New to Real Estate · Fort Mcmurray, Alberta · Member since 2021 · 7 posts · 4 votes
Investment Info:
Mobile home buy & hold investment.
Purchase price: $201,500 Cash invested: $10,075
This property was listed on the MLS and we have caught this before it was listed but as it was a foreclosure we had to wait 1 week before putting in an offer. we ended up going back and forth 3 times before settling on a price. This property was distressed and needed roughly $10,000 in repairs (mostly cosmetic) and we will be upgrading parts of the home to upgrade the value.
$201,500 purchase price
$10,000 estimated repairs
$10,075 Down payment
$310,000 ARV
What made you interested in investing in this type of deal?
The property was extremely under values as it was a foreclosure and distressed.
How did you find this deal and how did you negotiate it?
MLS, We went back and forth 3 times with the negotiation process
So many people tell me to stay away from the mobiles. I wanted to buy one and add a breezeway/garage - I know it would work but the negativity from mortgage brokers was sending me in other directions. I decided I will do it but it won't be my first buy ... but I see it was yours ... hmmmm