fix and flip mobile home
Hello community,
I just came across a mobile home located in a park that needs about 10 - 15k in renovations. The park manager is a good friend of mine who is acting on behalf of the park owners. They dont care so much about making money off of assets, but rather high occupancy. So I can purchase this home for 5k$ put the time and money into renovating it, and sell for roughly 45k.
I dont want it as a rental property, i would rather use this as a way to jump start investing in more real estate. I have the money to buy right now and know a few investors that would be interested to earn 30% or so ROI. As a new beginner in real estate investing, Im just a little nervous i might be overlooking something. Here is my math-
Purchase for 5,000 Plus any closing cost
Renovate for 15,000
Sell for 45,000 (similar homes sell for 39k - 50k)
Profit 25,000
Should i get a conventional home renovation loan, or get investors to cover the cost of renovations?