50 Manufactured Homes from the Ground UP

[Pace Jordan Morby]

Investment Info:

Single-family residence other investment in Wittmann.

Purchase price: $800,000
Cash invested: $6,250,000
Sale price: $9,750,000

We are developing 50+ Brand new manufactured homes in Wittmann Arizona.

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

We got the lead as one of our wholesale deals and decided we would make more by developing.

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

We found it from doing outreach on our Cold Call company in the Philippines. They got ahold of the seller and we followed up and closed the deal.

How did you finance this deal?

Private money. 10% interest only.

How did you add value to the deal?

We developed brand new homes on dirt lots.

What was the outcome?

We are in the middle of it now. Corona Virus will slow us down a bit.

Lessons learned? Challenges?

Having a lot of fun doing it now.

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

Yes. Hard money lender. Private money lender. Developers. Manufactured housing dealers etc.