Mobile home investing for long term Payments!

[Ben Naught]

Investment Info:

Mobile home fix & flip investment in Roseburg.

Purchase price: $1
Cash invested: $10,000
Sale price: $46,000

Contributors:
Shelby Arnold

This was a crazy and long slow moving deal that took a ton of can do to get through. I purchased this property for $1.00 in Molalla Oregon. I then partnered with a park in southern Oregon to get them to pay for the transportation and set up of the house.
We sold the house for $15k down and $396/ month for 8 years. It took a lot of effort and can do to get this done. Transporting homes can be a very taxing thing if not done properly.

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

The fact that I could get it done with very little of my own money invested and make a good return for many years to come.

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

I found this deal by posting online looking for people that may need homes removed from there property. Perhaps they just bought a new manufactured home to be placed there and instead of tearing it down they would rather see it go to a family in need of a home. I negotiated it to $1.00 purchase price because it had to be moved and there alternative was to pay to have it torn down and thrown away.

How did you finance this deal?

I got the home for basically free and the park paid to move it. The new buyer paid $15k in advance for the home and I used that money to renovate the home. I also used money from an outside investor to finish the back deck and landscaping as well as assistance with lot rent.

How did you add value to the deal?

I brought the house back from the dead. It was going to the scrapper and we made it live again. Putting a family in it that will treat it well for years to come.

What was the outcome?

The outcome was awesome. We were able to get the family in to there new home just before the start of the school year and they now pay every month on time for the next 8 years hopefully then they will own the home.

Lessons learned? Challenges?

I learned a TON of lessons. I think the biggest one is to learn your market. Be active in the market daily!

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

No