation I have no money to put towards investing, which has led me to read a lot about getting started with no money or credit. But there always seems to be something that involves money. I understand that it takes money to make money, I really do. But as of right now I don't make much and every time I visualize myself becoming a successful investor without much money the idea is really daunting, and sometimes seems impossible. I am at a low point in life, probably my lowest, and I very desperately want to become financially free. If anyone could please help me out with any information/advice or point me in a good direction it would be greatly appreciated. Just an FYI to anyone that reads this I've read most of the beginner content on this website, just wanted to add that so hopefully I don't receive information I've read already. I appreciate anyone who even takes a moment out of their day to read this, God bless you.

Much Love,

Tramone Russell 

Hello all just a quick question: Does getting involved in Real Estate mean that you are locked where you live? I know that the city I live in doesn't have the best real estate market and also I know that within the next couple of years I will be leaving this city. I absolutely need to get started learning and getting experience as soon as possible, but I'm worried that if I begin to get involved in real estate in my area that I will be stuck here. Does anyone have some insight? Also if anyone can point me in a direction of learning materials? 

Appreciation to anyone who takes the time to read