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Updated over 5 years ago,
What to do with mobile home?
I recently invested in a property I plan to build on (for personal use) and it came with a 1998 double wide 3/2 mobile home that is in really good condition, needs some cosmetic updates to make it look current but otherwise, it's perfect. The problem is that it can't stay on the property, it has to go so I can build- I just don't know what the best thing to do with it would be.
I was thinking of buying a lot and plopping it on there and doing some updates to flip it, estimating that this would maximize my profits on the deal at around $200K or so, but I'm going to have to do that with Hard money since all of my resources are tied up in the construction loan/process for the next year or so. However, my mortgage person told me that once you move a mobile home it has to be owner carry or cash offer only (although I'm seeing online some information about the VA being willing to loan on these, not sure if that's true or not). This won't work if I have to do the flip using hard money as I imagine a cash-only will take maybe up to a year or longer to sell? I'm in the Portland market and things move pretty fast but they've definitely come to a comparative crawl in the last few months and cash only seems not to move at all, especially when the sales price would be in the 450k range when all is said and done.
I have enough cash to buy a tiny lot with hard money until I could refinance it after my construction is over, and then I could make it into a rental... I do have other rentals so that's not out of the question, but I really prefer to have the cash.
I could just sell the home itself outright and tell the buyer to come get it, but I'm thinking that I'll probably not get enough for it to even bother selling since the move costs will be high. The thing is currently plopped on top of a shop building (Yes it's very strange) and needs a crane to bring it down before it can go on a truck. I'm afraid that no one will take it unless it's free because of that caveat.
What other options are there? I feel like I have a really nice home that could be great for someone that would be a shame to just tear down and dispose of. I want to maximize profit on it but I feel like I'm not creative or knowledgeable enough to come up with something workable with the pretty empty pockets I have at the moment, so hoping someone has some unique ideas.
Thanks!