Mobile home financing

[steve-homefree]

How difficult is it to get financing on Mobile homes w/land.
(I ask this question yesterday in a different forum)
I would like to flip a Hud foreclosure,but have heard that there can be problems with long term financing on mobile homes.
I plan to buy it using a short term note at the bank. But if I sell,will my buyer be able to get mortgage financing?
It is a 86' mobile home on 2 acres.
If I finance it for them using a wrap,I will have to refi every few years to keep the bank happy.
What method do you guys use when you sale,and is it possible to do a conventional deal on these?
I know that I will make more financing the deals myself,but I would like to flip some as well.
Any advice is appreciated
steve

[Jim Johnson]

How difficult is it to get financing on Mobile homes w/land.
(I ask this question yesterday in a different forum)
I would like to flip a Hud foreclosure,but have heard that there can be problems with long term financing on mobile homes.
I plan to buy it using a short term note at the bank. But if I sell,will my buyer be able to get mortgage financing?
It is a 86' mobile home on 2 acres.
If I finance it for them using a wrap,I will have to refi every few years to keep the bank happy.
What method do you guys use when you sale,and is it possible to do a conventional deal on these?
I know that I will make more financing the deals myself,but I would like to flip some as well.
Any advice is appreciated
steve
Steve,
Welcome to the forum. From someone who deals in mobile homes most every day I will tell you it is quite difficult to finance any mobile home. Because a mobile is a 'depreciating asset', much like a car, bank have found they get burned down the road when borrowers walk from the property. Most lenders will charge 10 to 20% down and require good credit. Frankly, it is easier to finance a stick built home these days. If your options are as you have laid them out in this post, know you will have to find a pretty special buyer to make your deal fly. You might look into separating the home from the land, selling the home and then renting the buyer the 'space'. That could be a long term income generator.

[eldorado]

Double wides are easier to finance than single wides
Dunno why! I guess their harder to move..
Also, it helps to have a foundation attached
best bet is: check their credit, draw up a note, and sell it on closing
p.s. you have to include the land..
Try Vanderbuilt financing-they specialize in these

[steve-homefree]

I like to feel like my deals are win-win for everybody involved,not just me getting over on somebody for my financial benefit(what goes around....).

I like the selling the note idea,but to who? Are there reputable folks out there to deal with? How long do you need to hold it? What % can you expect?

Thanks
steve

[eldorado]

I like to feel like my deals are win-win for everybody involved,not just me getting over on somebody for my financial benefit(what goes around....).

I like the selling the note idea,but to who? Are there reputable folks out there to deal with? How long do you need to hold it? What % can you expect?

Thanks
steve

Note sales discounts are contingent on three factors
1) The buyers credit
2) The term the note is held (generally 6 months w/receipts of payments is good-but not always necessary)
3) The down payment and interest rate (10% down-is best)

There are a ton of note buyers out there-but not all specialize in mobile homes.
Remember LAND needs to be in the package.
PM me and I'll send you a list of note brokers I know.
Also, don't forget to Investigate Vanderbuilt Finance.