10-Unit Mobile Home Park

[Kim Warren-Page]

Investment Info:

Other buy & hold investment.

Purchase price: $165,500
Cash invested: $38,000

This is a 10-unit mobile home park with space for 3-4 more mobile homes.

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

My husband and I were looking for properties with excellent cash flow to replace our income. This property met our requirements for income replacement.

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

Our realtor, a friend since middle school, found this deal for us.

How did you finance this deal?

We financed this deal with a loan from a small local bank with 20% down.

How did you add value to the deal?

We rehabbed two of the mobile homes on the property and added utilities to the lots.

What was the outcome?

We have lived off of the cash flow from this investment since we purchased it!

Lessons learned? Challenges?

Older mobile homes (and mobile homes in general) require more maintenance/repairs than a brick and mortar home. The supplies required are often different and must be purchased at a mobile home supply store.