Single-family residence and mobile home park buy & hold investment in South Carolina.
Purchase price: $25,000
Cash invested: $25,000
Single family home, part of a double lot purchased that also includes a mobile home park.
What made you interested in investing in this type of deal?
I wanted to purchased a mobile home park, and this particular property came as a double lot that also included a single family home along with the 11 mobile home slots.
How did you find this deal and how did you negotiate it?
Through a colleague of mine who wholesaled it to me. The potential value with some improvements was huge, so I paid what he asked.
How did you finance this deal?
How did you add value to the deal?
We have had it going on 4 months now and with the help of my property manager we have already more than tripled the rental income and will again double it from now in 2021.
What was the outcome?
Still working on it, but it's going well with improvements and gains in rental income amounts.
Lessons learned? Challenges?
That buying and trying to MOVE mobile homes can be a challenging feat.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Hi @Trishann Couvillion , congrats on the small MHP purchase! Sounds like it has some incredible upside!
What kind of lot vacancy were you working with at purchase and what is your vacancy now, if you don't mind me asking?
Congratulations on this investment @Trishann Couvillion !
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