Financed this M/H on 1 acre with a private lender this week. After all debits/credits I'm all in at $305. Purchased this property for $42K Cash on 1/6/15 (including all fees), rehabbed for $2558 (including all holding costs and survey) and financed at $46K on 3/4/15 with private lender for 15 years at 9%.
Congratulations, Rocky, looks super solid!
@Rocky V. Pretty solid. What lender did you use? Just a private guy you know? Very nice. Have you got it rented already?
Where you looking for MH on land, or did you come across this deal via your normal avenues of finding deals?
Do you use your own money or do you have investors that provide the initial cash outlay?
I did not know that Arlington was between Dallas and Ft. Worth, until I looked it up.
Do you usually buy within 50 miles of your home base?
Do properties on the MLS get sold within a few days like they do in the Denver area?
I realize that you probably rarely buy anything that gets listed but I am amazed at how fast houses are selling with multiple offers my area. Almost like it was in the pre 2008 bubble era.
@Tim Ball It has been leased out since February. I met this private lender through another colleague and now he has financed several of my buy n hold deals. I actually acquired my 1st M/H thru him and did not really want the deal but I knew it would lead to something bigger.
@Robert Blanchard I purchase homes within a 100 mile radius of my home. I currently can not find deals like this in and around Arlington so I am focusing on other areas. Hedge funds and low inventory are the primary reason for this. I am also a licensed Realtor but do not go after any MLS deals as they typically get bid up in my area.
Congrats! @Rocky V. Looks like good deals can still be found in today's seller's market - you just need to know where to look.
@Rocky V. Congrats. That's an awesome deal. Glad to see another DFW investor on BP doing well.
Which area you found this property? It's a great deal.
The property looks beautiful and your numbers are great. Do people ever talk about the life span of a M/H? I know their overall value generally trends downwards. But if you keep the place up with good maintenance, can it last indefinitely?
Fantastic! Love these stories. Creative cashflow!
@Sharon Ku I am concentrating on properties within 1 hour south of Dallas and Fort Worth.
@Michael Wentzel Proper maintenance is key in M/Hs. My oldest M/H (pic below) was built in the late 70's and it set me back over $30K in rehab on initial purchase but it is owned free & clear and renting for $900/month. My plan is to eventually owner finance these properties.
Congrats! Solid deal.
@Rocky V. You seem to know your niche and you're doing a great job. I love the numbers on the cash flow. I hate the part that the asset generally moves down in value whereas traditional real estate properties go up in value. But overall, it seems like you've carved yourself a nice piece of the Real Estate pie and are running forward with it. Well done.
Congrats @ Rocky V. numbers look great
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