Easy mobile home fix & flip. Good profit for minor investment.

[Denise Andresen]

Investment Info:

Mobile home fix & flip investment in Colorado Springs.

Purchase price: $38,500
Cash invested: $15,000
Sale price: $67,000

Replaced flooring, upgraded bathrooms, new roof, new deck and porch, paint, kitchen facelift, landscaping

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

It was a good deal, easy fix. Good return.

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

Newspaper ads. Put $500 down, lease purchase, fixed and found cash buyer. Upon payment, option was paid and title signed over.

How did you finance this deal?

Lease option.

How did you add value to the deal?

Upgrades were simple but valuable. Very little work was contracted out, so saved a lot in doing the work.

What was the outcome?

$13,500 in profit and lived it while fixing. Win-win

Lessons learned? Challenges?

Don't get attached when it looks pretty...lol

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

Didn't need any. Sale was a simple title transfer and the contract was drawn and signed at the bank.

[Denise Andresen]

Erin, As far as taxes, I was able to process most of it thru my business and reinvest. Lot rents will vary here. This particular one I believe is around $500 and that includes trash. Monthly utilities ran about $160-$180. So, if you can buy cash and only pay lot rent, it's not too bad.

There are a few other parks, and the rents vary between $450-$650