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.