Question About Land Home Deals
I have an chance to purchase some property already perked with septic and all the hook ups and was going to find some used or repo units and do land home packages. My question is does anybody know of any finacing options after the package is put together. I have the funds available to do a couple but was hoping to get my money back out on the back end to get others. I am in the Columbia, SC area. Any info anybody has would be great. Thanks in advance
Thanks for the reply, John. I found a local bank that I can get 90% LTV financing on these packages. I have also found a couple of local MH lots that deal in repos that I can get some really good deals on single & double wides from. After all is said and done at 90% LTV refi and renting them out, I should make about 7-10K profit on each one & a 200-300 per month positive cash flow with somebody elses money. Not to shabby for a newbie!
Be careful when doing s/w land/home packages. It is very hard to get your buyers financed if s/w, pretty easy if d/w.
Only buy repos that are d/w, with shingle roofs, and vinyl siding, anything else is too hard to sell, no matter what age.
I have done several land/homes, and have learned from my mistakes.