My First Mobile Home Investment

[Justin Hutchins]

Investment Info:

Mobile home buy & hold investment in Panama City.

Purchase price: $30,000

I purchased this Mobile Home and used my prior residence as collateral resulting in no money out of pocket up front. I bought materials on a credit card and did all the repairs myself. When complete the property appraised for $90,000 and I was able to cash out for $69,000. Before completion I already secured a tenant at $1,250 a month.

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

Low risk with a great return

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

I bought this property from someone I knew that was looking to sell.

How did you finance this deal?

Using Equity from my prior residence as collateral.

How did you add value to the deal?

Replaced the roof, Repaired the siding, replaced damaged subfloor, new wood flooring, new paint, New carpet, new tile vanities and tubs.

What was the outcome?

Great outcome I was able to net around $25,000 at cash out.

Lessons learned? Challenges?

I learned that on the next deals to look for moisture in flooring and walls to better negotiate pricing. I also learned that Mobile Homes are very easy to work on and while they are constructed differently the a traditional stick built home understanding the structure gives me more confidence for my next deals.

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

No, I'm a licensed agent and wrote my own contracts.