Mobile Home reno in the works

[Wendy Vigeant]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $18,000

I came across this property thru another agent before it hit the MLS- If you look at the photos on Zillow you can see it was a diamond in the rough. My husband was on board although the work it needed was intimidating to him and of course, I told him a certain price we would be putting in to fix it up. My numbers were off, to say the least, due to the costs of labor and materials. I plan on doing it right. Certain items I will be repurposing thru Habitat for Humanity ReStore just because I like to upcycle. My main focus right now is making it HUD-approved, just in case I decide to sell it later on. I need anchors/tie-downs ( per a HUD inspector) and to have it leveled before doing my windows/doors and any interior framing etc. I just replaced the roof after I had all the pines cut down. I always get rid of trees that I feel might fall on my structures. My main goal is to pull the cash out once it's rented and buy a multifamily.

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

Great location that is up and coming- St. Johns County prices are very high. Putnam County taxes are less and there is a lot of potential out there.

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

I am a Realtor in St. Augustine FL- One of the other agents in my office turned me onto this deal.

How did you finance this deal?

paid cash

How did you add value to the deal?

I didn't take a commission- I let the other agent take the full commission

What was the outcome?

We bought it and are currently working on it.

Lessons learned? Challenges?

I bite off a big project for my first Mobile Home reno- My challenges are finding lenders that will do a cash out on the appraised value without having to wait 12 months. I think after going thru this I will have no issues with my next mobile home renovations in the future. I look at similar ones that sold or are for sale now in a condition that is close to what I got mine for and I know I got a deal. I will be more aware of sub prices and what to look for underneath.

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

myself- I am great at finding deals and know what to look for.