Is it a good idea to take a loan out on a property I brought ?

[Terry Haines]

Ok guys I need your help I brought a property that had 1 house and 2 mobile homes on it. None of the houses on the property were any good except 1 of the mobile homes. I want to know if it’s a good idea to take a loan out to renovate the other 2 houses. and I need help on how to actually go about doing it .

[Account Closed]

Originally posted by @Terry Haines:

Ok guys I need your help I brought a property that had 1 house and 2 mobile homes on it. None of the houses on the property were any good except 1 of the mobile homes. I want to know if it’s a good idea to take a loan out to renovate the other 2 houses. and I need help on how to actually go about doing it .

 Unless they are separate assessor lots you have one property. 

Unless the mobiles are on a foundation, not too old, have skirting around the base, have the wheels removed, and have "elimination of title" you probably won't be able to get financing on them.

In order for a house to get financing from a bank, the house has to be in livable condition and meet a list of inspection requirements. You will pay for the appraisal and a bank will lend based on the appraisal. 

I would take a few picture of the houses and take them to a bank and ask the loan officer if they lend on your type of property.

If they say, "no, they don't" try a mortgage broker. If they don't then try a Hard Money Lender.

Each will ask what you intend to use the money for. Improving the property is an acceptable answer. Going to Las Vegas is not.