All Forum Posts by: Marty Mason

@John Klaus. The house was built in 2001. It has 2100 sq. ft. We signed the contract before rehab was complete. I'm not sure about the DP. We required pre-approval and $1000.00 earnest to secure it. @Justin Polston thanks and you are right, the experience of growing up in the construction field has been very valuable to me. Obtaining a warranty deed verses a DMV issued title is the option that owning the land and home together gives the homeowner. This is called "retiring the title." Glad I knew that answer. I'm usually the one that says. I have no idea but I know someone that knows the answer. Lol.

Hello @Bill W. The property was real property. It was a land and home package. It has 21,000 sq. ft lot. The buyers did use a traditional bank. This property is in a subdivision where each lot is about the same size. Some a little smaller and some larger. Also there are several stick built homes in the subdivision as well. The house is on a permanent foundation with brick around the underpinning. Plus it also has frame anchor straps. The straps can't be seen but they are important when dealing with FHA insurance etc.

Thanks for the replies everyone. Surprisingly enough @Michael W, some mobile homes do sell for a healthy price. I have to say we took a risk rehabbing the way we did. We went with the 3/4" hardwood floors, 12"x12" high end tile, Corian countertops and a very high end trim job. Probably wouldn't have done all of this if the house was separated from other homes comparable to it. Our goal was to make it stand out a little above the others in the same subdivision but not so far as to overprice. Thankfully it worked. @Jacob Allen nice to hear from you. I live about a mile from Cambell. I have some rentals that do quite well with the Campbell student population. Turning a single family resident into a multi unit works well down here.

Hello everyone, I've been a member for a few months now. The information found here has been so helpful. This is the first time I've actually posted anything but I thought my recent business deal was worth sharing. My company purchased a foreclosed Mobile Home from a HUD auction. As expected and typically we found it in terrible condition. I've been in the construction business all my life. I'm a third generation builder. We went to work rehabbing the property. New hardwood floors, vanity upgrades, kitchen countertops, bathroom tile, carpet and of course new wall and ceiling paint. We purchased at $32.000.00. Fortunately doing the work myself I kept the rehab budget under $10,000.00. We recently sold the property for $125,000.00. This deal has lit a fire in me. In my area of NC. (Lillington, NC). There is a good market for double-wides and modular homes. My goal is to rehab and sell 5 this year. Buy and hold looks like an attractive option as well. I've turned down many opportunities to rent at top dollar. I would be interested to hear from others that invest in MH props. Hope this motivates others.