Mobile home park with 11 slots - rental property

[Trishann Couvillion]

Investment Info:

Mobile home buy & hold investment in South Carolina.

Purchase price: $76,000 

Cash invested: $76,000

A mobile home park with 11 mobile home slots. Part of a double lot I purchased that also includes a SFH.

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

I have been listening to Bigger Pockets and Brandon talk about Mobile Home Parks for over a year now and knew I wanted to purchase one.

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

My colleague came across one he couldn't pull the trigger on, so he wholesaled it to me. The potential value was so great I paid what he asked, including a 33% wholesale fee. Totally worth it!

How did you finance this deal?

Cash

How did you add value to the deal?

We are currently making improvements and slowly increasing rentals to FMV also.

What was the outcome?

Still working on it, but it's going well so far and we've already tripled the rental income in just 4 months, and still have more rental income potential there.

Lessons learned? Challenges?

That finding mobile homes to purchase and MOVE is quite challenging, especially in this current market.

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

no.