Updated over 5 years ago on . Most recent reply
First Investment Property
Investment Info:
Mobile home buy & hold investment.
Purchase price: $6,500
Cash invested: $13,500
Purchased land and home for cash. In the process of Rehabbing the home now. Planning on renting out the property when completed.
What made you interested in investing in this type of deal?
I don't much of a retirement plan at work. I figured several rental properties would provide a decent income in my later years.
How did you find this deal and how did you negotiate it?
I live in the neighborhood and saw the sign in front of the house. It was the same agent that sold me the current house I live in. The entire deal was put together over text messaging.
How did you finance this deal?
Cash
Lessons learned? Challenges?
It is difficult to find a contractor that does good work for a fair price.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Hayli Cagle with Keller-Williams Realty Shreveport, LA
Most Popular Reply
Congrats on your first investment property! How long do you expect the rehab to take? What is your estimated monthly cashflow once it is rented? I am currently under contract on a property that has a mobile home on the land. Very interested to hear more!