TERRIBLE Singlewide Mobile Home turned AirBNB!

[Kim Warren-Page]

Investment Info:

Mobile home buy & hold investment in Travelers Rest.

Purchase price: $18,750
Cash invested: $20,000

If you have read my other investment posts, you already know we struggle with our low income rental housing. We purchased this in 2019 and rented it monthly. Problems ran the gamut from having a pet they are not supposed to have destroy the house to allowing a massive roach infestation to take root. Here is a link to an example on youtube of one we cleaned out recently: https://youtu.be/w5RgvkBLth8.

So, when this one became vacant in January, we decided to try our luck turning it into a monthly, furnished AirBNB. It is going very well! Our gross income increased from $700/month to $1675/month. The home is cleaned once a month and is beautiful. Here is a video of the remodel: https://youtu.be/dOR8koY3mf8

House prices in our area (Greenville, SC) are currently high. For example, we could sell this singlewide for $120,000.
Because we are hesitant to buy more right now (not sure if we are right or wrong with that decision), we decided to invest money in the properties we already own to increase our income. This example of our single wide remodel has gone well, made more money, and gives us peace of mind.

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

We bought this property as a foreclosure in 2019 with the intent of creating a yearly rental. Our goal is to generate monthly income.

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

Our realtor, a friend of ours from high school, brought us this deal.

How did you finance this deal?

We put 20% down with a local bank.

How did you add value to the deal?

Well, now we have completely remodeled the home. Our cash in is about $40,000 and we could sell it now for $120,000.

What was the outcome?

Our AirBNB is booked for a year at $1675/month with monthly cleaning. We are extremely pleased.

Lessons learned? Challenges?

Mobile homes are hard to work on. Parts might be hard to get. Utilize Facebook Marketplace to find tubs, etc. We use sections of fence and stain purchased on Facebook Marketplace to make the underpinning and shutters. Much cheaper than buying underpinning from a mobile home store.

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

Yes - Dan Bracken