Updated almost 4 years ago on . Most recent reply
LOANS FOR MANUFACTURED HOMES
Hey, guys I just had my bubble bust, I am looking for some Information. I bought a module home in my neighborhood in Nashville, TN. The home was a 3bedroom, 2bath 1,313 sqft., on Zillow, Redfin this home was showing appraisal of 330+ after doing my research I ended buying this home off market for 180k using a private lender. I put about 25k in it on repairs, remodeling. Thursday we had the appraisal come out and do the appraisal and was told by this home being a manufacturer home it would be hard getting a loan for it because its not being used as my primary. so I am now having to delay my sub-lease with str there opportunity because the home can't get a mortgage loan. does anybody have advice on what I should do? I am interested in selling it but wanted to know should I get a renter in there or not. FYI the average rent over here is between 1,700-2,100. and the annually amount on airbnb is about 45-50K.
Most Popular Reply
Soooo just sell it then. The buyer will most likely be a homeowner who can get the loan in their name. What is the issue??
If the issue is that you messed up and did not do enough research to find out that you could not get an investor loan, that is ok. There are other options. Like you said, Sell it. So you dont make 45k a year as a short term rental, its ok. Can you make some money by selling the property?? Do that then. If you say that it is worth 330k and you have about 205 or 210k, SELL IT!!!
Plan A is not always going to work out. Plan B or Plan C will. If all the plans still make you varying amounts of money, YOU WIN. Do better research next time before jumping into something unknown. Lesson learned. Dont let the speed bump stop your momentum.