Pre owned manufactured home placement

[Christina Tsutsui-Tharp]

Investment Info:

Mobile home fix & flip investment in Burns.

Purchase price: $93,000
Cash invested: $30,000

We purchased a city lot inside Burns city limits and purchased a preowned 2020 manufactured home to place permanently on the property. The intention is to sell the asset as real property once the placement is complete with a CofO. Due to the market conditions now, we may keep the property as a rental once it is complete.

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

The cost of the land and the location. Being inside city limits and that it was approved for a manufactured home placement.

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

I watched the MLS and had a search set up for both the land and the pre-owned manufactured home.

How did you finance this deal?

We purchased the land with cash and did a private construction loan for the manu and development costs.

How did you add value to the deal?

We brought housing to the community where it is lacking

What was the outcome?

Still in the process of deciding on if we should sell or rent.

Lessons learned? Challenges?

Things move really slow in rural areas. We worked with multiple rural counties and the city/county building process was more than we expected. But this was our first time so now we know for the next time.

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

I am a real estate broker and my husband is a contractor who specializes in manufactured homes.