My first real estate flip

[Brian Ramp]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $52,500
Cash invested: $22,000
Sale price: $135,000

Manufactured home on about an acre in remote mountain area. Internal repairs were minimal, but the road was nearly washed out. about 2/3 of the repair costs were to gravel, grade and reform the road to the property.

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

MLS. It was a distressed property with a road that was in disrepair and nearly impassable.

How did you finance this deal?

Personal capital

How did you add value to the deal?

The road was repaired, as well as upgrading and repairing the inside of the home and the yard.

What was the outcome?

A great ROI, and a homerun first deal

Lessons learned? Challenges?

We learned that repair of a mountain road is a very unpredictable renovation. We also learned not to doubt your valuation, sometimes you just need to wait for the right buyer. After 45 days we were in negotiations with a prospect going between $125k and $112k when out of the blue another prospect who had viewed the home a couple weeks prior offered full list of $135k all cash 2 weeks to close.

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

Edward Ramp, Owner/Realtor of Zen Mountain Realty services Western North Carolina. Not only found the deal for me, but unloaded it for a fair price and a healthy profit