Investment Info:
Mobile home wholesale investment in Farr West.
Purchase price: $8,000
Cash invested: $8,000
Sale price: $15,000
I found this home in good condition but the seller was in a distressed situation. They had just moved their mother out and did not want to continue to pay the lot rent on a vacant mobile home. I negotiated them down to $8,000 cash. I immediately posted the home for $15,000 cash on facebook marketplace without doing anything whatsoever to the property and had 2 full price offers within 24 hours. Although the park was a 65 plus older only park I explained to the park owner exactly what I was doing and he was happy to work with me. All parties were happy at the end of the transaction.
Things I would have done differently in the future would be to spend a half a day cleaning and putting cleaning and putting in a new sink in the bathroom to get in even better condition. I would have also taken my time on pricing and considered a seller-financed exit to establish some cash flow. Because it was my first deal I may have been a little rushed and been to eager to sell on the backend.
What made you interested in investing in this type of deal?
Originally nothing. When the owner called me and asked if I deal in mobile homes I actually said no. But when I realized his distress I thought there might be opportunity
How did you find this deal and how did you negotiate it?
This was from a bandit sign. I simple gave the owner a number that I knew I couldnt lose on and I had walk away power.
How did you finance this deal?
Just paid cash out of pocket 8K
How did you add value to the deal?
I didnt even change a light bulb
What was the outcome?
A really quick profit and a happy new owner
Lessons learned? Challenges?
Dont be to eager to sell take your time and get some numbers.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No
