First mobile home flip in California

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First mobile home flip in California

Jim Keller
Investor · Riverside, CA · Member since 2014 · 351 posts · 220 votes

Been working for months to get short sale approved on a triple wide 443 mobile home thats 1,880 Sq ft and sits on a 70,000 Sq ft lot.  The bank has approved $184,000  and our contractor has given us a $39,000 repair price and we will be doing a complete transformation on the site and property.  

We are betting because of the size of the property we will get a buyer above $340,000 the property will have to be in tip top condition, but we will get it done.  

If there is anyone out there adding value to this type of structure let me know what worked well and what failed from the begainning.  Pictures to follow

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Carrie Giordano
Investor · Marina Del Rey, CA · Member since 2015 · 297 posts · 87 votes
11y

@Jim Keller can't wait to see some pics! What area of CA is this with such a large lot?

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  • Jim Keller
    OP
    Investor · Riverside, CA · Member since 2014 · 351 posts · 220 votes
    10y

    Hi all! 

    Here is the marketing video we had done for the Mobile Home we flipped in Menifee, Ca. The construction was very different from a conventional home, and it took about an extra 3 weeks to complete.  I think all of you will like what we finished with, and the best news is, after just 5 days we have it in escrow as of last Friday.

    www.31365pleasantvalley.com

     @Stephen McKee @Ben Andrews@Joe 

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  • John D.
    Rental Property Investor · La Quinta, CA · Member since 2014 · 1k+ posts · 779 votes
    10y

         I rehabed a similar sized manufactured home on 12 acres in Grass Valley around 18 months ago.  The house was in way worse shape (including lots of moisture damage from an indoor marijuana grow), however our rehab was at a much lower finish level.  I paid $167k and it was a $30k or so rehab.  It's rented for $2700 per month right now, and worth around $320k, although some of that value is due to the market appreciation over the last 18 months.

    If you are looking for conventional financing on a manufactured home as an investment, Rabobank will do those at 65-70% LTV/PP. If the home is liveable it's an awesome alternative to hard money.

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  • Christy Greene
    San Diego, CA · Member since 2015 · 41 posts · 13 votes
    10y

    Great Job, Jim!!  I remember seeing this listing on Redfin!  WOW!!!  What a transformation!

    I live in Menifee in a gated community and it is wonderful to see the rural part of Menifee improving .  Kudos to you!! : )  

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