12/22/2021
One of the biggest mistakes one can make is buying a Mobile/Modular home. These are horrible investments and depreciate almost 50% at the moment you sign the papers. Furthermore, most of the financing company, insurance company and majority of the sellers are ALL owned by the SAME company = why it’s called “The Mobile Home Trap.”
From an accounting standpoint this is NOT a smart asset purchase that will improve your balance sheet.
Most people go this direction because of lacking credit scores and/or lacking down payment as these predatory lenders let buyers use any land as a down payment and then charge a very high (sometimes ridiculous) interest rate because again they are predatory lenders!!! Please read this if you are contemplating a mobile home purchase:
https://www.mahanyertl.com/2016/investigation-clayton-homes-vanderbilt-mortgage-21st-mortgage/
If anyone is having credit problems I will offer 30 min of my time FREE to review your credit reports and give you professional advice on how to improve your score towards getting to a positive number to be able to purchase a home! There are many ways to improve your scores that many people are not aware of.
It’s all about Financial planning and knowledge.... and the last thing you want to do is buy an asset that will 1. effect your balance sheet in a negative manner. 2. And asset that probably never appreciate in value no matter what type of physical improvements you apply.
DONT DO IT. RUN FAST 🏃 🏃♂️
Clayton Homes and its partners 21st and Vanderbilt Mortgage rely on predatory sales practices, exorbitant fees, and interest rates that can exceed 15 percen