home with mobile home investment property

[Daniel Hinojosa]

Good Afternoon, back in January 2017 I found a cash flowing property listed at $98,000 . I had my eye on it for a while but decided to go with a 4plex. The property is a home 3bd 1 ba and has a mobile home also 3bd 2 ba. Since my plan was to house hack I went with a 4plex, got an FHA loan that I ended up buying in February 2017. Its time to get another investment property and this home/mobile property is still in the market now listed at $89,000. Each unit rents for $1,100. I went for a pre approval with my mortgage broker and was ready to offer $75,000 since this property has been on the market for 1 year and 6 months. First I was skeptical of why it wasn't selling so I setup a showing with my realtor and saw the property. It is not in the best conditions, needs a few fixer uppers but is not in bad conditions. The best part was the renters did not want to move out. They wanted to continue living on what they call their home now because it was close to their children's school. To my surprise my mortgage broker tells me his lenders will not approve an investment property with a mobile home. I had never heard of this. I was ready to give 20% down and cash flow at least $800 a month. Then I visited a local bank in my area and was also told the same thing. Lenders will not approve an investment loan with a mobile home. I have the option of asking the seller if he wants to do owner finance. But was hoping someone had gone through a similar situation and found another solution. I really do not want to involve private investors.

Thanks-Daniel