Double wide mobile home sitting on 5 wooded acres house flip

[Daniel Murray]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $60,000
Cash invested: $1,500
Sale price: $155,000

Purchased with 0% down owner financed at 10 years with 4% interest from a distressed owner who saw it as a headache he didn't want to be troubled with. Did a lot of sheet rock work on the inside including a bathroom remodel. Added new HVAC system and a roof. The property was in fairly good shape when i purchased it but it had a city inspector who owned it before me so i believed the previous upkeep was trust worthy.

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

Home had hardwood floors and granite kitchen counter tops the previous owner added, intending to live there as a retired building inspector and he was willing to owner finance it to me with 0% down so I took the deal.

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

i saw a property for sale online I called the agent about then they said their father owned it and connected the 2 of us. Him and i had a good conversation but i wasn't interested in that property so he showed me another he had and i asked him what he wanted for it... He set the terms and they were very reasonable so i didn't negotiate.

How did you finance this deal?

50% my money for rehab and closing cost, 50% a family member. The home was purchased with owner financing

How did you add value to the deal?

finished the unfinished work of previous owner and replaced roof, added hvac unit, and repaired damaged ceiling from roof leaks

What was the outcome?

80k profit

Lessons learned? Challenges?

never do business with family. just be patient, keep your nose to the grind stone and fund it yourself if it is between you not getting it or you going into business with family.

Also just enjoy the work. If you enjoy it you tend to work more, get it done faster, and get it done Better all at once. I say i LEARNED this because enjoying the work was NOT the case on this job.

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

I recommend showing the respect everyone deserved plus 20% because we are ALL trying to make it in life and it's not right to get to the finish line because you compromised everyone else's ability to run