MH financing question - Posted by rocky

import · August 11, 2003, 6:27pm

Posted by rocky on August 12, 2003 at 18:02:43:

Toby, thank you, that would be greatly appreciated. My email address is rocky0306@hotmail.com

import · August 11, 2003, 6:27pm

Posted by rocky on August 11, 2003 at 18:27:03:

Hello all, I am new to mobile homes but not real estate. However, the mh industry is far different from residential re. Thus, I have no idea of where to look for financing on this one. There is a pre 1976 MH in great condition, with an above ground jacuzzi and permanent deck built around it on the back portch. It’s a double wide on it’s own land. It has recently been comp’ed around $60k. The owner is willing to refinance it and sell it subject to, however I can’t find anyone willing to refi the thing. Any suggestions would be greatly appreciated.

import · August 12, 2003, 2:52pm

Re: MH financing question - Posted by ScottS(NC)

Posted by ScottS(NC) on August 12, 2003 at 14:52:46:

Rocky,

I am assuming you are purchasing for 60k? If this is the case there doesn’t appear to be much room for profit if this were in my area. Doublewides here rent for roughly $650-700. This rent would barely pay the debt service on 60k.

If it does make financial sense? Then I would ask is it on a permanent foundation? This is the diffrence for me, I can get large and small banks to finance these Double wides if there permanently set up. If it isn’t for around $2500 you can tear out the skirting and have block and stucco put in. Thats my price in NC so get bids. Take Care ScottS(NC)

import · August 12, 2003, 4:13pm

Re: MH financing question - Posted by rocky

Posted by rocky on August 12, 2003 at 16:13:03:

Scott, thank you for your response. Actually, I am purchasing for $35k. The home is in so. cal. The mobile is on a permanent foundation. I have done the cashflow on this and I will make money, we just need a place that will refi for the current owner. Any suggestions will be greatly appreciated.

import · August 12, 2003, 4:21pm

Re: MH financing question - Posted by Toby

Posted by Toby on August 12, 2003 at 16:21:30:

I have a source for refinacing, chattel or land/home. Send me an email and I can forward an app to you if you like.