Found property/need a loan

4 Replies

Hello, I am located in the east Houston, TX. I have found a property near me some one started developing for mobile home or RV use. They are asking $83,000.00. I still need to look at some comp's before making an offer. I should have no problem getting a loan to purchase. But how would I go about getting a loan to cover the development? Do I first worry about acquiring the property. And then getting another loan to finish the development?

Thanks in advance for your advice.

Lawrence Cox III

Why did they stop developing?  I have had issues getting on site sewer systems for mobile home parks so be careful. Private message me. I do have connections with commercial lenders. 

Originally posted by @Cory Boren :

Why did they stop developing?  I have had issues getting on site sewer systems for mobile home parks so be careful. Private message me. I do have connections with commercial lenders. 

 Thanks Cory Boren, I am looking into it right now. I do believe there is existing eater and sewer SD well as 5 meter boxes. I am looking for some comp's as well.

A construction loan would be your cheapest route I would think...that or if you can find Private Money. Hard Money is another option but it isn't cheap.

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.