All Forum Posts by: Kelly Beasley

So NOW I have found two brokers who say they can do the loan. It will be a conventional non-conforming loan. Fingers crossed. 

Oh, and for the benefit of future readers, The one who thought they could do conventional for me could not. Apparently Covid has tightened down certain restrictions, and conventional won't go single wide, and FHA won't go with more than four on a well. Thanks, COVID.

Thank you @Rachel H., great ideas!

Interesting- so now I am being told by another broker that you CAN finance a single wide MH using a conventional loan. (And with this one, the well only has to be recorded under an LLC or incorporation, etc.)

I am confused now after being told we couldn't go conventional because 'they won't finance single wide homes'. Is this something each individual lender 'decides' is a problem or isn't a problem? (loaning on a single wide) Any experienced mobile home investors out there that can speak on this two-sided information from experience?

Lol, thanks @Doug Pintarch! 

Ah yes, the portfolio loan. I remember hearing about this. So it sounds like it's worth trying some local places. Thank you @Doug Pintarch. 

Thank you, @Doug Pintarch. I have called a couple, waiting to hear back. My curiosity is this. Are ALL loans backed by the government that are available out there, unless they are personal loans?

Or are there other lenders who do loans that, from my limited understanding of how it works, aren't backed by the gov somehow? I don't know what to call them or if there's another official name for another loan type that isn't FHA, Conventional, VA, or private.

I also wonder if my agent only says we can't do FHA because she's trying to keep my using the people she's recommended I use. She gave me three names to call to see if they could somehow wrangle a conventional loan. (But conventional won't finance a single wide, so what mysterious runaround could this be?)

Could she be getting a kickback/back scratch from her people somehow and not telling me all of my options? 

I'm so frustrated at this point. I have put offers in on two properties, had inspections done on both (Traveled over 900 miles TWICE to come see the properties, too), only to find out AFTERWARDS that 1. the first property house wasn't ever permitted and can't be financed and 2. this property's well shared by 9 houses won't qualify for FHA.

Is this stuff that the agent should be checking for before I put in an offer? Or at least before I pay for inspections? I mean, who is responsible for making sure a place qualifies for financing? I have now wasted over $1000 on gas money and inspections on two properties only to find out I can't get them financed. 

Should I clear a particular property with the lender BEFORE putting in an offer?

Frustrating and money wasting to say the least. I sure am learning a lot, yes, but it's costing me quite a few bucks. 

Wow, now that's a creative idea, @John Laine! Thank you. I'll have to look into that one. And yes, sounding like it's pretty much going to have to be a cash-only deal. Unless someone can get it financed with a VA loan. I don't know the terms of those.

I have a single wide mobile home sitting on its own land, tied down/on a slab under contract. Could not go conventional because it's a single wide. FHA eventually realized the house was on a well with nine other homes and this broker says it's not doable FHA.

I called another broker and he said if the well is on an LLC there is a workaround for FHA. I went back to my real estate agent and asked her to double check if the well is on an LLC and all she said was "we cannot do an FHA loan." 🧐

Is it worth calling around to other brokers and/or mobile home lenders to see if someone has any kind of work around? Or is this deal over? I figured private lenders would want a shorter term loan than 30 months. I don’t really want that, I what day low monthly payment. Still waiting to hear if they will do owner financing. Thanks in advance for any tips or advice. 

PS I was planning on living on the property with a roommate. Eventually renting if necessary. It would positively cash flow.

Hi @Ryan G.,

Thank you for that tidbit. I did call them yesterday. Neither the house nor the barn were ever permitted. The barn sounds like it's way too large. Should be no more than X or Y and it way goes over both. It's over 4K sf. It's also placed too close to the property line. 

(But what is done is done- what would be the ramifications of these issues? I asked the county guy and he said if I want to add onto the house or do some work 'requiring' a permit and filed for one, they would inspect, and I'd probably have to correct whatever wasn't up to snuff in their eyes. But if the house isn't permitted, I would simply not get a permit to do any work to it. At that point, why bother?) 

I can only build a guest house. Can't make it a duplex. And guest house has to be something like only 75% of the footprint of the existing house.

THEN I found out I can have an RV on the lot and live in it (have to get a permit), but am only allowed to store another one and it is supposed to be out of sight of neighbors. Dangit! This doesn't work for my business partner and I to both live in our RVs on the property. 

It's near the Three Points area. I'm not sure I can get more than I would be buying it for by doing the renovations. I don't think I want to risk it. Would be nice to have a place to hunker down for a while in our RVs but it seems we can't even do that. (I love my RV, would rather live in it than in the house.) 

I hear people just kind of do what they want out there. Unless someone complains, the county is hands-off. That's what they county guy told me over the phone. 

I'm leaning more and more towards exiting this deal. I made my contingencies, they countered and now it's my turn to reply or back out. 

The crazy thing is that the property right behind this one has about 5 fifth wheel RVs on it. They rent them out I hear. So, they are not in accordance with the county rules. I'm pretty sure they wouldn't complain. But the risk... it's darn near too great. I COULD live in the house and store my RV at the property behind the barn. But once I rented the place out, sounds too 'risky' to try to have the both of us living in our RVs on the property. There's no privacy from the road. Anyone who drove down it could see the RVs unless I park them behind the barn, which is less than ideal. The RV hookup is in the middle of the property.

The country is not friendly to full-time RVers, unfortunately. 😞 I mean, I understand why the rules exist. But for the non-trash type, it sucks to be prohibited from doing something as simple as living in an RV on property you own.