$50,000 Profit Mobile Home Flip!

[David Oldenburg]

I haven't posted in a while, as I have been busy running my investing group and doing deals, but I wanted to start sharing more.  I am a flipper, wholesaler, and wholetailer, but have never flipped a mobile home.  Why?  I have never thought flipping a mobile home would be worth my time.  That all changed a few weeks ago, when I was asked to evaluate and possibly consider a mobile home.

The seller owned this property free and clear and it is in a park.  The seller was behind a few months on park space payments and the seller also owed the park some other money.  They filed for repossession, and I was called in because the seller wanted to get out quickly and move on.  This is a double-wide 1510 sq ft 4/2 manufactured home built in 2003.  It needs flooring, paint and a few minor repairs.  It comps at about $80K if looking decent.  The seller wanted $50K, but after 2 weeks of back and forth, the seller agreed to $23,500.  

We are almost done with the work after about 10 days and the home is going to be listed at just over $80K, making this a $50K profit, actually about $45K after re commissions and closing costs!  Not a bad deal...a 200% return in just a few weeks.  So, apparently you can make some money flipping mobile homes!  Maybe I need to change my marketing strategy :-).

[Daniel Derrick]

Wow! That deal sounds very familiar. I’m in Portland and I found a 2/2 1991 mobile home in a park on sale for $35k. I negotiated down to $20k with comps in the park going for $120k.

I estimate the rehab to be $33k and that includes a roof and an added bedroom to make it a 3/2. Even after holding costs and expenses, I’m looking at a profit of $60k. We’re a month into the rehab and so far no budget busters.

On the west coast with prices so high, even for mobile homes, there is money to be made on mobile homes. I’m already looking at if this is an anomaly or a system that can be expounded upon.

Congrats on your success!