Still waiting on profit...

[Carlos Figirova]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $40,000
Cash invested: $6,000

Bought a mobile home to sale 'owner finance' ended up renting it out. Loan is almost up in about a year. Bought it with a personal loan. Finally got a good renter. I will begin receiving profit next year. I know... bad deal

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

Sounded very simple. Bought a good 'looking ' mobile home $10,000. At the time I thought this was a good price. Bought the lot owner finance. $20,000. About $10,000 to move it and land improvements. Everything was saying js do it! So I did it.

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

Found the deal on craigslist.

How did you finance this deal?

Personal loan, and owner finance.

How did you add value to the deal?

Land improvement. Found there were issues with the mobile home some time later.

What was the outcome?

Learning about dealing with renters. I should have stuck to the original plan to owner finance. Everything took longer than expected and I was paying the note$$$. I should have also had it inspected so I would know about the issues that took a while to figure out.