I was wondering if anybody had any ideas on where to get financing on a manufactured house thatwas built in 1972. Anything pre 1976 seems to be really difficult in getting a loan on due to the fact that he did not start approving manufactured homes until 1976. There is an acre of land associated with the property but the fact that there is a house on it makes it really difficult to get financing. Any ideas? Thanks in advance!
HUD, not he....
Consumer loan centers...Like the old Aames Home Loans, Beneficial Finance, etc. A personal loan...not mortgage.
A pre 1976 manufactured home has a negative value. Have it hauled off and do any financing based off the value of the land. If that doesn't work, then the deal is not worthwhile. Treat the "home" same way you would a house that needed to be scraped due to structural failure.
You line someone up that will remove that garbage from your future property for a fee, and look at land-based financing.
However, that home could bring in $1200-1500 monthly. Plus I could rent out the horse corrals, and build a mother-in-law apartment of up to 1000 sq ft. Then I could scrap the place and rebuild it later.
Well, I can't really bring much to the table. I just wanted to comment on some people here calling them/it junk. Earlier this year I was looking for a home and I found this 2/1 double wide on a beautiful corner lot in a small town with mature landscaping, two outbuildings and a two car garage with shop. The house itself was very nice. I'd been looking in this price range and that led me to see a lot of manufactured homes in WA state. I almost missed it - I knew about the June 15, 1976 thing and this was 1975. I called my mortgage guy and sure enough not financeable. I finally verified that with the listing agent. She originally had said one of the terms was conventional. She changed it to only cash out. It's really a shame. I don't have $185,000 in cash. I looked at a half dozen other manufactured homes that day and have since seen many others that were built after 1976. Most of them were truly trash. Some were maybe a little nicer because they had extensively updated, but of all the houses I've looked at near my price range over the last 3 months, this is by far the nicest total property I've seen. Just a pity. The seller will have to wait for a cash buyer.
I'd reach out to the owner for seller financing. Worth a shot.
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