For the future, we should save and invest wisely as per our risk appetite.

Banks are now opening up again and have the appetite for construction loans.

When knocking down walls etc. one cost that can be big is if the local city or county requires adding a fire suppression system to each unit with sprinklers etc.You have to remember older apartments many times are grandfathered in on old codes but when you go to do studs up they add all this crap that you didn't know about before driving up your rehab per unit.The main water line from the street to the building could be compromised and need replacing.

Granite has some nice training videos on its site, and you should be able to earn 8-15% depending on your risk appetite.

Anyway, just wanted to ask if anybody is finding financing for mobile home with land properties.I have called 30 to 40 of the national and local banks in my area but nobody seems to have an appetite for making loans on these properties to investors. 21st mortgage told me that they would make the loans but after filling out the application, I was denied.We (my dad and I) have financed our first 12 properties using various personal lines of credit but can see that the end is near at least until some time passes.

My cheapest deal is a $500 free-and-clear 1200 soft 3/1...I sunk $18k making it sect 8 ready...I could have purchased two good foreclosures for that price and learned to limit my appetite for really wrecked properties.

Depending on the investor, they likely have less of an appetite to thoroughly go through all the diligence you will need to do.Another way to think about it is having an understanding of where the investor is at in the "sales funnel".

Can you get in contact with your private $ lender while they're out of town to get a feel for their appetite of this loan?

Bob,At the risk of catching-one for stepping into the dance between you and Ben, I would offer up that the amount of rent being paid is the same, or close enough not to account for the heat being included {it's never free ;-)}, due to the business model of the current owner and the appetite of the market.We encountered this phenomenon quite frequently when looking at 30-40yr+ old properties.  

@Reginald Currie I would look for a local bank with a construction appetite in the area.