Double Wide Rental Property

[Patricia Taveras]

Investment Info:

Mobile home other investment.

Purchase price: $15,000

I purchased a double wide mobile home from Craigslist for $15,000 using a 401K loan. I used a combination of a 401K and a HELOC on my primary residence to fund purchasing a lot, moving the home, placing it on a foundation, and doing a light rehab on the interior. All in, the total to purchase the home, move it, and rehab it was $44,000. I had the property titled as real estate. It is now a long-term rental.