Our market is Montgomery, Texas. CRAZY HOT for all types of homes...so I ask this...
We own 2 lots in our neighborhood, 1.5ac each, next door to each other. We live in a 1700sf mobile on one, and the second lot next door was bought to discourage the meth dealer from using it for deals. That was 6+ years ago and to my knowledge he has been cleared out and the neighborhood is clean once again. The properties here are starting to convert from mobile to slab homes, too, so values are playing the supernova game. There are luxury developments all around us, including BlueJack National that has the name Tiger Woods attached to the course.
I'd like to put a new/lightly used mobile on our second lot as a rental, but want to do an equity loan with little cash down. My credit is 660+ and climbing, and hers is about to start catching up from the lower 600s. Our cash reserves can cover the extra expenses of putting in power and water lines(I own an excavator) and crushed concrete for the driveway amendment. I do have to recommission the septic system for about $1K and will cut that some by redoing the spray lines myself.
Our trouble is finding a lender that is willing to do an equity loan or nearzero down investment loan, and hopefully with our LLC and responsibility guarantee, not just a personal loan. Does anyone here have experience dealing with equity loans with mobile homes? My "projected" cashflow at the moment is $500+ so it's insane to let the property sit unproductive any longer!
Thanks in advance!
Dan
