This property sold in 4 days over asking price!

[Dani Mountain]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $185,000
Cash invested: $35,000
Sale price: $671,000

This was our 3rd home. We purchased it off market, as-is, and as it was our personal home, we renovated over time. It was the worst house in the best location. 5 acres just above a lake outside of a desired town. We went down to thw studs on most rooms. 

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

The location. It was flat 5 acres above a beautiful lake. Secluded in the woods, but still close enough to town.

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

Worked with a real estate agent in the area. The property ended up being his book keeper's home that she had rented out and was needing to sell. Home was trashed as the tenant had to be evicted. We said we would buy as-is and take care of all the trash ourselves.

How did you finance this deal?

We put $40k down from the previous home we sold. Conventional 30 year loan.

How did you add value to the deal?

We told the seller we would take the property as-is. There was trash everywhere and the tenant left a ton of stuff that needed to be discarded. The owner didn't have to deal with any of it, as we offered to take care of it for her.

What was the outcome?

She accepted our offer of $185000.

Lessons learned? Challenges?

Wish we would have fully completed each project before moving onto the next. When we decided to sell, we had a ton of tiny projects to complete.