Financing on Home Renovations to Use as Capital Later On

[Account Closed]

Looking for some advice/guidance on this. I currently own a single wide sitting on about 1.2 acres of land. I just started the process of doing a total remodel/gutting on it and was wondering if anyone had suggestions on how I could go about getting financed for the amount to complete the project now vs doing it in small chunks as I can afford it. My credit is less than great due to a few setbacks last year but everything has been going smoothly since. The idea is to remodel it and then take out a mortgage on the home to help finance my first rental investment. I'd really like to just get it remodeled at once as i'm still living in it now. It is an older (1995) single wide and I am unsure if I have any other options at this point other than just piecing it out over the next year... any feedback is much appreciated! 

[Bill Gulley]

Amber, really, IMO, pay as you go. Sounds like the only financing you might get would be from a HML, that's high cost financing. But, it's also short term, so how would you pay it off?

Are the wheels off and is it taxed as real estate? Another hoop to jump through and the MH is 10 years old, not sure where banks are drawing the age limit now on a MH. 

The trick to house hacking is not biting off more than you can chew, gut the whole place and you'll live in misery. One room at a time, one wall, a bathroom can go quickly. 

Take your time, build up your inventory of supplies, buy deals. You aren't going to turn a single wide into a luxury home and get your money back. Want a good W/P tub, you can find used ones too, no one will know.

Financing will be tough, so I suggest you live with it, get it done as you can afford it and have it paid for! Good luck :)