First successful flip

[Evette Richardson]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $110,000
Cash invested: $30,000
Sale price: $195,000

This project was fully OPM. No money out of pocket. We were in and out even with a few unexpected problems. It was a moderate rehab.

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

My niche is mobile/manufactured homes. I got into this niche due to the low entry cost and the potential for great returns in a short period of time.

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

A club member I met through networking sent it to me. The sellers owed back taxes and needed cash. They wanted to move on. Our cash offer was 70% of the ARV minus repairs, in as-is condition. They accepted without any negotiation!

How did you finance this deal?

PML from my REIC

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

The purchase was done without an agent. However, for the sell we used local realtors that my partner had used in the past for another flip.