1st flip since back into real estate

[Peggy Tibbs]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $149,000
Cash invested: $24,000
Sale price: $189,000

Part of the cash invested was us paying for their closing costs which they offered and extra 5,000 over asking price to pay for that. The actual closing costs ended up being less than that. The main reason for this purchase was the ability to also purchase the lot next door for 1,000 that had a garage and septic tank already in place. We have now placed a refurbished manufactured home on that lot and will probably have to rent it out due to lenders tough requirements for a second set manufactured home loan, but we have over 100,000 dollars in equity

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

The opportunity to place another home on the lot next to it and either rent out or flip this one as well

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

Through realtor.com, we negotiated through our respective realtors

How did you finance this deal?

a conventional loan with 5% down, we moved into it so it was a house hack

How did you add value to the deal?

Fixed some walls, new paint inside and out, new flooring throughout the home, cleaned up the yard, new water heater, new natural gas line to the home to replace a propane tank, put in baseboards throughout the home

What was the outcome?

a 16,000 profit

Lessons learned? Challenges?

anything under 200,000 at this time moves very quickly