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Updated about 4 years ago on . Most recent reply

User Stats

40
Posts
24
Votes
Marijuana (MP) Vandyck
  • Investor
  • Florida
24
Votes |
40
Posts

FHA Loan Hack for small mobile home park...??? What say you!

Marijuana (MP) Vandyck
  • Investor
  • Florida
Posted

Hey fam!

I've earned the nickname MacGyver since childhood because I am always looking for, finding, and creating loopholes and alternate ways to accomplish the same goals others take the traditional paths to accomplish. With that.... here is my question. I want to ask it here prior to asking my lender. 

Can an FHA loan be used to purchase a small mobile home park that includes a single family home on site and up to 10 park owned mobile homes (personal property) where the owner/operator/manager would live on site in the residential home thus meeting FHA residency requirements?

NOTE:

1) Yes. I am aware this "sounds" crazy as a mobile home park is typically considered commercial property- but I am thinking of making a case for residential with the house. I know. I know.

2) Yes. I am aware a lender must be consulted.

3) Yes. I am aware large parks are better than small parks, ,make more money, and support on site management.

4) Yes. I have purchased and gone through multiple in person and "take home" mobile home park purchase trainings.

5) Yes. I have been investing in mobile homes for years. I am now in the market for my first park.

What say you!

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