Updated over 2 years ago on .
Mobile Home Rental Property
Investment Info:
Mobile home other investment.
Purchase price: $10,000
Cash invested: $13,000
Rental Property
What made you interested in investing in this type of deal?
I needed a cheap place to live at the time.
How did you find this deal and how did you negotiate it?
I bought it from my landlord at the time and moved it to a lot for $100/month. I lived in it for a fews years, then later bought a HUD foreclosure to move into and rented out the mobile home.
How did you finance this deal?
Personal loan
How did you add value to the deal?
Moved it to a lot. Before renting it out, painted and changed the flooring.
What was the outcome?
I still own it and rent it out.
Lessons learned? Challenges?
I learned how to finance a mobile home and what is involved in moving one. I also learned about screening tenants and leasing when I decided to rent it out.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not at that time.