Updated about 3 years ago on . Most recent reply
New manufactured home flip finance idea's
Hello everyone,
I own property in the second fasting growing county in America. Land that can have manufactured homes is scarce. Trying to find a way to finance purchase and installation of a manufactured home. My plan is to list and sell ASAP.
My wife is a leading realtor in the area so our knowledge is sound. We have done multiple new builds but never this. Current homes in neighborhood are listing at 450,000 and selling at about a 10% cut.
I have a home ready for 145K and the land is free and clear. Also would need septic, skirting, and utilies. So about 165k all in. Possible 290k profit.
How can I get this done?
Most Popular Reply
@Rachel H. made a great suggestion, I would also add checking with local/smaller banks & credit unions. Generally they will do conventional loans on double wide homes and possibly even single wides if you will be doing a permanent foundation.
Also, I suggest planning on the development & install taking longer than expected as well as the price being a decent amount lower than a stick built home. Even if you have the permanent foundation and convert the mobile home to real estate, generally they will bring a lower sales price than stick built new construction or even modular homes.