Investment Info:
Mobile home buy & hold investment in Ponchatoula.
Purchase price: $1,200
Cash invested: $5,000
1985 mobile home 2 bed 1 bath that I bought for $1,200. Because I do not have any land of my own i had to move it from one trailer park to another costing $1,400. I had to do all the plumbing, electric, and sewer hook ups. I rent out for $650. Lot rent is $200. Total bring home profit $450.
What made you interested in investing in this type of deal?
Starting off small to stay as far away from debt as possible.
How did you find this deal and how did you negotiate it?
Local Facebook's Buy, Sell, and Trade pages. Negotiated buy doing a walk threw of the property and disusing its flaws. Seller was desperate to sell.
How did you finance this deal?
401K lown and personal savings
How did you add value to the deal?
Structural integrity, cleanliness, repairing appliance parts, new water heater, skirting
What was the outcome?
Positive cash flow every month.
Lessons learned? Challenges?
Repairs cost more because of tools. Getting tenant due to follow up and not giving address so they can pre-see the outside and neighborhood.
