Buying a Duplex with a bonus Mobile home?

2 Replies

Hi so I have a situation I hope someone has experienced. We are trying to buy this duplex, about to make an offer based on it's value, but our lender is now sort of hesitant due to the fact that there's an extra older mobile home in the back of the property. Currently the mobile home alone is rented at $900 a month even though it's kind of gross so I do think of it as a nice bonus, but the property I think is worth the price and duplex would cash flow without it.

In my mind, this is something like asking the seller to throw in the furniture or something- it should not impact the deal. Seller doesn't want to remove it any more than I do. Lender is pushing back. We could make the offer contingent on removal of the mobile home ( it will have to be torn down), but that seems so wasteful. Is there really no option to structure this without having to throw away a perfectly good $900 a month?

@Janelle Hicks See if you can cut a cash deal for the mobile home unit and not include it in the financing with the bank. For $900 a month It Doesn’t matter how bad the mobile home is, especially if the duplex itself cash flows without the mobile home income. Maybe possibly get it surveyed out to be it’s on property. Just show the bank that it is cash flowing and that the mobile unit is a great residual Income. There’s many ways to work around it.

Kody Foster the mobile home was purchased pre 1976 which means it can not be considered by the lender, apparently at all. They are saying I can't use a lender at all unless the mobile home is torn down before closing. Just seems stupid. I think I'm gonna try to go for some kind of seller-financed deal, see if it's an option at least.