Single-family residence fix & flip investment in Yakima.
Purchase price: $65,000
Cash invested: $5,000
Sale price: $95,000
First investment: Bought two mobile homes in Yakima, WA at 17 years old for 65,000 with $5,000 down at 7% interest. I was able to rent each for $550 (totaling $1,100 per month) with payments of around $750. This property by far taught me more than any college course. Going through an eviction, taking them to court, managing people etc. was the best learning experience ever. I moved to Walla Walla, WA and sold these for $95,000 on owner contract with a 15k down payment. Now the buyer an escrow which pays my payment and I still make about $130 per month on it.
How did you finance this deal?
How did you add value to the deal?
Raised Rents, replaced electrical, new roofs
What was the outcome?
The best learning experience of my life to that point. Taught me the power of cashflow and creative financing. Also walked away with $15,000 (which was a lot for me!), and continue to this day to cashflow $130 per month.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
@Sean Wilkinson hi, I am saving to purchase my first investment mobile home property and am wondering if the homes you purchased were in a park, did you have to move them to a park or was the land included?
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