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Updated about 5 years ago on . Most recent reply

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6
Posts
1
Votes
Aaron Reamer
1
Votes |
6
Posts

fix and flip mobile home

Aaron Reamer
Posted

Hello community, 

I just came across a mobile home located in a park that needs about 10 - 15k in renovations. The park manager is a good friend of mine who is acting on behalf of the park owners. They dont care so much about making money off of assets, but rather high occupancy. So I can purchase this home for 5k$ put the time and money into renovating it, and sell for roughly 45k.

I dont want it as a rental property, i would rather use this as a way to jump start investing in more real estate. I have the money to buy right now and know a few investors that would be interested to earn 30% or so ROI. As a new beginner in real estate investing, Im just a little nervous i might be overlooking something. Here is my math-

Purchase for 5,000 Plus any closing cost 

Renovate for 15,000

Sell for 45,000 (similar homes sell for 39k - 50k)

Profit 25,000

Should i get a conventional home renovation loan, or get investors to cover the cost of renovations?

Most Popular Reply

User Stats

20
Posts
7
Votes
Henry Paul Trinidad
  • Chicago, IL
7
Votes |
20
Posts
Henry Paul Trinidad
  • Chicago, IL
Replied

I recently watch a youtuber explain stuff with mobile homes. Check out MeetKevin, he's new but he knows what he's talking about.  I usually check properties online (Zumbly, Realtor, etc) that's why I don't get to do house hunting and stuff.  

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