First investment MH setup

[Don Underwood]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $150,000

Moved mobile home on bare land

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

I owned a mobile home that I needed to move. I could try to sell to someone who would move it, or I could find land to put it on and set it up myself.

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

I found 4 acres owned by a friend who wanted to sell. I bought his land, replatted it and moved my mobile home.

How did you finance this deal?

I formed a partnership with my favorite people (my parents and my two adult children). We got bank financing for the land purchase and contributed (almost) enough cash to complete the improvements.

How did you add value to the deal?

By making the home move-in ready.

What was the outcome?

Still seeking a buyer

Lessons learned? Challenges?

We had too much rain in the spring, so we weren’t able to set up the property in order to catch the height of house-buying.

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

I really appreciate my realtor, Noah Smith, and my banker, Brad Neimer.