All Forum Posts by: Wendy Vigeant

Thank you - I went thru AirDNA and plugged in all my numbers- I ended up with a cap rate of 6.34 after start-up costs. 

We have the opportunity to buyout our Aunt's beach house.  We want to rent it out VRBO and AirBNB.  How can we see if it a good investment?

I am having the worst time finding a lender that will do a MH cash- out once I am finished rehabbing it. I will have it rented out for 1500/month. It's owned by my LLC. I bought it in July. Its a doublewide and is REAL property tied into .35 acre. I keep getting lenders that are like - Yeah- We can lend on it but some reason or another they can't. I had a new roof put on, new anchors/tie-downs per a HUD engineer, up to code electrical and panel, up to FHA standards and current code plumbing and new AC.

I need to pull the cash out so that I can do another Fix/flip or BRRR

Investment Info:

Mobile home buy & hold investment.

Purchase price: $18,000

Mobile home with a tree that fell thru the roof. It sat vacant for 10 years. I look at it as a "Diamond in the Rough". :)

What made you interested in investing in this type of deal?

Great location that is up and coming- St. Johns County prices are very high. Putnam County taxes are less and there is a lot of potential out there.

How did you find this deal and how did you negotiate it?

I am a Realtor in St. Augustine FL- One of the other agents in my office turned me onto this deal.

How did you finance this deal?

paid cash and am paying cash for the renovation.

How did you add value to the deal?

I didn't take a commission- I let the other agent take the full commission

What was the outcome?

We bought it and are currently working on it.

Lessons learned? Challenges?

I bite off a big project for my first Mobile Home reno- My challenges are finding lenders that will do a cash out on the appraised value without having to wait 12 months. I think after going thru this I will have no issues with my next mobile home renovations in the future. I look at similar ones that sold or are for sale now in a condition that is close to what I got mine for and I know I got a deal. I will be more aware of sub prices and what to look for underneath.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself- I am a Realtor with Coldwell Banker Premier Properties

Investment Info:

Mobile home buy & hold investment.

Purchase price: $18,000

I came across this property thru another agent before it hit the MLS- If you look at the photos on Zillow you can see it was a diamond in the rough. My husband was on board although the work it needed was intimidating to him and of course, I told him a certain price we would be putting in to fix it up. My numbers were off, to say the least, due to the costs of labor and materials. I plan on doing it right. Certain items I will be repurposing thru Habitat for Humanity ReStore just because I like to upcycle. My main focus right now is making it HUD-approved, just in case I decide to sell it later on. I need anchors/tie-downs ( per a HUD inspector) and to have it leveled before doing my windows/doors and any interior framing etc. I just replaced the roof after I had all the pines cut down. I always get rid of trees that I feel might fall on my structures. My main goal is to pull the cash out once it's rented and buy a multifamily.

What made you interested in investing in this type of deal?

Great location that is up and coming- St. Johns County prices are very high. Putnam County taxes are less and there is a lot of potential out there.

How did you find this deal and how did you negotiate it?

I am a Realtor in St. Augustine FL- One of the other agents in my office turned me onto this deal.

How did you finance this deal?

paid cash

How did you add value to the deal?

I didn't take a commission- I let the other agent take the full commission

What was the outcome?

We bought it and are currently working on it.

Lessons learned? Challenges?

I bite off a big project for my first Mobile Home reno- My challenges are finding lenders that will do a cash out on the appraised value without having to wait 12 months. I think after going thru this I will have no issues with my next mobile home renovations in the future. I look at similar ones that sold or are for sale now in a condition that is close to what I got mine for and I know I got a deal. I will be more aware of sub prices and what to look for underneath.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

myself- I am great at finding deals and know what to look for.

I am using my own cash to renovate it- It's tied in with the land in Palatka.  I got a great deal on it ( I am a REALTOR).  This issue I am running into is trying to get cash out on it once it's rented out.  I want to get a loan on it (approx 60-70K) comps are coming in around 115K.  Once I get that money I want to get a quad or triplex (depending on the price).  I picked it up for 18K (includes the land).  But I am being told that lenders are only going off that figure and not what it will appraise out for once I finish the reno