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Updated over 6 years ago,
Flip in neighborhood with some SFH and some MFH?
Hello BP, I was driving for dollars the other day in a neighborhood about 5 miles from where I live and saw this abandoned house aka (Eye Sore) tall grass everywhere and over grown shrubs. So I stopped jotted down the address and went home to look up the info on it. As I was looking at the info it said its a 2/2, 1100sqft, 2 car Garage, SINGLE FAMILY HOME, owner bought in 1996 for $82k comps on it was $180-190 today. Looks like 25-35 rehab.
So I went back put my flyer on the door week later I got a phone call. Owner said he wants to sell cuz he had bad tenants + behind on rent.. you can tell.. he said he wanted $90k so I asked If I could go check it out tomorrow he said yeah.
He sent his nephew to show the property since he lives in Oakland. So we walked in and I noticed it's a manufactured home and right after that the nephew mentioned to me that it was a manufactured home and actually the inside surprised me because it wasn't in really that bad of condition.lol
So I give a friend of mine a call (an investor) and looked it up even went by it and called me back saying yeah it's a manufactured home and that pretty much the nieghborhood is half manufactured and half single family. All the sites that I go on looking up the info says single family and Zillow is the only one that said manufactured. The comps for the property are from some houses and manufactures.
Has anyone flipped a manufactured home and seen a good sized profit or what other things could you do with a property like this. My original thought was for my first flip to flip it but then I didn't really know anything about MFH's so it sounded like to much a risk. Feel I would need to get it way cheaper. I mean I guess you could flip and rent out for cash flow but I don't know. Any suggestions or thoughts on what I could possibly do with this property or should I just let it go? And go on to the next!?
Thanks if you made it this far!