Updated about 9 years ago on . Most recent reply
Mobile Home Flip!
Today, after much hassle and many lessons learned, I sold my first mobile home. I never would have even considered mobile homes as a viable investment if it weren't for John Fedro. Thanks John!
here are the numbers:
purchase price: $1,500
Rehab budget: $1,700
Secondary rehab budget after screw up: $700
All in: $3,900
Down payment at sale: $3,000
Monthly payments for next 6 years: $500 per month
Total profits after 6 year note is paid off: $35,100
ROI: 1000% over 6 years
I formed a relationship with one of the largest mobile home park owners in the nation. Bought the property from him and hired a really terrible contractor who did a halfway job. He got paid because I was out of town for an extended time and I got a friend to inspect it. Apparently they had no clue what they were doing, and they thought it was a great job, and paid him. I had to hold it for 2 months as I wasn't able to see the terrible condition before getting a great contractor to clean it up.
I am thankful for all of these lessons I am learning early on in my investing career. As soon as the second contractor fixed it up, it was sold within one day.
I look forward to doing this over and over again!
By the way, I am letting my mom invest with me, as my parents have never had much financial success. She is getting a 50% increase on her money every year. It is my goal to provide her with a fantastic retirement through investing with me.
Most Popular Reply
@Austin Hughes Congrats!
@Account Closed Introduce yourself to the park manager. Tell them you are looking for any for sale and if the park has any, they may not want, that you could buy. You would fix and sell to a 'park approved buyer'.
Happy hunting!