Manufactured but not Mobile

[Mac T.]

Hello BP Community! This is my first time posting here... thank you for your replies and insights. I have searched the forums but have not found a thread that matches my situation. I have the opportunity to purchase an off-market doublewide in an easy-to-rent area (SW Colorado where housing is tight), the land is included in the deal, the doublewide sits on a foundation and has been deeded together with the land. The math is there, I can purchase the property and complete the remodel for $120k all in (Seller financed during the repair and seasoning period). ARV for similar properties in this area (manufactured homes) is about $200k, so I plan to use the BRRRR method to recover some if not all of the initial investment and then rent it out long-term.

My question is this: I am not familiar with the bank's perspective on manufactured housing, or on the long-term issues that may come from owning a manufactured house. What do I need to know before jumping on this apparent deal and will I even be able to refinance the property given the manufactured construction? Thank you for your responses! 

[Nick Belsky]

@Mac T.

So everything you've described here is well within the limits of getting a conventional loan except occupancy.  As @Matt Devincenzo pointed out, no loans for investment MH.  I have lenders who will lend in Colorado that do single, double, and triple wides.. heck, they even do Tiny Homes and Shipping Container homes, but there are many restrictions.  Occupancy is the only thing you've mentioned that they won't lend on.  As a second home, you'd need to live in it for at least 2 months of the year, you free to rent out the remainder.

Nick