Mobile Home Flip!

[Austin Hughes]

Today, after much hassle and many lessons learned, I sold my first mobile home. I never would have even considered mobile homes as a viable investment if it weren't for John Fedro. Thanks John!

here are the numbers: 

purchase price: $1,500 

Rehab  budget:  $1,700 

Secondary rehab budget after screw up: $700

All in: $3,900

Down payment at sale: $3,000

Monthly payments for next 6 years: $500 per month

Total profits after 6 year note is paid off: $35,100

ROI: 1000% over 6 years

I formed a relationship with one of the largest mobile home park owners in the nation. Bought the property from him and hired a really terrible contractor who did a halfway job. He got paid because I was out of town for an extended time and I got a friend to inspect it. Apparently they had no clue what they were doing, and they thought it was a great job, and paid him. I had to hold it for 2 months as I wasn't able to see the terrible condition before getting a great contractor to clean it up.

I am thankful for all of these lessons I am learning early on in my investing career. As soon as the second contractor fixed it up, it was sold within one day.

I look forward to doing this over and over again!

By the way, I am letting my mom invest with me, as my parents have never had much financial success. She is getting a 50% increase on her money every year. It is my goal to provide her with a fantastic retirement through investing with me.