First Property Investment

[Annie Johnson]

Investment Info:

Single-family residence buy & hold investment in Poulsbo.

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

3 bedroom newer manufactured home on 6 acres. After logging the property we took some of the money to clear stumps and build a fence. Ready to sell but unhappy with list price ($275,000) 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