Fix and Flip First Experience

[David Jesperson]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $101,000
Cash invested: $25,268
Sale price: $202,000

This was my first ever solo project. I spent months reading, browsing forums and meeting with other investors to prepare. I felt I had a good head start since I was already a real estate agent and was very comfortable with finding comps and figuring out the ARV. For me the area I was concerned with was estimating costs. I individually priced all my materials and got several estimates from contractors. While time consuming, I did learn a lot and was within $2,000 of my initial budget.

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

I wanted something I could fix and flip for the quick capital as well as the experience of managing a project, finding contractors, etc

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

It was a personal referral, received a credit at closing for renovations as well

How did you finance this deal?

2nd home loan

How did you add value to the deal?

Interior remodel, paint, floor, appliances, fixtures, etc

Lessons learned? Challenges?

Don't split the work between multiple contractors if possible, finding one to do all or most of the work will keep prices down.
Challenges were finding replacement pieces for certain items as manufactured homes were very different than stick built as well as going through state guidelines for affixing the house to the land