Mobile Home reno in the works

[Wendy Vigeant]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $18,000

Mobile home with a tree that fell thru the roof. It sat vacant for 10 years. I look at it as a "Diamond in the Rough". :)

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 and am paying cash for the renovation.

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 a Realtor with Coldwell Banker Premier Properties