Purchase of property #2
Investment Info:
Mobile home buy & hold investment.
Purchase price: $146,000
Cash invested: $9,400
4 bedroom, 2 bath, 2043 sqft on 1.2 acres of land. Developing the land (fence, landscaping, driveway, etc) Will be renting out and should have a pure (positive) cashflow of around $200 - $250.
What made you interested in investing in this type of deal?
At the time I was needing a new primary residence that I wanted to eventually turn into a rental. A manufactured home that's larger than a traditional stick and brick house is about $40,000-$60,000 less and the rental rates for a nice manufactured house are around the same numbers. It made sense to go this route.
How did you find this deal and how did you negotiate it?
On the MLS as a new listing.
How did you finance this deal?
Traditional financing with 7% down.
How did you add value to the deal?
Land improvements (fence, driveway, landscaping) and some inside upgrades.
Lessons learned? Challenges?
I never want to personally install/dig a fence again! haha
