All Forum Posts by: Ben Naught

 Thanks Nick, I prefer to buy and hold for long term cash flow. I usually only flip when the offer is to good to pass up or I need capital to purchase buy and hold. I have found that using OPM is the key to scaling. We are on a path to purchase a MHP ourselves in the near future as well. 

Happy Investing! 

 Thanks so much! Mobile home investing is always an adventure that's for sure. Great profits, low risk, high reward system for creating cash to fund further adventures. For me those adventures are Mobile Home Park ownership. The mobile home investing is really just a gateway to MHP ownership. I strategically chose to develop the skills of sourcing used homes, transport, set up, reno and resale of them. Making my assets valuable to capital partners interested in lending on mobile home park purchases. 

Having these skills will allow for the purchase of poorly managed parks with vacant lots for filling with used homes. BRRRR method on mobile home parks is a highly lucrative business model, especially for someone that knows how to profit from the mobile homes inside of the park as well as sourcing and infilling used homes.

Happy investing! 

Investment Info:

Mobile home fix & flip investment in Kennewick.

Purchase price: $12,000
Cash invested: $17,000
Sale price: $50,000

This is a 1979 double wide in a very nice park called Santiago Country View Estates in Kennewick Wa. We did some interior paint and drywall in the living room area and painted the remainder of the home. This home took us 30 days to renovate once we acquired the contractor for the job. All in all it took approx 70 days from purchase to resell listing.

UPDATE, home sold for $50k with us having total of $20k into the home. $30k profit not accounting for taxes and sales fee of 5%.

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

Investing in mobile homes is a low risk high reward method of investing that has proven to be very profitable and fun.

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

This deal came in off of a google add placement that I made several months prior.

How did you finance this deal?

Personal cash split 50/50 between my business partner and I.

How did you add value to the deal?

We did some work on cleaning up the outside, bringing it up to specs of the park. We also did interior work such as drywall, paint tape etc

What was the outcome?

Very good outcome, made some money.

Lessons learned? Challenges?

Don't hire discount contractors and instead pay for the best you can find. They are worth it if they get it done properly.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We did list the home with an agent for a 5% fee.

@Adrian Smude FOR SURE! Mobile homes are that sweet spot. Like going 85mph on a road bike... Things just got smoother as soon as I gained a little speed with these mobiles. Now with the website and dealership to lean on for a platform its even smoother. Now there are a lot of learning curves and ya bet I get bucked around but always hold course and it's panned out fine thus far. 

I'm currently trying to get a loan on some land that has an old mobile on it that I want to replace. Any info on how to go about that? I'm having trouble finding the bank financing for it. 

@eric 

@Eric Ducommun , Hi Eric, I currently sell used homes only. Feel free to check out my website sometime. PM me for details as I dont think I can post it here? 

@Eric Ducommun, yes I had planned on moving the home to a mobile home park. The time line ran out and we were forced to sell. I'm glad that I was because it spawned a new leg of my investing and really changed my path. I'm now selling many mobile homes and am in the process of purchasing property to open a mobile home dealership in Washington state.

@jerry 

@Jerry Lucker Thanks so much! I find it amazing that the returns can be so great with so little invested. Although for every dollar that is not spent making the investment work there is a pound of hustle to make up for it if you expect to get deals like this done. That's awesome that you have done similar deals. Id love to discuss them sometime. 

Hello fellow REI Bigger Pocket folks. I'm looking to meet new people in the industry. If your in the yakima valley or tri-cities area and can make it out to prosser we will have pizza and talk shop! If your a fan of the rich dad poor dad cash flow board game I will also be bringing them along!

541-497-4102

if you could please let me know if you plan to attend. 

Investment Info:

Mobile home fix & flip investment in Roseburg.

Purchase price: $1
Cash invested: $10,000
Sale price: $46,000

Contributors:
Shelby Arnold

This was a crazy and long slow moving deal that took a ton of can do to get through. I purchased this property for $1.00 in Molalla Oregon. I then partnered with a park in southern Oregon to get them to pay for the transportation and set up of the house.
We sold the house for $15k down and $396/ month for 8 years. It took a lot of effort and can do to get this done. Transporting homes can be a very taxing thing if not done properly.

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

The fact that I could get it done with very little of my own money invested and make a good return for many years to come.

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

I found this deal by posting online looking for people that may need homes removed from there property. Perhaps they just bought a new manufactured home to be placed there and instead of tearing it down they would rather see it go to a family in need of a home. I negotiated it to $1.00 purchase price because it had to be moved and there alternative was to pay to have it torn down and thrown away.

How did you finance this deal?

I got the home for basically free and the park paid to move it. The new buyer paid $15k in advance for the home and I used that money to renovate the home. I also used money from an outside investor to finish the back deck and landscaping as well as assistance with lot rent.

How did you add value to the deal?

I brought the house back from the dead. It was going to the scrapper and we made it live again. Putting a family in it that will treat it well for years to come.

What was the outcome?

The outcome was awesome. We were able to get the family in to there new home just before the start of the school year and they now pay every month on time for the next 8 years hopefully then they will own the home.

Lessons learned? Challenges?

I learned a TON of lessons. I think the biggest one is to learn your market. Be active in the market daily!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

Investment Info:

Mobile home fix & flip investment in Roseburg.

Purchase price: $1
Cash invested: $10,000
Sale price: $46,000

Contributors:
Shelby Arnold

This was a crazy and long slow moving deal that took a ton of can do to get through. I purchased this property for $1.00 in Molalla Oregon. I then partnered with a park in southern Oregon to get them to pay for the transportation and set up of the house.

That took quite a while to get that done! I had to connect all of the dots and learned a ton about moving double wides! I then renovated the house with the help of a good friend and buisness partner.

We sold the house for $15k down and $396/ month for 8 years. It took a lot of effort and can do to get this done. Transporting homes can be a very taxing thing if not done properly.

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

The fact that I could get it done with very little of my own money invested and make a good return for many years to come.

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

I found this deal by posting online looking for people that may need homes removed from there property. Perhaps they just bought a new manufactured home to be placed there and instead of tearing it down they would rather see it go to a family in need of a home. I negotiated it to $1.00 purchase price because it had to be moved and there alternative was to pay to have it torn down and thrown away.

How did you finance this deal?

I got the home for basically free and the park paid to move it. The new buyer paid $15k in advance for the home and I used that money to renovate the home. I also used money from an outside investor to finish the back deck and landscaping as well as assistance with lot rent.

How did you add value to the deal?

I brought the house back from the dead. It was going to the scrapper and we made it live again. Putting a family in it that will treat it well for years to come.

What was the outcome?

The outcome was awesome. We were able to get the family in to there new home just before the start of the school year and they now pay every month on time for the next 8 years hopefully then they will own the home.

Lessons learned? Challenges?

I learned a TON of lessons. I think the biggest one is to learn your market. Be active in the market daily!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No