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?
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
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