Our first investment

[Christina Tsutsui-Tharp]

Investment Info:

Mobile home other investment in Burns.

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

We purchased a city lot inside Burns Urban Renewal Agency map. We purchased a preowned 2020 manufactured home located in Bonanza from the MLS to transport and place permanently on the property in Burns. The intention was to sell the asset as real property once the placement was complete. Due to the market conditions we have decided to keep the property as a rental now that it is complete.

The URA was approved and we will be getting back $25,000 for the new build.

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

My husband specializes in manufactured homes and we knew he could save us money by doing most of the work himself.

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

We found both the land and the pre owned manufactured home on the MLS. I am an agent so I negotiated it with other agents.

How did you finance this deal?

We paid cash for the land and private construction loan through a local company.

How did you add value to the deal?

We developed the land and brought additional housing to the community.

What was the outcome?

The home was moved and we got the final approval and now there is a renter in there.

Lessons learned? Challenges?

Everything takes so much longer than you expect... especially when there is snow involved. We learned so much! It was a challenge relying on my husband to do everything rather than just hiring out on more of the work.

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

Yes, myself! But also Simmons Agency in Prineville is where we got the private loan.