Making MoHo's lendable
Simple thought; likely a simple answer.
I'm in Alaska, and there are a good amount of mobile homes / modular homes/ trailer houses on land. These are almost always owner financed or cash-only, because they aren't "real property." In researching, it seems that all it takes to make them bank finance-able is to tie them to a simple foundation.
I'm considering a property that is selling for $50k (2 acres and a moho). If I were to make it bank lend-able, it'd be a $100k property. Does anyone do this? It's a real value add for the market, and lets you undercut the market at the same time.
Tell me why this is a dumb idea, but let's not get lost in what-if's.
Lastly, who are the professionals that I can talk to, to make sure that the work I'm doing will result in a property that is bank finance-able? Would it be a banker, a mobile home dealer, a certain type of inspector?
Thank you. This forum has been invaluable to me!
(PS: just a few weeks from finishing our first flip and putting it on the market #superpumped)