How To Buy Your First Mobile Home Park

Buying a new park home if you re looking to buy a brand new park home this will have to be done through the owner of the site you want to live on.

How to buy your first mobile home park. Having a look at mobile home parks in your area and calling them directly to inquire about homes for sale is. I paid 400 000 for it and put only 10 000 down with the seller carrying a 390 000 note with no recourse. Most first time home buyers only consider site built single family homes but have you considered buying a mobile home or manufactured home. It s a big commitment and there s a good chance this will be the largest purchase you ve made to date. You can only buy directly from a manufacturer if you have your own land.

To buy a mobile home start by finding a piece of land to put your home on making sure that there is enough flat ground to accommodate it. Mobile and manufactured homes while not as popular. Where to look for a mobile home in a park. Buying your first home is considered one of the biggest milestones in life as well as finances. You ll want to put between 10 and 20 down and the note should be non recourse.

Or if you re buying a brand new mobile home it can go wherever you want. This is such a great site to put sellers in touch with buyers. If you have 10 000 you could buy a mobile home park just as i did in 1997 when i bought my very first park just south of downtown dallas. You might assume that mobile homes are always in mobile home parks but that s not the case. It s also possible to buy a mobile home along with the land it sits on which could be a big plot of land in the woods.

You will need to buy the park with seller financing. You can have hundreds or thousands of listings at the click of a button from anywhere in the u s. Some parks will already have new homes available for you to buy. The first place you should look is online. Try and get a note length of at least 7 years so that you have plenty of time to refinance it before the loan comes due.

Additionally look up local zoning ordinances at the county tax assessor s office to determine if you can put a mobile home on the property. As you prepare here are the steps to follow as you purchase your first home. Features of the modern mobile home mobile homes also known as manufactured homes are built in a factory and placed on a trailer chassis to allow them to be moved. I listed my mobile home park at a reasonable price and have had almost 20 calls on it and sold it to the first caller after only having it listed for a few days.