Cheap stick builts on land in southern california - Posted by little$bills

Posted by blugras on June 01, 2010 at 15:05:00:

I’m going to doubt you have a lender for old tin-cans that would not be OO home for you. So I’d sure confirm this before committing yourself to buying such.

Cheap stick builts on land in southern california - Posted by little$bills

Posted by little$bills on May 28, 2010 at 01:39:20:

Tony as you mentioned before, if you were in my position you would focus most of your time and energy in this sector.
I have done a handful of lonnie deals and love them but nothing on my own land…
So I had some questions on stick builts on land since mobiles on land are very rare and hard to come by in socal and if they are here they cost the same as stick builts on land.

Where do I get loans for them? I have a guy who can do 10% down… is there anywhere who can do 0% down
How would I structure the loan?? How would I do it if I am strapped for cash?

Use my credit card for the 10% down? I am pretty much using my credit cards right now for the lonnie deals.

Would hard lenders be helpful or they are all asking for 30% cash?

I am thinking about working with the 30-50k range stick builts on land. My strategy would be low balling the homes that are offered at 60-70k.
I am assuming I would be renting them out?
The rent price is about 1,000-1,200

Re: Cheap stick builts southern california - Posted by win

Posted by win on June 16, 2010 at 14:19:18:

I have a brother in Oceanside, CA. Where do you live in CA?

Re: Cheap stick builts on land in socal - Posted by little$bills

Posted by little$bills on May 29, 2010 at 22:05:17:

would you guys recommend the homes in the 30-50k range? or should I go for higher priced homes which would be probably newer and rent for a little bit more?
I would just think a 40k home compared to a 80k home wouldnt give double the rent…? so I dont know…? am i missing something? What are your thoughts???
The only thing I can think of is if I do get a 30 year loan it wouldnt make a big difference if the price is either 40 or 80k since the cash flow would be pretty much the same but it would be easier to pay off the 40k… the only thing better for the 80k would be the appreciation and easier maintance…? am I on the ball??

I might have S CA loan source - Posted by John Merchant

Posted by John Merchant on May 28, 2010 at 17:11:25:

If you still need a loan to buy a MH on land it could be that a source I found recently for this would do a S CA loan.

My phone is (253) 228-2277

Rethink - Posted by Dr. B. (OH)

Posted by Dr. B. (OH) on May 31, 2010 at 16:19:45:

Appreciation? What appreciation?

More research required. e.g. Does an $80K home rent for double in your area or not? Are you going to try to get financing? at what LTV? Do you have cash to buy these?


Re: Rethink - Posted by little$bills

Posted by little$bills on May 31, 2010 at 17:00:54:

I am more for the cheaper home 40-50k… because your right it doesnt rent for double so why pay double…

I would get financing… I have a lender who will do 10% down… but I just heard about the HOMEPATH financing option that only requires 3.5% down… so I wanted to see if anyone has done this? What do you all think?