First Flip is TOO CHEAP?

Question

I'm primarily laser focused on wholesaling for the next year to gain some traction & capital before fully pivoting our focus into the financial freedom of a rental portfolio. So, my mentor does the same thing & he came across a mobile home on a poured foundation. He tells me to buy it. I thought it over, crunched the numbers, talked with my contractor & it surely WILL work but it's such a small project (under $100k all in) that I can't secure hard money! I've reached out to a couple of my wealthy acquaintances & I'm waiting to hear back. Thoughts, insights, ideas? TIA

Michael McDowell · Answer

I respectfully declined. Responsible decision. They do tons of mobiles & it will work but I wasn't prepared. Pulling in private money for next potential project. Staying focused on the niche for now. Thank you.

Rachel H. · Answer

@Michael McDowell There may be a reason why you can't secure hard money for the deal. I'd seriously consider learning your market first especially for a mobile home before you buy it. If your mentor does not exclusively do mobile homes, he may not be as knowledgeable in this area as you think.

To get some insight on the market, you may want to talk to a few mobile home park managers or owners and mobile home dealerships. In the past, I've found both to be good sources of information when learning the market as a mobile home investor.

Hope that helps. Good luck!