Looking at an REO need some advice.

[Michael Owens]

So to explain my predicament I will be moving to Georgia in a few months and am determined to begin my investing career there. I have found an REO property 3 acres with nice enough mobile home on it that I intend on living in for a few years. With one acre I want to subdivide and either build some multifamily housing for renting, or 2 to 4 homes on lots. The problem is I need to figure out how I can finance it. I have my first home buy that has been killing my credit for years but should be sold in the next few months (hopefully). It is listed for 45,000 I currently have 1,500 but should have 3k by the end of the month. I have a family member willing to match my 3k but can't carry a mortgage for me. I plan on calling the bank that owns the property tomorrow to see if there are any options they are will to work with since the property has been on the market for 95 days. Any ideas are appreciated while I continue to figure it out. thanks.

[Ethan Atkinson]

Here is my 1.5 cents - Likely the mobile home and acreage is around other similar properties, and adding "multi-family" either isn't zoned for that, or wouldn't actually be the highest and best use.  You might be able to subdivide to add other mobile homes and lease the land if you want some cash flow, and then you have no repairs to deal with.  Although the population is quite more congested here in Georgia compared to Alaska, it would similar to Alaska -- would you want to live on acreage, but 100 feet away are a couple of duplexes and triplexes?  This ultimately is a zoning and a marketing question.  As far as financing is concerned - If you have lined up your job, then there are only a couple of lenders who even deal with mobile homes --- Wells Fargo being one of them.  Vanderbilt may do them, but I have never dealt with them, just know they have sold a bunch of foreclosed homes and repos.    You need to make sure this mobile has what the bank deems a permanent foundation, like brick or cinder-block, sometimes the metal skirting is ok.  Otherwise this could be a tough deal.  What's the address and I can research this for you, because I am an agent and have sold a bunch of mobile homes with little and lots of land.