Here we do not have mortgage terms longer than 7-10 years and most folks use a 5-year term, so the concept of ones mortgage rolling-over every few years is par for the course ... you simply renew/refinance, or pay out, as your mortgage comes due.On those 5-year terms, you have a choice of either a fixed-rate mortgage (on a 25 - 30 year amortization) or a variable rate mortgage (which floats with the prime rate).  

Excellent deal.... i will go for it thank you

*You need to have a rental criteria *You need to have excellent curb appeal *You need to have an appealing open house, application forms, good setup, with card table and chairs, pens and paper, receipt book, etc.

Ok so I sat down with Excel, Here's what I came up with.Cost broken down yearlyTaxes 600Insurance 588Mortgage 2628Vacancy (10%) 708Repairs (5%) 348Total Cost 4872Yearly Rent 7020Cash flow (Annual Net) 2148Annual Net (Minus Mortgage)  4776 Cap rate 19.9%Cash Flow per month is $179Cash-on-cash can not be calculated because I had no cash investment.Does that all look right.

The secItion 8 lady sounds fine and the income is excellent.  

In NYC there are factors that come into play that do not come into play in most other areas, things that you need to figure out and plan for, but have no spot in any of the "RE Analyzer" programs and excel sheets you will find readily available.

Get the Best DealNever be in a hurry when it comes to purchasing property of your choice.

If you look at how fast apartment rents are rising relative to what mobile home parks offer for their pricing, I believe it is an easy choice.  

Two major choices- I am still trying to figure out which would be more profitable, but need help figuring out the numbers on option 2. well, on option 1, as well, but that will be a separate post!

I have excellent credit score so I don't want to do anything that will jeopardize it.ThanksChi