FHA Loan Hack for small mobile home park...??? What say you!
Hey fam!
I've earned the nickname MacGyver since childhood because I am always looking for, finding, and creating loopholes and alternate ways to accomplish the same goals others take the traditional paths to accomplish. With that.... here is my question. I want to ask it here prior to asking my lender.
Can an FHA loan be used to purchase a small mobile home park that includes a single family home on site and up to 10 park owned mobile homes (personal property) where the owner/operator/manager would live on site in the residential home thus meeting FHA residency requirements?
NOTE:
1) Yes. I am aware this "sounds" crazy as a mobile home park is typically considered commercial property- but I am thinking of making a case for residential with the house. I know. I know.
2) Yes. I am aware a lender must be consulted.
3) Yes. I am aware large parks are better than small parks, ,make more money, and support on site management.
4) Yes. I have purchased and gone through multiple in person and "take home" mobile home park purchase trainings.
5) Yes. I have been investing in mobile homes for years. I am now in the market for my first park.
What say you!