First mobile home flip

[Jacy Taylor]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $70,000
Cash invested: $29,000

This would have been a very profit able flip but there were a ton of issue this year. So this being my first project on my own without any partners, I made a few mistakes, there were some issues that were out of my hands but now I'm very knowledge able on mobile home flips.

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

I have always been interested in flipping and I have a mentor that has been very successful at it. The mobile home just came to me beacuse the price have gone up so this was the best deal for my money.

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

It was on the MLS and it was a probate.

How did you finance this deal?

Personal cash.

How did you add value to the deal?

Full rehab as well as converting it form personal property as a mobile home to real property. This was a buy can get a home loan, so that bring a much larger opportunity to sell it.

What was the outcome?

There has been a title issue due to the probate court and pandemic, so it has taken much longer then expected. It is currently in contract. My profit has been cut largely by the amount of time it has taken to get the title issue resolved.

Lessons learned? Challenges?

Careful of the title company you use and always have someone double check legal paperwork. Don't quit you day job; I stop doing my real estate marketing and that led me to have little income during this process. Also, be prepared for the worst. I would have never though this would have taken 12 months to finsh and my estimated holding cost ended being way off.

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

Steward Title company. Mobile Home Depot. I am pretty good at finding deals in this market.