All Forum Posts by: Kim Warren-Page

Investment Info:

Other buy & hold investment.

Purchase price: $73,000
Cash invested: $5,000

One Single Family Brick Home and One Singlewide on 5 acres

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

At the time, my husband and I were still running a residential plumbing company. For SEO purposes, we needed our office to have a Greenville address. We also wanted more visibility for our trucks and signs. This property offered both. It also cash flowed for us because on the rentable singlewide on the property. It was an office-hack instead of a house-hack. Since then, we have downsized our plumbing company to one truck (being run by our son). So, both properties are now rented.

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

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

How did you finance this deal?

We financed this deal with an SBA loan through our plumbing business.

How did you add value to the deal?

We rehabbed the singlewide to be able to charge higher rent.

What was the outcome?

It cash flows! Not as well as our trailer parks, but it does provide monthly income for our family of eight.

Lessons learned? Challenges?

We did not order a survey of this property at the time of purchase. Moving forward, we will always request or order a survey.

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.

Thank you, @Dmitriy Fomichenko!

Investment Info:

Other buy & hold investment in Travelers Rest.

Purchase price: $69,000
Cash invested: $50,000

Mixed Property

1 Doublewide
1 Single family house
1 Duplex
1 Singlewide

This was a foreclosure. We have invested time and money rehabbing each property.

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

It was a foreclosure and a great deal.

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

Our realtor - a friend since middle school

How did you finance this deal?

20% down loan from a small, local bank

How did you add value to the deal?

We rehabbed each property top to bottom.

What was the outcome?

Great group of properties generating monthly income

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?

Looking for cash flow to live off of... My husband and I ran a plumbing company in 2016. Lots of long hours and stress, so we were looking to change our lifestyle to spend more time with our six children.

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

I found this deal through my real estate agent, who was a friend of mine since middle school.

How did you finance this deal?

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

How did you add value to the deal?

We added septic, water, and electricity to two lots that had mobile homes on the lots.