Live in flip, manufactured home

[James Greenwood]

Investment Info:

Single-family residence buy & hold investment in Chilcoot.

Purchase price: $46,000
Cash invested: $25,000
Sale price: $229,000

Live in flip
1985 manufactured house on foundation

7 acres

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

My dad was watching cheap foreclosures sell in 2012 and got me interested.

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

It was a bank foreclosure listed at $50,000.
I offered $45,000
Bank countered at $47,000
I countered at $46,000
They accepted!

(The good old days when you could make a lower offer on an already smoking deal)

How did you finance this deal?

Cash

$16k of my own money and $30k personal loan

How did you add value to the deal?

New metal roof
New gravel driveway
New shed and pump house
New deck
Exterior paint
New electric panel
Rv pad with water sewer and electric hookups
Interior: flooring, Sheetrock, paint, painted kitchen cabinets, hearth, windows and doors, bathrooms, walk in tile shower, mowed entire 7 acres.

Lessons learned? Challenges?

Learned how to do all the work myself minus the electrical.

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

Paula Erle- Dickson Realty