Affordable housing investments with few city rules, etc.

[John Groom]

Investment Info:

Mobile home private money loan investment.

Purchase price: $1,000,000
Cash invested: $1,000,000

Mobile homes on land, managed by Stromberg Inv

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

Availability of affordable housing in growing area w trustworthy management.

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

Via client referrals

How did you finance this deal?

1031 from other properties

How did you add value to the deal?

Invested purchase price plus fix up funds up front. Requires trust, eh?

What was the outcome?

Stable 10%+ returns that are surviving Covid w/o a hiccup

Lessons learned? Challenges?

Find somebody good at what he does and get the hell out of the way.
Resist smart guy disease (micromanaging).

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

Nope.