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Updated over 1 year ago,
“New construction” loan for a used mobile home?
I got myself 10 acres in Joshua Tree at auction. The location is decent enough that it sure seems to make sense to try and get a permitted house there. I'd need a well, ~$50k and solar and site prep septic / pad ~$50k and a used manufactured home with a HUD tag for $50k delivered. And I can do the rest.
But I ain’t got $150k cash sitting around.
Can I get a bunch of cash to buy a used mobile home via a new construction loan? My portfolio does currently have two mobile homes so I generally know the difficulties in financings then compared to traditional homes but I’ve never done a new construction loan so I’m not really sure what’s allowed.
Ultimately I could rent it long term for $2k and having the primary residence would allow me to do a lot more with the property including two ADUs. Comps don’t seem to be available for under $350k for even just a mobile home on 5 acres.
Thank you for any insight on how to start with this potential project.