Pinckney MI Fix & Flip

[Alexis Gross]

Investment Info:

Mobile home fix & flip investment in Pinckney.

Purchase price: $85,000
Cash invested: $40,000
Sale price: $215,000

Contributors:
Donovan Clock

A nice manufactured home fixed to a crawl space on 2 acres in Pinckney. This one needed a lot of landscape work and with it being manufactured came with a couple obstacles in the construction period.

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

The price and location. The land alone was worth their asking price of $70,000 and I knew it could turn an incredible profit. In today’s market, there’s very little available homes for sale around $200,000 let alone an updated home. I knew it would sell.

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

It was a foreclosure on the MLS. There were multiple offers so I went 15,000 over because I knew what the place was worth.

How did you finance this deal?

HELOC and a private investor friend.

How did you add value to the deal?

We completely gutted the entire interior. Cleared out the majority of the landscape, removed a lot of fencing and a shed. We power-washed the exterior which made an incredible difference.

What was the outcome?

It sold for $215,000, 5k over asking price and the transaction was very smooth.

Lessons learned? Challenges?

Manufactured homes do not have standard sizes! We found the Mobile Home Depot which became very helpful when replacing things like bathtub units.

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

Yes, me!