MFG Home $400k Sold for $600k

[Tyler Smith]

Investment Info:

Single-family residence fix & flip investment in Lakeside.

Purchase price: $398,000
Cash invested: $50,000
Sale price: $600,000

This was our first flip. I say "our" because my wife had the vision and I am just the work horse and finance guy. lol. We purchased a tear down home and removed the existing property and replaced it with a manufactured home that needed TLC. We had to borrow private money: $300,000 worth and paid cash for the investment. We did all the house work except flooring and excavation work to create a second driveway ourselves. Things we added to the property included: solar, laminate flooring indoor paint, landscaping, retaining wall, deck, man shed, interior fixtures and boom! sold at top dollar. $600,000 for a manufactured home in Lakeside who would have thought!

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

It was all I could afford at the time starting a family and getting them into a home. This started my real estate journey / Passion/ Obsession

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

Word of mouth, the original mobile home in the photos was not on the market. It was actually deemed unihabitable.

How did you finance this deal?

Private money loans

How did you add value to the deal?

Things we added to the property included: solar, laminate flooring indoor paint, landscaping, retaining wall, deck, man shed, and wood fencing.

What was the outcome?

Right at year 2 we sold for an awesome profit and no capital gains.

Lessons learned? Challenges?

Real estate is the key to for the middle class gaining wealth.

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

I was my own agent in this deal but I had a lot of help from my Father in Law, who is my mentor.