First Property Investment

[Annie Johnson]

Investment Info:

Single-family residence buy & hold investment in Poulsbo.

Purchase price: $235,000
Sale price: $450,000

We bought our first family home- a 3 bedroom newer manufactured home on 6 acres. Not knowing we could make money renting it or having any plans to sell it we logged the property and made $5,000. We took some of the money to clear stumps and build a fence. We were ready to sell but were not happy with the price our real estate agent wanted to list it for ($275,000) so we decided to try renting it out for a 12 month lease! That is when we first heard of Bigger Pockets. Rented it for a year and price went way up. Split our 6 acre lot into two lots. Sold the home for $340,000 and the second lot for $115,000. The best deal we have made yet and we were not even trying!

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

Did not know we were making a deal

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

n/a

How did you finance this deal?

native loan 184

How did you add value to the deal?

Buy and hold I think

What was the outcome?

A great deal

Lessons learned? Challenges?

Manufactured homes can make a great deal if in the right market and right place

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

Cathrine Arlen Kingston, WA