I own 2 lots of land in florida…I wanted to put a manufactured home on it. I was told if I put a brand new one for a total cost of 109,000 this includes the well and spetic, clearing the land and power poll, that I could sell it for around 160,000. I am a newbie and was wondering if this is correct.
Also I would put 50,000 cash down and already own the land outright…where can I find financing for the other 59,000?
Any help would be great.
First visit your local bank. With that kind of LTV they should be able to come up with financing even though Manufactured homes are a little hard to get financing for.
Nate-WI
toinette,
Many national lenders will also finance this loan. You can do it as a one time close and save yourself some money. Also, there is no way you should be putting down that much money. Finance as much of it as you can and invest the rest. Liquidity is always key in rei.
Why don’t you buy a repo?? You can get a great quality repo’s for half the price. Also, you could put a house on your property for that price. Go to Jimwalters.com, they will finance everything you need for a functional home and they have different stages of completion. I just got them to fax me price list. One more thing, if you want to sell, try to get a interest only loan. You will only be charged interest for a couple of years, no payments towards the principle.