I am interested in developing Land/Home deals where I put a new or renovated MH on a lot and sell it . I have the money to make the purchase and development. However, what I am discovering is that financing for my buyers to purchase this land/home is probably too steep.
The local banks will loan buyers (with adequate credit scores): 20% down and 11-12% financing. Wow…I just don’t see how buyers (of that price point-$65-80k) can come up with that kind of money down, and monthly payment.
Is there anyone doing these kinds of flips? I see where people buy parks or sell land/home packages via owner financing or Lonnie deals, but what about this kind of thing? In stick built homes, I did this all day long, but really wanted to do this with mobiles. (I now live in a new, rural area). I am not interested in owner financing these deals and really want to be able to offer them financing from someone else that is affordable for them.
Thanks so much,