160 Pache Belgrade, MT
Investment Info:
Mobile home fix & flip investment in Belgrade.
Purchase price: $160,000
Cash invested: $15,000
Sale price: $315,000
I purchased this property with a friend and we split everything 50/50. This was an amazing first flip and was really what kick started me into the idea of doing this on a full time basis. This was a single family modular home on a solid foundation. The property was being sold through an auction and we were able to add an incredible amount of value just by cleaning it up and splashing a little paint around. Our realtor had clients on the hook the minute we finished working on the house. This was a great example of everything going right the first time! Hoping to get more of these.
What made you interested in investing in this type of deal?
There was a tremendous amount of value add which is what attracted me most. I could see what other people could not which is why the deal was still on the table after going through the auction multiple times.
How did you find this deal and how did you negotiate it?
I found this deal initially on Zillow when I was looking around in my neighborhood for house deals. I saw that it was an auction and then went to look at it.
How did you finance this deal?
My partner and I split the purchase and the rehab 50/50 using the HELOC on our personal residence.
How did you add value to the deal?
By cleaning up mouse poop, painting, flooring, and generally giving the property a face lift.
What was the outcome?
We each walked away with about $60k of profit and the buyers got a really solid home on a great lot.
Lessons learned? Challenges?
Not all deals will be this good! Always make sure you trust and know the person you are doing business with. It helped that we were both very aware and had a good relationship.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, we worked with an agent to list the property. He was a great guy and I would work with him again. His name is Richie Pemberton.
