Trashed single wide wholesaled
Mobile home wholesale investment in Stokes.
Purchase price: $10,600
Sale price: $16,000
The owner of this property had passed and the property was transferred to her children who were injured, out of work and needed to sell. The property had garbage throughout the yard and a trailer that couldn’t be saved. We helped them develop a plan, they accepted our offer and we closed on the property in 6 days. We continued to provide support after the close until the title for the trailer was assigned to the new owners.
What made you interested in investing in this type of deal?
The prospect of my being able to learn how to find properties to invest in. The money doesn't hurt, either.
How did you find this deal and how did you negotiate it?
Found using DealMachine after I was tipped off by a DealFinder in our area.
How did you finance this deal?
No financing. Just a contract sale.
How did you add value to the deal?
Oddly enough, all of the value was added by the end buyer. The property had trash EVERYWHERE, but he'd missed out on a wholesale deal before and wasn't about to miss out on this one.
What was the outcome?
The contract was assigned to the buyer and we closed 4 business days after.
Lessons learned? Challenges?
ALWAYS KNOW WHERE THE SEPTIC TANK IS!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?