Cash Flow With Mobile Homes

In example given, you'd initially lose about $150/month on house, after your payment, taxes, insurance repairs and other expenses. You'd break even or better with mobile home, and after loan is paid (ten years), you'd have a lot of cash flow, of course. Mobile homes are cheap to maintain. The furnace died in rental I owned, most expensive repair you'll have in a mobile. I replaced it for $1,200, much less than a furnace for a larger home. For $200 you can have a mobile home roof tarred, instead of $5,000 to re-shingle a traditional roof. Windows, plumbing, doors - they're all cheaper.

Property taxes cost less, because they're based on value, and mobile homes have a lower value than stick-built houses. Insurance will cost less too, because you are insuring less value. The only precaution to remember here is to be sure you can get insurance. Very old mobiles may be uninsurable in some areas.

The Bottom Line

Mobiles have their own problems. Renters who have to rent for less sometimes pay late, for example. These issues are minor compared to advantages. Your twenty thousand could buy you two mobile home rentals, with ten thousand down on each, instead of one negative-cash-flow house, for example.

Take an honest look at numbers. The two investors in my town that own most of mobile home rentals always have cash flow, and have millions in equity now. Other investors, following their prejudices, struggle to make money with their "nice" rental homes. So don't automatically pass on those mobile homes for sale when you're looking for a good investment.

Steve Gillman has invested in mobile homes and other real estate for years. To learn more, and to see a photo of a beautiful house (not a mobile) he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

What are benefits of refinancing my home? There are several benefits included with refinancing your home, including: Your credit may be in better standings then before you purchased your home, now you can refinance and obtain a more suitable loan, with lower interest rates and terms. Or, you can obtain a home equity line of credit and have cash available when you need it. With refinance cash out, your lender can consolidate your bills and pay off all of your debt. You will not have to deal with hassle by yourself.

What are different refinance loan options? As with a traditional loan, refinance home loans offer some of same loan programs, such as: 10/15/30 year fixed Zero Down Interest Only And so on

Where can I refinance my loan? You can apply for a refinance home loan through your current lender. Or you may search for a new lender more suitable to your financial needs. This search can be done by internet search, flipping through yellow pages, or consulting with your real estate agent.