Mobile Home Rental

[Danny Moreno]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $33,000
Cash invested: $28,000

Bought a mobile home and turned it into a rental property. We did a full remodel. Paid everything cash and hoped we could do a cash out refi in order to invest in another property, but it was not possible in Texas

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

The deal was available and made sense with the numbers

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

Lady offered it because she was moving out of state

How did you finance this deal?

Cash from savings, partner in the deal

How did you add value to the deal?

Full remodel

What was the outcome?

2 months to remodel and had a renter within 3 months

Lessons learned? Challenges?

Coming up with the cash to purchase and being ok with leaving the money in the property since there is no cash-out option

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

Realtor to list the rental property