Hi Everybody,
I have been looking at Mobile Homes – mainly those used in Mobile Home parks for Retirees. Great Positive Cash Flows however not able to get finance. Has anyone managed to get over this hurdle other than packaging it under an exisiting home loan?
Do you have any advice on managing the risk associated with owning one and not really having any control or rights over the land that is rented on a week to week basis? I have found formal arrangements between park owner and mobile home owners lacking – is this the case elsewhere?hmmm
Thoughts would be appreciated.
Sue
Time MattersSue,
These are not real estate investments. All you are buying is a depreciating asset that is able to be leased.
You should treat this as a business and finance it accordingly. Don’t expect the same LVRs and rates as residential home loans. If you have a business plan you may get funding but otherwise it will be similar lending to a car loan.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon[biggrin]
Yes there is a firm in Wollongong that can get them financed.
Illawarra Financial Solutions they will be in the phone book
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