Making a little bit on a slow manufactured home flip :)

[Erin Church]

Investment Info:

Mobile home fix & flip investment in Orangeburg.

Purchase price: $62,800
Cash invested: $55,000
Sale price: $146,000

Did a "first base" flip on a manufactured home. The house turned out beautifully and the new owners ended up with a property that will have very low cap ex since it has a new roof, new HVAC, and all the pretty parts are also updated. :)

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

I love manufactured homes! So, this was definitely of interest. It was only about 30 minutes away from where I live, so it wasn't too tough to check up on it.

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

From a wholesaler. I didn't negotiate, I actually bid over their asking price.

How did you finance this deal?

Cash

How did you add value to the deal?

Lots of landscaping, paint, floors, redid the bathrooms, repaired decks, new roof, new HVAC, and... stick on backsplash in the kitchen. It actually turned out pretty well!

What was the outcome?

Didn't make a huge profit, but made enough to make it worth it. I prefer to make at least 15% and I was a bit shy of that. The new owner did get a great deal on the house though!

Lessons learned? Challenges?

Manufactured homes can be a crap shoot with appraisals. So, I think it's a good idea to get a pre-sale appraisal. I did this, but hired a not-amazing appraiser as it turns out. I sold above his price, but left a little meat on the bone since the new appraisal came in at or above asking.
This one had some easement issues that I wasn't aware of ahead of time. I've since purchased a metal detector so I can find pins more easily. :)