My recent North Idaho flip

[Josh Phillipe Cote]

Investment Info:

Mobile home fix & flip investment.

Purchase price: $199,000

Current Fix and Flip project. Renovation should be completed first or second week of April. Expected Sale price will be between $350-$375,000

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

I enjoy the thought of taking something undervalued and creating something new that people see value in.

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

It came in from a newsprint Ad that I ran in a local paper. The seller called me directly and over the next week or so we negotiated the price and terms of the deal.

How did you finance this deal?

Hard Money was used to purchase the deal, at 12% and 3 points.

How did you add value to the deal?

The property is being completely renovated, new kitchen, bath, flooring, paint, etc. The property is also a manufactured home so we were able to convert it to real property by tying it down, and fixed many of the issues the property had when it came to electrical and plumbing systems.

What was the outcome?

We have not yet completed the renovation, however, it should be done by the first or second week of April. We will likely sell this property for $350-$375,000 due to the 20x40 shop and 5 acres of land that it sits on. These perks are hard to come by in our current market.

Lessons learned? Challenges?

We had to do a lot to get the property financeable by a bank or traditional lender, in order for a typical on-market buyer to be able to purchase the property. There was a lot of coordination with an engineer to make sure everything with the tie-down was up to code. Manufactured homes are just a different beast in general, so learning mostly came in the form of the specifics on HUD certification etc.

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

I myself am a licensed Agent in Idaho and Washington. Our team specifically works with Investors (North Idaho REI Team), as well as typical on-market buyers and sellers. You can reach out to me at 208-818-2804, or check out our website at Northidahorei.com

My go-to Lender is David Bardin with Premier Mortgage in Coeur d'Alene , (208) 661-3879 or pmrloans.com. You can let him know I sent you.