$60k+ profit on $42,500 funky purchase
Investment Info:
Mobile home fix & flip investment.
Purchase price: $42,500
Cash invested: $18,000
Sale price: $110,000
Bought a super weird 4 acre parcel with part mobile/part stick built funker at auction. Previous owner prior to the foreclosure still on-site. Nightmare eviction after he went into hiding, found an amazing eviction attorney and PI to handle. Then rented for 2 years at above market rents, and then the tenants bought it for $110k seller finance, $20k down, I carried the additional $90k at a ridiculous interest rate. After paying my seller-finance mortgage for more then 2 years, they are now in default and I am foreclosing. Confident in the ability to resell after the foreclosure, if I again seller finance, given the high cost of housing in the general area.
How did you find this deal and how did you negotiate it?
MLS/Auction web site
How did you finance this deal?
Cash
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Edie Miller / Intero helped me with the bulk of this transaction