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Updated about 10 years ago,
Hard Money on....Mobile Homes?
First off, I'd like to say that I've just recently joined the BP community. What an awesome website full of great people and info!! Reading all the forums really motivates me to go out and get after it. That being said, I have a question that maybe you all could answer and give me insight on.
Being that I am a "newbie" and have limited amount of capital to work with, I'm looking for creative ways to start investing. I recently came across a mobile home on 2 acres of land that is being sold for 60k (needs TLC). After looking at comps there are similar MH selling for 100k-110k that sit on less than an acre.
My question is: Are there Hard Money lenders that will loan for a fix and flip on a Mobile Home? I've only called one lender and I was told that Mobile Homes are seen as a "red flag" of sorts. Does anyone have any experience with this? Any info would be greatly appreciated as I'm learning as I go.