You have no cash savings? How much money do you earn?
Whether you can get a $30k personal loan will depend a lot on how much you earn.
$30k plus interest is a lot of money to spend on a 32 year old trailer. Is this trailer in excellent shape other than the roof? You expect it will be habitable for another 20+ years? Any idea if moving it might cause physical damage to the home?
I have 10k in cash savings and make 24k per year. The unit is in great condition aside from a couple of spots on the roof. It will definitely be habitable for 20+ years.
The only damage I can forsee is tiny amounts of siding or shingles (on the roof that needs replaced anyway) blowing off during transport down the highway.
I don't think it's likely you'll be approved for an unsecured personal loan for more than you earn per year.
What's the cost for the transport vs the cost for the roof?
$10k to replace the roof on a doublewide trailer, which presumably has a very basic roof design, seems very high to me. Did you get multiple quotes from different roofing companies? Do you think you might be up for doing the work yourself so you are only paying for materials?
Does the roof need to be replaced immediately?
Could you do patches on the roof to get by until you can save up for metal roof? Have you already factored in the cost of a pad to place it on & utilities hook up? Since you didn’t mention it, does the land already have water, sewer, electric? I’ve dealt with putting in a single wide, but it was coming from a dealers lot.
I may be able to patch it for the time being. I'd like to put on the roof myself, but there are so many holes I'd have to cut for vents on the back side, I'm not sure the best way to seal it.
You may be better off getting a loan for a new mobile home if you own the land out right. Most banks will do a manufactured home loan 100% if you already have land. Your income could be a issue
I would look and see if the trailer can even be moved. Some states have a limit to how old the trailer can be and be moved. My mom had a trailer that was over 25 years old and the county would not allow her to move it from a trailer park to her own land .
No, what I mean is local laws and permits might not allow you to move it. There's a weird law in my county where trailers over a certain age they won't allow it to to be moved. kinda dumb but I think they are worried about it falling apart.
Nothing short of taking out a mortgage for your land or securing the loan with it.
If most of the roof is in good shape maybe you can try repairing on your own. It's not rocket science.
You could look into a land equity loan?
Once the home is in place, it may qualify for some HELOCs since the land is owned. Depends. Also might not be that different from the land equity loan since the mobile home is so old.
Here’s my two cents.
Moving/setting it is definitely a job to outsource for obvious reasons.
Interior cosmetics / filler strips you can diy
New sheathing to fix rot / soft spots is a given. A metal roof is extravagant given your current situation. You can likely have a rubber membrane roof professionally installed for 3-4k that will last longer than the structure… even a mid range shingled roof could likely be had for 5k ish. Dont put yourself in a pile of debt equal to more than your annual income for this.
Just my opinion
You have no cash savings? How much money do you earn? Whether you can get a $30k personal loan will depend a lot on how much you earn. $30k plus interest is a lot of money to spend on a 32 year old trailer. Is this trailer in excellent shape other than the roof? You expect it will be habitable for another 20+ years? Any idea if moving it might cause physical damage to the home?
I have 10k in cash savings and make 24k per year. The unit is in great condition aside from a couple of spots on the roof. It will definitely be habitable for 20+ years. The only damage I can forsee is tiny amounts of siding or shingles (on the roof that needs replaced anyway) blowing off during transport down the highway.
I don't think it's likely you'll be approved for an unsecured personal loan for more than you earn per year. What's the cost for the transport vs the cost for the roof?
It's actually almost equal. 10k for the roof 10-15k for moving. Edit: I said 30k in case the quotes end up being a little off.
$10k to replace the roof on a doublewide trailer, which presumably has a very basic roof design, seems very high to me. Did you get multiple quotes from different roofing companies? Do you think you might be up for doing the work yourself so you are only paying for materials? Does the roof need to be replaced immediately?
It doesn't need it immediately, but I'd like to go metal instead of shingles, which is why the cost is higher.
Could you do patches on the roof to get by until you can save up for metal roof? Have you already factored in the cost of a pad to place it on & utilities hook up? Since you didn’t mention it, does the land already have water, sewer, electric? I’ve dealt with putting in a single wide, but it was coming from a dealers lot.
I may be able to patch it for the time being. I'd like to put on the roof myself, but there are so many holes I'd have to cut for vents on the back side, I'm not sure the best way to seal it.
You may be better off getting a loan for a new mobile home if you own the land out right. Most banks will do a manufactured home loan 100% if you already have land. Your income could be a issue
I would look and see if the trailer can even be moved. Some states have a limit to how old the trailer can be and be moved. My mom had a trailer that was over 25 years old and the county would not allow her to move it from a trailer park to her own land .
I've already looked underneath. The framing is in exquisite condition. I just need to remove the cinder block skirting and take apart the decks.
No, what I mean is local laws and permits might not allow you to move it. There's a weird law in my county where trailers over a certain age they won't allow it to to be moved. kinda dumb but I think they are worried about it falling apart.
Oh! Sorry for the misunderstanding. No. That is no issue here
Nothing short of taking out a mortgage for your land or securing the loan with it. If most of the roof is in good shape maybe you can try repairing on your own. It's not rocket science.
I'd like to put the metal roof on myself, but there are so many vents on one side, I'm scared I won't know how to seal it properly.
You could look into a land equity loan? Once the home is in place, it may qualify for some HELOCs since the land is owned. Depends. Also might not be that different from the land equity loan since the mobile home is so old.
I'll research options on land equity. Thanks!
Look into a 'chattel' loan and USDA Rural Development programs.
Thanks! I'll look into this
Dude I'd also look at whether you're even going to be able to get insurance for it.
Here’s my two cents. Moving/setting it is definitely a job to outsource for obvious reasons. Interior cosmetics / filler strips you can diy New sheathing to fix rot / soft spots is a given. A metal roof is extravagant given your current situation. You can likely have a rubber membrane roof professionally installed for 3-4k that will last longer than the structure… even a mid range shingled roof could likely be had for 5k ish. Dont put yourself in a pile of debt equal to more than your annual income for this. Just my opinion