Land/home deals

mobile home university
1

Hey everyone,

Had a couple of questions for everyone. My market has been flooded with with land home packages. I can purchase them for about 15k-25k all day. I would like to turn around and owner finance them for about 60k. Then hope to get my end buyers to refinance and pay me off in 1-2 years, if not, they will move, i will get another down payment and work to get cashed out. Is there any banks out there financing land home deals? I have one bank that will finance a 680 credit score at 80% LTV and consider it a refinance after one year of payments.

  1. Is this a feasible business model in today’s environment?

  2. my ultimate goal is to get cashed out if possible, is this unrealistic with mobile home buyers?

  3. do you know any banks that will give a line of credit so i can purchase these land home deals?

  4. how would you recommend to purchase these land home deals as far as financing goes?

thanks

tim

2

Tim,

I believe L/H is a good investment. The problem I see is getting the cash out in 24-36 months. The environment I face in S. Ga is my buyers cannot refinance either due to credit availabilty or they just don’t stick around that long.

L/H deals should be viewed as a long-term investment.

Sam