Investment Info:
Mobile home buy & hold investment.
Purchase price: $22,000
Cash invested: $35,000
Currently rented. 1999 3 Bed 2 Bath Mobile Home Updated kitchen and master bath. On a cul-de-sac in a quiet mobile park. minutes to Cabarrus Arena, 15 minutes from downtown Concord and Kannapolis.
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What made you interested in investing in this type of deal?
Low cost, surprisingly beautiful home for the money. Originally bought to relocate to.
How did you find this deal and how did you negotiate it?
On Zillow. Negotiation was done directly with the owner. A cash deposit of $10,000 was required,, then a $300 a month payment till it was paid in full.
How did you finance this deal?
I allowed the original owner to stay in the house until payment was completed and was credited the $300 every month. So technically my out of pocket was the original $10k.
How did you add value to the deal?
Cleanup, new carpeting. Some new fixtures in the bathrooms. Paint
What was the outcome?
Renting for $1300 per month with a $450 a month cashflow after expenses of Prop Mgr, lot rent($550) insurance and separate account for repairs
Lessons learned? Challenges?
Hire a property manager sooner. I paid the lot rent ($550)for 2 yrs on an empty house when I could have been collecting rent
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
David Timberlake @ D&K Property Mgmt Concord NC 704 209-1424 dkpropmgt.com
