Investment in Mobile Homes

[Joseph Prainito]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $22,000
Cash invested: $35,000

Currently rented. 1999 3 Bed 2 Bath Mobile Home Updated kitchen and master bath. On a cul-de-sac in a quiet mobile park. minutes to Cabarrus Arena, 15 minutes from downtown Concord and Kannapolis.

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

Low cost, surprisingly beautiful home for the money. Originally bought to relocate to.

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

On Zillow. Negotiation was done directly with the owner. A cash deposit of $10,000 was required,, then a $300 a month payment till it was paid in full.

How did you finance this deal?

I allowed the original owner to stay in the house until payment was completed and was credited the $300 every month. So technically my out of pocket was the original $10k.

How did you add value to the deal?

Cleanup, new carpeting. Some new fixtures in the bathrooms. Paint

What was the outcome?

Renting for $1300 per month with a $450 a month cashflow after expenses of Prop Mgr, lot rent($550) insurance and separate account for repairs

Lessons learned? Challenges?

Hire a property manager sooner. I paid the lot rent ($550)for 2 yrs on an empty house when I could have been collecting rent

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

David Timberlake @ D&K Property Mgmt Concord NC 704 209-1424 dkpropmgt.com

[Rachel H.]

@Joseph Prainito Interesting how you found this opportunity on Zillow. Congrats on your deal! 

[Joseph Prainito]

Thanks but I got lucky. I love mobile homes. This was my second. Knew nothing about them before the 1st. Always thought they were so inferior to stick houses. I was so wrong. I just got a little creative with the financing. Biggest regret was waiting to long to hire a property mgr. I paid lot rent for about 3 yrs for an empty house. You're into mobile homes?