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Updated over 2 years ago,

User Stats

10
Posts
2
Votes
Latroy Boseman
  • Investor
  • Nashville
2
Votes |
10
Posts

LOANS FOR MANUFACTURED HOMES

Latroy Boseman
  • Investor
  • Nashville
Posted

Hey, guys I just had my bubble bust, I am looking for some Information. I bought a module home in my neighborhood in Nashville, TN. The home was a 3bedroom, 2bath 1,313 sqft., on Zillow, Redfin this home was showing appraisal of 330+ after doing my research I ended buying this home off market for 180k using a private lender. I put about 25k in it on repairs, remodeling. Thursday we had the appraisal come out and do the appraisal and was told by this home being a manufacturer home it would be hard getting a loan for it because its not being used as my primary. so I am now having to delay my sub-lease with str there opportunity because the home can't get a mortgage loan. does anybody have advice on what I should do? I am interested in selling it but wanted to know should I get a renter in there or not. FYI the average rent over here is between 1,700-2,100. and the annually amount on airbnb is about 45-50K.

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