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  • Profile photo of CynNicCynNic
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    @cynnic
    Join Date: 2004
    Post Count: 4
    December 22, 2004 - 1:34 pm

    Thanks for all the feedback!!

    On talking with my mortgage broker this is what i discovered: no lender will give a home loan for a mobile home BECAUSE it is not a fixed chattel. Apparently a personal or even a car loan will suffise. So I have to redo the numbers (interest rates, insurance etc).

    It’s in the city of Gosford and I am assured the tenants are long-term (I’ll get a better idea when I speak to them next week).

    Profile photo of CynNicCynNic
    Member
    @cynnic
    Join Date: 2004
    Post Count: 4
    December 22, 2004 - 3:02 am

    I am going to go have a look at it next week. In relation to the loan, I e-mailed a mortgage broker I have had dealings with in the past and they said they’d look into it but they couldn’t forsee a problem getting the loan. I guess we’ll see.

    Profile photo of CynNicCynNic
    Member
    @cynnic
    Join Date: 2004
    Post Count: 4
    December 22, 2004 - 2:33 am

    I’m going to go inspect it but it’s a mobile home selling for $33,000 with a secure tenant paying $120/wk.

    I’ve already made inquiries into 100% loan and it’s a definite possibility!

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