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Started By
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Trailer (mobile home) financing options?
Posted on 1/8/15 at 4:50 pm
Posted on 1/8/15 at 4:50 pm
Seems like y'all are as good a place as any to ask. Thanks in advance.
Info: Air Force captain, '06 LSU grad, make ~$90k/yr, got ~$45k in liquid funds. No kids, single. Hate paying rent, more into making money than spending it on granite countertops and high ceilings that will increase my AC bill. Own one house in Bossier outright and paying on 2 more that are rented out. FICO ~760
Found a trailer in a neighborhood just south of Nellis AFB in Vegas, where I'm stationed. Not a park, so no lot fees (good). Not converted to real property, so I can't get a mortgage loan (not good). This particular property is ideal because it's a 2br/1ba with a separate 1br/1ba structure that's currently renting for $550/mo. It's less than 10 mins from work. It's a FSBO and the 80yr old biker dude wants $65k for it, but says he's in no hurry to sell because of the rental income.
Issue at hand: How do I make up the difference between my $45k and whatever I offer + closing costs (~$58k)? What am I not considering?
I'm preapproved at LendingClub for up to $35k, but their cut would be $1750 and it's at 13% for 3 years. Not ideal. I can pay the difference within a year, really. As far as my internet research has showed, the 2 main trailer finance outfits are basically predatory scams. He may be able to carry the difference, but would probably not accept the lower offer if so.
Any ideas?
Info: Air Force captain, '06 LSU grad, make ~$90k/yr, got ~$45k in liquid funds. No kids, single. Hate paying rent, more into making money than spending it on granite countertops and high ceilings that will increase my AC bill. Own one house in Bossier outright and paying on 2 more that are rented out. FICO ~760
Found a trailer in a neighborhood just south of Nellis AFB in Vegas, where I'm stationed. Not a park, so no lot fees (good). Not converted to real property, so I can't get a mortgage loan (not good). This particular property is ideal because it's a 2br/1ba with a separate 1br/1ba structure that's currently renting for $550/mo. It's less than 10 mins from work. It's a FSBO and the 80yr old biker dude wants $65k for it, but says he's in no hurry to sell because of the rental income.
Issue at hand: How do I make up the difference between my $45k and whatever I offer + closing costs (~$58k)? What am I not considering?
I'm preapproved at LendingClub for up to $35k, but their cut would be $1750 and it's at 13% for 3 years. Not ideal. I can pay the difference within a year, really. As far as my internet research has showed, the 2 main trailer finance outfits are basically predatory scams. He may be able to carry the difference, but would probably not accept the lower offer if so.
Any ideas?
Posted on 1/8/15 at 4:57 pm to Menji
HELOC on house in Bossier would be my first option.
Posted on 1/8/15 at 5:00 pm to Menji
Do you want to live in the trailer or lease it out? Sorry I can't figure that out from what you wrote.
Posted on 1/8/15 at 5:04 pm to LSUFanHouston
Live in it, most likely. That's the premise, at least. Worst case, I could rent out both (if I moved or missed living downtown).
Would the HELOC be preferable to LendingClub just because of lower interest/fees, or...?
Wasn't familiar...thanks.
Would the HELOC be preferable to LendingClub just because of lower interest/fees, or...?
Wasn't familiar...thanks.
Posted on 1/16/15 at 2:38 pm to LSUFanHouston
Update: Apparently you can't get a HELOC unless the home you're borrowing against is your primary residence, which rules out the Bossier house.
Supposedly a home equity *loan* can be had, but I've yet to actually find any lender that will do it.
Any leads on one that'll do a home equity loan on a non-primary (rented) residence, or other ideas?
Supposedly a home equity *loan* can be had, but I've yet to actually find any lender that will do it.
Any leads on one that'll do a home equity loan on a non-primary (rented) residence, or other ideas?
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