Mobile Home FINANCING PROBLEMS!!!?

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Well if you’re looking for a way to live a little bit cheaper than a regular standard house buying a mobile home is one option now when it comes to buying a mobile home you want to research uh the land and ensure that you’re going to own the land not do a lot rent when you do a lot lease which is a lot rent you’re pretty much uh just a tenant you are just in an

Rv park per se uh you don’t own the property you just own the structure on the property but one of the issues with buying a mobile home different from a regular home is financing how to buy it if the property is more than 10 years old it’s going to be very hard to get a loan on it and even if it’s under 10 years or newer you’re probably going to have to put

Down more than a standard house sometimes 25 percent down a standard house you can go as low as three percent down if you had a va loan nothing down the reason a standard home requires less down and a mobile home requires more down even if you own the land is because banks deem that mobile homes are more risky there are an asset that even with the land you

Own doesn’t appreciate or even the structure itself could depreciate go down in value versus standard house okay that tends to appreciate so it’s a better investment and it’s more desirable to the masses to buy a standard house remember most people that buy houses are buying for a family to start a family to live in with their family and certainly people buy

Mobile homes but a lot of times they’re a smaller family lower income or retirees so there’s less people in the market for a mobile home versus standard home so that economic standard of supply how many people want how many are produced versus demand how many people want what’s produced there’s more there’s more regular houses standard houses and there’s more

Desire for that at this time in society than mobile homes okay so that means that it’s a more stable investment for a regular house versus a mobile home house and i’m saying all that to say that’s how banks look at it you have to understand how banks look at it banks are loaning you money not because they’re required to they’re loaning you money okay because it’s

An investment it’s an investment for them and they get an interest they get a interest rate back on their investment uh and that’s what what they do that’s how they operate that’s their business like it’s some people’s business to be a plumber when you’re a plumber you go to someone’s house you unclog the drain or whatever your job is and you get paid for it when

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You’re a bank you have money you loan it to someone to buy a house okay and you get the money back plus interest okay so it’s just another uh way that society is structured to make money now banks evaluate though just like a plumber would evaluate like if a plumber comes to your house uh or electrician whatever i worked in a trade for many years you evaluate how

Big the job is how hard it’s going to be how risky maybe even and then you give a quote you give a price banks do the same thing they look at the property they look at the land they look at the structure they look at the neighborhood okay they look at your credit score they look at all the factors evaluated just like a plumber would and then they give you a quote

On interest rate based on what this job or what this house uh has you know what what the what the risk is okay uh for their business okay so the bottom line when it comes to buying a mobile home they may be cheaper you don’t want to buy a mobile home if you don’t own the land in my opinion but if you find a mobile home that you want to buy that you own the land

Getting financing is going to be harder that’s the core message of this video either you’re gonna have to put more down as an example 25 or more or the mobile home the structure on the land you own is going to be so old that you can’t get financing and you have to do a cash deal and when you do a cash deal that eliminates even less buyers remember this is key now

Part of the reason that a standard house or a condo is more appealing to the masses is because they can get financing most people live on payments not buying cash for a hundred thousand dollar property so if you can’t get financing even if you have good credit and all that because the the investment is too risky for the bank they don’t give loans on it then that

Means everyone else in society can’t get a loan that means now you’ve eliminated your demand side that how many people want to buy this because they may want to buy it but they don’t have the financing they don’t have the resources so now if they don’t have cash they’re eliminated as potential buyers that in itself makes your property go down in value or appreciate

Less because it’s there’s not as many buyers just by default because they can’t get financing so you have to remember that when we’re talking about buying properties with cash because you can’t get financing if you can’t get financing your investment will go down in value or not appreciate as much not go up in value over time as much as a regular standard house

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That can get financing again because most people live on financing not on cash and that’s what made you know home prices appreciate so much when society went to a 30-year mortgage you know remember home prices used to be a lot lower generations ago for several factors interest rates were higher but also you know 30-year loans for um a house were not common uh

A seven-year loan for a car was not common and so as society and banks stretched out the length of the loan it lowered the payment and it made um the demand side the amount of people that not only want it but can obtain it it made it made more people able to do it and when more people can do it okay then it’s more you you have more leverage on how much you can

Adjust the prices when you only have a few people that want what you have you don’t have pricing power to a certain extent right so these are a lot of factors that you have to consider when buying something such as a mobile home and you need to consider what all things you buy this financing availability thing because when you can’t get financing that means that

It eliminates potential buyers and so i hope that this information that i’ve learned through my journey in looking at mobile homes tiny homes rvs and just a a way to live that’s maybe a little bit more simpler not necessarily though and maybe a little bit more cheaper not necessarily because you almost get screwed if you try to think you’re beating the system

By buying a cheap mobile home owning the land is key if you own the land you still got a shot and some mobile homes are made very nice now but the financing is what’s going to get you man you know even if the mobile home stays great if society can’t finance it after 10 years that means even if you kept that mobile home in pristine shape and even if you kept the

Land in pristine shape it’s not going to appreciate at the same rate a single family house on the same plot of land would and so they get you on the front end or they get you on the back end and it’s not necessarily a good or bad thing it’s just the way it is so you got to figure out what’s worth it for you but you have to understand this you have to be informed

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You want to get this knowledge you want to do your own research so that you’re operating okay at a wise level you’ve slowed down the rushing of wanting to buy something because it looks good and you understand how finances mobile homes society everything is structured so that you are more empowered so that you control more of your life so that you’re not in

This frenzy of a house fever uh but you’re in this discipline okay of a level of financial literature and emotional control uh and the grace of god because you know look you need some grace you know it’s not nothing’s an exact science in life you could try to plan everything perfect but we still make mistakes but look just sharing the video for information for

Help motivation and all that you know so thank you again if you enjoy these videos and they help you you want to support the channel click the blue join button uh click the thumbs up leave a comment below let me know your thoughts let me know if you’ve ever bought a home check out my playlist on my youtube channel which has thousands of free videos and uh thank

You everyone for watching keep pushing forward and remember this is key your house doesn’t make your life your daily routine makes up your life your life is nothing but the days of your life added together and what you do on a day-in day-out basis is the essence of your life not your kitchen not your bathroom it’s how you live okay what gives you purpose what

Gives you shelter yes we need shelter so it’s a essence of survival but more than that we need to live below our means and up to our potential we live below our means so that we can go after our passions and if we don’t know our passions at the very least we could take care of ourselves well and when you take care of yourself well okay you enjoy life some people

Think buying a house being dressed up presenting yourself well presenting yourself well is the key and that’s why a lot of people look good on the outside but inside there’s decay there was a scripture about that like you you’re careful to clean the outside of your cup but inside is corrosion and corruption and so don’t look at society look at yourself don’t look

At your family look at yourself what do you need to do for yourself okay and that’s key to life okay all right see you next one peace

Transcribed from video
Mobile Home FINANCING PROBLEMS!!!? By Inspirational Nomad