Mobile Home in Retirement Community

[David Burton]

Investment Info:

Mobile home buy & hold investment in North Wales.

Purchase price: $90,000
Cash invested: $10,000

2 bedroom, 2 bath mobile home

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

This purchase was for parents to live in during retirement. They did not have the money to purchase something on their own.

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

Drive-by in the neighborhood. Had put in an offer for another home that fell through and then this property showed up. It was slightly under market value which motivated us to move forward with it.

How did you finance this deal?

100% cash

How did you add value to the deal?

Redid the kitchen with new cabinets, countertops and flooring. Leveraged relationships with friends to help get the work done and keep costs low.

What was the outcome?

Do far it has been a good investment. I am not making any cash flow on it because my parents live there but all the expenses are covered and the home has appreciated in value over 30% in a just a couple of years.

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

I did work with a Real Estate agent in the area that I have known for over 20 years. He is a ReMax agent and his name is Rick Gisondi.