Manufactured Home Flip
Investment Info:
Mobile home fix & flip investment in Temple.
Purchase price: $35,000
Cash invested: $60,000
I bought a manufactured home with land from an auction at the beginning of the year, and intended to keep it as a rental. Because I ended up having to do most of the work myself (couldn't find a good handyman or contractor), I ended up quitting my job to put more time into doing the work. Now I plan to flip the property, and find another when this one is done. I'll update and post pictures when everything is done.
What made you interested in investing in this type of deal?
I couldn't get a traditional loan, even though I had great credit, and about $65k cash. So, I thought of looking into mobile homes (now called manufactured).
How did you find this deal and how did you negotiate it?
I believe I originally found the property on Zillow, and it was listed as an auction. I went to the auction website, did my due diligence, then started bidding. I won the auction, but at way below what the bank owner would accept, so I ended up making the minimum offer that they would consider, and they accepted.
How did you finance this deal?
All my own cash. Although, I have used credit cards for much of the materials.