My first home and hold

[Lianna Mae Smith]

Investment Info:

Mobile home buy & hold investment in Lakeland.

Purchase price: $64,000
Cash invested: $12,000

Mobile home in close proximity to downtown, 1.5 acre lot.

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

Motivated seller and able to get a private loan towards for this budget and wanted a house that would appreciate, be improvable, or be easy to replace- I got all of the above in the property.

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

2 months of searching for a home - this was in rough condition and in probate and had sat on the market for a couple months but seller was motivated.

How did you finance this deal?

Private loan and cash

How did you add value to the deal?

Full cleaning, replaced all flooring, paint, repairs, light cabinet and bath upgrades, yard improvements

What was the outcome?

Home is estimated rental at $1000 per month

Lessons learned? Challenges?

-Don't over-renovate (even though the home gained a lot of value in appraisal it was still excessive)
- Don't forget to budget the costs of addressing trees, driveway repair, and grades in the landscape

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

Kathy and Robert LaMond of LaMond Realty Winter Haven