Manufactured Home was All I Could Afford

[Jaime Topete]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $289,000
Cash invested: $80,000

I live in one room and rent the other two rooms.

Negative cashflow (I live in one room) but got word yesterday that the land will be available for purchase soon.
Very exciting.

Total Bills: $2700
Income: $1950

I pay the remainder and I get to walk to work.

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

I had graduated from UCSB and buying an $800k home was not in the budget.
A manufactured home was all I could really get into, given I also had no credit.

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

I found this deal on Redfin; I did not negotiate.

How did you finance this deal?

A local bank that specializes in manufactured homes financed me using my pay stubs.

How did you add value to the deal?

I removed a tree that was bringing in a lot of insects. I had all of the window trimmings redone.
Hired local people to remodel a bathroom.

What was the outcome?

I live here currently, get to walk to work, and my tenants are happy.

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

Not really. The agent represented both buyer and seller. I have not used the agent since.
That is my only manufactured home so I also have not had a need to contact the lender.