Recent successful MH flip

[Marty Mason]

Hello everyone, I've been a member for a few months now. The information found here has been so helpful. This is the first time I've actually posted anything but I thought my recent business deal was worth sharing. My company purchased a foreclosed Mobile Home from a HUD auction. As expected and typically we found it in terrible condition. I've been in the construction business all my life. I'm a third generation builder. We went to work rehabbing the property. New hardwood floors, vanity upgrades, kitchen countertops, bathroom tile, carpet and of course new wall and ceiling paint. We purchased at $32.000.00. Fortunately doing the work myself I kept the rehab budget under $10,000.00. We recently sold the property for $125,000.00. This deal has lit a fire in me. In my area of NC. (Lillington, NC). There is a good market for double-wides and modular homes. My goal is to rehab and sell 5 this year. Buy and hold looks like an attractive option as well. I've turned down many opportunities to rent at top dollar. I would be interested to hear from others that invest in MH props. Hope this motivates others.

[Marty Mason]

@John Klaus. The house was built in 2001. It has 2100 sq. ft. We signed the contract before rehab was complete. I'm not sure about the DP. We required pre-approval and $1000.00 earnest to secure it. @Justin Polston thanks and you are right, the experience of growing up in the construction field has been very valuable to me. Obtaining a warranty deed verses a DMV issued title is the option that owning the land and home together gives the homeowner. This is called "retiring the title." Glad I knew that answer. I'm usually the one that says. I have no idea but I know someone that knows the answer. Lol.