First Property Investment
Investment Info:
Single-family residence buy & hold investment in Poulsbo.
Purchase price: $235,000
Sale price: $450,000
We bought our first family home- a 3 bedroom newer manufactured home on 6 acres. Not knowing we could make money renting it or having any plans to sell it we logged the property and made $5,000. We took some of the money to clear stumps and build a fence. We were ready to sell but were not happy with the price our real estate agent wanted to list it for ($275,000) so we decided to try renting it out for a 12 month lease! That is when we first heard of Bigger Pockets. Rented it for a year and price went way up. Split our 6 acre lot into two lots. Sold the home for $340,000 and the second lot for $115,000. The best deal we have made yet and we were not even trying!
What made you interested in investing in this type of deal?
Did not know we were making a deal
How did you find this deal and how did you negotiate it?
n/a
How did you finance this deal?
native loan 184
How did you add value to the deal?
Buy and hold I think
What was the outcome?
A great deal
Lessons learned? Challenges?
Manufactured homes can make a great deal if in the right market and right place
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Cathrine Arlen Kingston, WA