Mobile Home Fix and Flip

[Taylor Umphlett]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $25,000
Cash invested: $30,000
Sale price: $71,000

Double wide in a good neighborhood. New paint, flooring, roof, fenced in back yard, HVAC repairs. This was our first flip, under contract before we finished. We sold below market value.

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

We had wanted to flip a house for a while when we found it. Seemed like we could make some money quickly.

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

We found this on realtor at the time.

How did you finance this deal?

We borrowed the down payment from my business partners parents and financed it through a local bank.

How did you add value to the deal?

We rehabed the property with a new roof and cosmetic stuff on the interior. Closed the deal by adding a fenced in back yard.

What was the outcome?

We sold the property and got what we were asking.

Lessons learned? Challenges?

At the time we had a huge construction project going two hours from home. We spent all out spare time doing all the work to this property ourselves. We should have hired sub contractors to do the work to save time. We sold below market by $20,000 to sell it fast. We should have listed about $5,000 below market.