Hey everyone,
Had a couple of questions for everyone. My market has been flooded with with land home packages. I can purchase them for about 15k-25k all day. I would like to turn around and owner finance them for about 60k. Then hope to get my end buyers to refinance and pay me off in 1-2 years, if not, they will move, i will get another down payment and work to get cashed out. Is there any banks out there financing land home deals? I have one bank that will finance a 680 credit score at 80% LTV and consider it a refinance after one year of payments.
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Is this a feasible business model in today’s environment?
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my ultimate goal is to get cashed out if possible, is this unrealistic with mobile home buyers?
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do you know any banks that will give a line of credit so i can purchase these land home deals?
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how would you recommend to purchase these land home deals as far as financing goes?
thanks
tim