Mobile Home Investing

[Justin Hutchins]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $8,500
Cash invested: $33,500
Sale price: $133,500

This was an interesting property and seemed a little “SCAM-ISH” from the get go but it was worth exploring. I found this property advertised on Craigslist for $10,000 and after reaching out to the nice gentlemen in south Florida that explained that he was helping a friend at a charity that received the property by donation….sketchy..We settled on $8,500 and after a few months of work and about $25k it was as good as new.

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

It was a great price point and I only invest in mobile homes because of the opportunity.

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

I found this deal on Craigslist and negotiated via phone and email.

How did you finance this deal?

It was a cash deal.

How did you add value to the deal?

Most of the work was in the clean up. I also replaced flooring repaired drywall, new cabinets, tile bathrooms and new toilets and fixtures.

What was the outcome?

Great outcome! After renting it for a year and a half at $1,250 a month I turned roughly an $80k profit taking into consideration maintenance and holding.

Lessons learned? Challenges?

I learned a lot on this one. Somewhat risky but turned into a great reward. Always be cautious but curious.

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

I am a licensed agent so I wrote my own deal.