Rental Property Investor · Glastonbury, CT · Member since 2018 · 4 posts · 4 votes
Investment Info:
Mobile home buy & hold investment.
Purchase price: $10,000 Cash invested: $15,000
1967 Marlette two-bedroom, one full bath mobile with galley kitchen, including breakfast counter opens up to dining area and spacious living room.
What made you interested in investing in this type of deal?
Cash offer, small project, quick turnover
How did you find this deal and how did you negotiate it?
MLS and cash offer with quick close
How did you finance this deal?
Cash
How did you add value to the deal?
Complete gut and remodel
What was the outcome?
Total renovation with new appliances and cabinets in kitchen and bathroom including all new laminate flooring throughout and porcelain tile in bathroom.
Lessons learned? Challenges?
Flipping a mobile was challenging because nothing was of standard size. Doors, windows, water heater, appliances, all had to be smaller/special order. This was a costly mistake when it came to my budget.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
7y
@Account Closed Congrats on getting started! Obviously you are not going to lose everything you invested, maybe a small percentage. But you've learned a lot. That is worth it. It is very difficult to flip low value properties because the margins are so tiny. But maybe you'll become the expert at it!
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
Yup you learned the classic lesson with MH you don't go to home depot and pick up your parts..
this is why when I have bought parks over the years the older single wides I simply give them to a deserving tenant and let them maintain them.. and take my space rent.. NEVER pay for existing single wides in a park they have little to no value for long term owner.. divest yourself of them poste haste
Rental Property Investor · Glastonbury, CT · Member since 2018 · 4 posts · 4 votes
7y
Yes, I've learned some valuable lessons in this flip. I definitely will not flip a mobile again. I've decided to work smarter not harder and start investing in multi-family commercial units. Two flips was enough for me! :)
