Investment Info:

Mobile home wholesale investment in Menifee.

Purchase price: $231,000
Sale price: $260,000

Wholesale deal in Menifee, CA on a Mobile Home without permanent foundation and was pre-HUD. Turned to be a crazy deal with tax auction deadline and then finding out it did not have 433A and the mobile home was in the previous owner's name while the land was in the current owner's name, along with multiple buyers backing out. It was a HUGE learning experience to say the least.

How did you find this deal and how did you negotiate it?

We found this deal by calling through the Riverside County Tax Auction list. We then reached the seller, and they let us know that they already had offers, and so we were able to beat those offers and lock it up.

What was the outcome?

We finally closed about 2 months later, with a wholesale fee of 29k.

Lessons learned? Challenges?

There were a TON of lessons learned through this deal. I'll go ahead and list them all in order of how we discovered them:
1. No 433A (Permanent Foundation)
2. Pre-Hud (Built before 1976)
3. Title for the Mobile Home was still in the previous owners name, and the land was in the current owner's name
4. First Buyer backed out due to 2 different escrows going on with one being for mobile home and the other for the land
5. Second buyer backed out because they were worried about lending