Updated over 3 years ago on . Most recent reply
You can find value in Manufactured homes
Investment Info:
Single-family residence buy & hold investment in Poulsbo.
Purchase price: $235,000
Cash invested: $10,000
Sale price: $450,000
We bought our first family home- a 3 bedroom newer manufactured home on 6 acres. Not knowing we could make money renting it or having any plans to sell it we logged the property and made $5,000. We took some of the money to clear stumps and build a fence. We were ready to sell but were not happy with the price our real estate agent wanted to list it for ($275,000) so we decided to try renting it out for a 12 month lease! That is when we first heard of Bigger Pockets. Rented it for a year and the price went way up. Split our 6-acre lot into two lots. Sold the home for $340,000 and the second lot for $115,000. The best deal we have made yet and we were not even trying.
What made you interested in investing in this type of deal?
We were not planning on investing
How did you find this deal and how did you negotiate it?
We found it on zillow for our first family home.
How did you finance this deal?
Hud 184 loan
How did you add value to the deal?
Split the property and sold it two separate lots
What was the outcome?
Made over 200k
Lessons learned? Challenges?
Most people won't put in the work. The work can make you a lot of money if you try.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Cathrine Arlen (Agent) was phenomenal. She actually recommended us to rent our home and changed our lives. Gambel Bay Timber was great to work with as well.
