Looking for advice on how to...if possible...tap into the equity of a manufactured home I own as an investment property. I bought the home with cash, the house is manufactured..not mobile..and the house and land are all on one deed. I have a good renter, who is actually interested in eventually buying the home, but not in the near term.
I'd like to take a mortgage or home equity on the property so I can invest in another deal. But I've run into roadblock after roadblock. Traditional lenders don't finance manufactured homes, and even lenders I've found who do, don't do home equity.
You should create a note, secured by a mortgage against your property and sell that note to another investor who understands the value and isn't constricted by a bank's rules. How much are you looking to get out of it?
Thanks David. I'm looking to get $50K out. I bought the home 2 years ago for $76,500 and comps in the area are cuurently 80-100K. I get what you are proposing but don't have experience in the mechanics.
Hi Brad - I would be willing to talk with you about options to secure the loan amount using the suggestion above. Happy to talk whenever is good for you!
Private message me @Brad Swenson
Thanks @Geoff Schackmann I sent you my number. Looking forward to it. - Brad