1st flip a success. looking for another one.
Investment Info:
Mobile home fix & flip investment.
Purchase price: $49,000
Cash invested: $25,000
Sale price: $125,000
This was an REO property that I found on realtor.com. The house was located in the country and needed new hvac, al new flooring(lvp main living area, carpet in bedrooms, tile bathrooms), paint, kitchen counter tops, new tub in master, new shower in hall bath, all new interior doors and knobs, all new light fixtures, newappliances, new 10x14 deck on back of house, fixed 2 windows and patio glass. took longer to complete than I had hoped but, net profit was around 35,000. Great first flip.
What made you interested in investing in this type of deal?
I originally bought as a rental, but saw the potential for a flip and decided to go that route.
How did you find this deal and how did you negotiate it?
found it searching realtor.com. price dropped from 75,000 to 50,000 and I went and looked at it right away. made a cash offer.
How did you finance this deal?
cash
How did you add value to the deal?
renovations
What was the outcome?
made a net profit of 35,000
Lessons learned? Challenges?
manufactured house has certain challenges. nothing is standard size. be carefull that it has an actual deed, not just a title.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Rick Hunter with Jaqua Realty in Battle Creek.