Hello experts! I'm not a real estate pro -- just a homeowner looking for some guidance on how to handle our situation. We own land near my husband's family and had put a new double-wide manufactured home on it in 2003 as we raised the kids. We had planned to build our retirement home ( downsize a little) once the kids were grown - that's not happened yet, we still have two at home. Fast forward 11 years -- our neighbor (non-family) built a home on his property adjacent to ours in 2002 and was getting ready to lose it in foreclosure last year. We approached him with a short-sale offer and he and the bank accepted. We walked into it with about $25K in equity and decided to move into that home after we did some rehab work and repairs. Now we want to sell the doublewide off our original land but retain the land (we have a micro-ranch raising a few head of a cattle) but we are hearing that no one will finance a used mobile home so we aren't sure what the best options are for advertising the house to sell. We don't want to carry the financing and we don't want to have renters but I am ready to have just one mortgage again. We have enough equity between the two properties to refinance but the bank says that we can't finance with two dwellings on the same mortgage so we need to remove the MH. What are your suggestions? Thank you, in advance!
@Stephanie Granttake what you can get in a cash sale for the mh and have it removed and move on. Put it behind you.
@Rob Beland , thank you for your response - that's what we have in mind but I guess our question is where do we find cash buyers for MHs? Do we target MH park owners? Or is there a place to list it where cash buyers are looking?
Find a local dealer or home mover who works with used manufactured homes and see if you can cut a deal with them. Generally, they are happy to make money helping sell a home that they do not have to take ownership of. They also have access to money lenders and creative resources for financing used homes.
Great tips - thank you @Edward Hamill
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing