Logically this is possible, however you have 2 issues. 1 finding a HML that will work with you on Mobiles, and 2 finding the bank to finance the mobile when you refi.
Now given where you are, I suspect finding funding for mobiles won’t be hard, in some parts of the country it is.
Talk to some HML’s in your area and some mortgage brokers. They’ll give you the scoop about what you can really do. Also if you have an investor club, go check out a few meetings and pick peoples brains there… you’ll get tons of info.
I am an aspiring REI located in Orange County, CA–where the housing market is out of control–average price for a 3bd/2bath, 2000 sq ft house is $399,000. Lately, I’ve been investigating Mobile Home Foreclosures.
Is it realistic to purchase a foreclosure MH using hard money lenders, use the automatic equity and refinace through a traditional low-interest lender for the assessed value, pay-off the original loan, rehab, and keep or sell?
Please HELP?! I’m wanting to make this offer on a MH I’ve looked at and need to explain the possiblities/impossibilities to my husband.