2nd On A Mobile Home With Land
I have a moblie home on land that is a second home or vacation home...it is on 1 acre of land and a single wide with a snow roof, deck, knotty pine walls, new plumbing, new electrical, etc fixed up really nice...the home is from 1973, but has basically been redone inside and out. It is "permently" affixed no axles, has tie downs, cemented in ground posts, etc. I cant seem to find anyone that will give me a 2nd, or even a 1st on this property or home since it is a single wide. I do not owe anything on the home or land. Is there anything I can do to reclassify this home or does anyone know of any lenders that will give a loan on this? Thank you in advance for any help on this...also is this something I should hang onto or get rid of? I have been kicking around selling it and investing the money elsewhere.
Thank you!
You are going to find this a little tuff in today's market! I would suggest going to TIC's lender links at http://www.thecreativeinvestor.com/LenderFinder-index.html
You may want to consider an owner finance or lease op to create value.
[addsig]
I think you'd do the best by using your lemon to help somebody else make his lemonade...e.g., offer him your MH w land in on down payment of some problem property he's got and then you take over his bigger problem.
Like what?
Well, take the elderly couple who own a sizeable apt. complex and can't really look after it anymore.
Tell them you'll take over their loan, and you'll manage, and you'll buy if from them using your MH w land as down payment and give them a 2d note for balance of your cost.
They can then find one tenant to rent your MH w land, rather than many tenants which they now have to do, and their lives are much simpler.
While there are some banks and inst. lenders who loan on MHs on land, they usually want bank terms...good credit and income, newer MH, etc., etc...typical bank loan terms.
For a workable loan, which I help MH buyers with a lot, put together a loan from a private investor where he/she makes 12%+ and loans the money to you.
I've found many pvt investors who like these deals, and they're making great returns compared to their investments.
If you'd put an ad in your newspaper that you have solid mortgage loan deal where the investor could make 10-18% (whatever you have to pay) to loan the money...it's worked for lots of people where I live, it'll work for you.