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Updated almost 9 years ago on . Most recent reply

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33
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2
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Charles Bright
  • Weatherford, TX
2
Votes |
33
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How do I get financed??

Charles Bright
  • Weatherford, TX
Posted

ok so i found a great deal on a foreclosure. But i just figured out no banks will finance a manufactured home. I have a good bit of the price.. little more than 20%.. How and Who do I need to get in contact with to get this financed? Any info is appreciated. 

Most Popular Reply

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512
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338
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Jeffrey H.
  • Houston, TX
338
Votes |
512
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Jeffrey H.
  • Houston, TX
Replied

The bigger problem is that foreclosures need a lot of work.  Not only do you need to find someone to help you with the initial purchase, but also the 5-10K+ (depending on how much sweat equity you put in) of rehab it will need to get back into solid livable condition.

If you haven't done this before you're going to need to lean on family / friends as your best bet.  Once you have a track record then you can start to put together your story how this makes sense for investors to get a return on their money.

If this home is in a Park then you need to also check with the Park that they allow investors to purchase them with the intention of flipping or renting them.  Many Parks don't allow this.  Good luck.

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