Refi Manufactured For Rental

[Joseph Gray]

Hey guys,

So I just bought a manufactured home (double wide) which was built in 1980 and had the same lady living in it all 40 years in the same location from when they bought it new and set it on the land.

The home is in a really good location, and is actually considered a b1 commercial property, but has its best use as residential so it's been able to be used that way.

My question is, what is my best option for the property?

I am buying it for $50K and paid $26K down and will pay $500/month at zero interest until paid off.

I would love to refinance the property and rent it, but am having trouble finding lenders who will loan on it due to it being an old manufacturered home.

I have it up for sale currently also, but it does need about $10K of work before it would qualify for a bank loan.

I'm not sure if I should put more money into it in hopes that I'll get it back out if the it won't appraise for that much when finished.

Any thoughts and advise would be appreciated.

I'm also open to speak with any lenders who could loan on the home!

Thank you!