Field of Dreams

[Roger Brittingham]

Investment Info:

Mobile home buy & hold investment in Corning.

Purchase price: $60,000

This was our first home. We decided to make it a rental after living there for seven years. Our renter paid this loan off in full for us over an 18 year rental period.

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

We had always wanted a stick built home and we decided to take a leap of faith and make this home a rental.

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

We bought it new.

How did you finance this deal?

Financed through two traditional 30 year mortgages. And then we had an acceleration of payments compliments of the Dodd/Frank Bill.

How did you add value to the deal?

We have added new interior features and a new roof.

What was the outcome?

Longevity!

Lessons learned? Challenges?

If you are going to rent through section 8 housing, don't expect to get a good return on investment. Legislation changes over 20 years and that affects your relationship with traditional lenders.