Offlinei am very new to this and was wondering: i am in long island, ny and i have seen some trailer homes for sale which cost much much less then regular homes in ny (i really don't have any money to begin with anyway and still trying to build my credit up right now my score is about a 670); would it be a good idea to to try to purchase one of these and rent it out to section 8 just to get started to see how all of this works. also being that it would not be my primary residence would i be able to get some kind of first time homebuyer help
(i am a first timer) also would i have to put down a full 20%?
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Welcome to the DG website and congratulations for wanting to start with real estate investing. A mobile home can be a good way to start investing because usually the prices are much less than homes in that respective area. Just make sure you check with all the Rules of the Trailor Parks where you are looking at the mobile homes. Most of the trailor parks in our areas do not allow for renting of a mobile home.
In regards to the first time buyer, most of these programs require that the home be your primary residence, thus you may not qualify for these type of programs. Good luck with real estate investing. Believe and Achieve!
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Mobile Homes are good but the only problem will be to find a bank to loan you the money to buy them.Banks consider Mobile Homes to be a depreciating asset,they will loan you money on a new Mobile Home,but its hard to get financing on a used Mobile Home even if its less than a year old.If you can find another way to get the financing done,go for it. Good Luck.
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H&H PROPERTY SOLUTIONS LLC
Look into these programs FHA, Homepath Mortgage, and FHA 203k. With the 203k loan program you have to live in one of the units if you purchase a duplex and/or triplex. You can't use the program, if your going to purchase the property for purely for investment purposes (in other words you're not going to reside in any of the units).
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see if the person who is selling the mobile homes are willing to do owner financing, use your own contract, so that you know all the clauses in it and make it make sence for you and the seller! be sure that the numbers makes sence to you, and prior to purchasing the mobile home make sure to have it already with a lease agreament or even lease to own agreement, that way you are safe and wont have to make a payment, remember once you agree on the numbers you could ask for 30 days to sign paper so you can market the home you are willing to sell or rent.There are lots of agressive sellers out there,so be agressive on the buying price, so that you can start to cash flow from those properties. and remember there are lots of people who has bad credit and are willing to buy and have the means to buy so work out a plan as to where you can owner finace the house to tham! on a separate contract than the one you have with the current owner! there are lots of possibilities and you can make bank if you work it the right way! Good luck and don't give up! be creative
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