Looking for advice on equity on land and mobile home
Hello,
So purchased mobile home w/ land in Northern Louisiana - HUD property for 50k, put 30k into it, and renting to parents at 800/mo. Rent should be around $1000 maybe $1100. Insurance and taxes around 130$/mo. Paid cash; no mortgage. Property and mobile home estimated worth $80-110k, half acre, large yard, everything updated, new fence, carport, etc. Neighborhood is a mix of bring and mortar but mostly mobile homes. Actually lots are around $25k (only about 6 lots left in this subdivision). Would like to sell it and get all equity out but would need parents to stay till I can find them a property in Texas (3-4 months) after sale at same rent. Cash out financing seems to go off HUD price not appraisal so that doesn't do **** and rate is 8-10%.
Need suggestions - just bought a property in Texas and have another mortgage so can't finance personally right now with my W2 income.
Any advice appreciated!
Ross Kalmbach