Home became rental property
Investment Info:
Mobile home buy & hold investment in Granite Falls.
Older double-wide mobile on nearly 6 acres of land that is mostly forested and amongst 9 other properties about the same size. Nice woody atmosphere and 300 ft. of riverfront.
What made you interested in investing in this type of deal?
I rented it 1st and it was so much more land and privacy than anything else for that price I wanted to buy it. It is a beautiful property.
How did you find this deal and how did you negotiate it?
Rented from a real estate agent and than bought it from her.
How did you finance this deal?
Purchased this as a home many years ago with a mortgage and paid it off over time.
How did you add value to the deal?
Replaced the back porch/deck, painted inside and outside, put new carpet in it, added raised planter boxes and added plants around the front of the house.
What was the outcome?
Can't cash-out refinance because it is a mobile home. Will be selling this to the renters soon and than using the funds to invest in future real estate deals.
Lessons learned? Challenges?
In the future I will not be owning mobile homes because they are too hard to pull money out of for future deals.
