The REO House I Bought Turned Out to Be a Trailer. Now What?

[Ernest Grindle]

In August I closed on my first rental property--a 3/2 in a nice neighborhood with a large lot, $74K REO purchase, doing much of the work myself my all in costs are about $90K, and my ARV (or so I thought) would be about $120K, and monthly rent of $1,200. It seemed like a great first at bat. The problem is that the other day I had to go into the crawl space to run some cable (one of the last items on my punch list), and the "house" is on steel beams--it's a double wide! A very nice looking double wide, but a trailer none the less. And nobody picked up on this distinction--the listing agent, my Realtor, home inspector, mortgage company, and title company all referred to the property as a modular home. So now I'm wondering what I should do. My $1,200 rental price is still sound, but I don't see how the ARV holds water, which has implications for long-term maintenance, a BRRRR, and/or resale. My initial thought was I have to suck it up and keep this house for a the long-term cash flow, but with it being a trailer, I didn't know if I could reasonably expect the structure to withstand a long-term life as a rental property. Any suggestions on what I should do?

[Jay Hinrichs]

if its on a perimeter foundation.. you can refi it like any other property.. just refi and keep... there is a stigma to those no doubt and they are pretty easy to tell that they were factory built with a very quick and simple walk through.. did you walk through it before you bought it.. ???