All Forum Posts by: Scott Taylor

Investment Info:

Mobile home fix & flip investment.

Purchase price: $500,000
Cash invested: $70,000
Sale price: $725,000

Creative financing purchase, fix/flip with retail sale.
Sub to
Owner Carry
Private money

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

It was a creative financing cornacopia and it helped the seller move out of town within 4 days of signing the agreement.

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

Past customer

How did you finance this deal?

250k owner financed
130k sub to
120k cash (private money)
We invested $0 of our own money into this deal.

How did you add value to the deal?

Hired general contractor to renovate the home. $60k initial estimate, 71k final costs.

What was the outcome?

Initial purchase was in August and contractor committed to get the house renovated in time for us to get it into the mls by Labor Day. He missed the target by nearly a month and we ended up paying holding costs, HOA, Utilities etc for an extra 6 months until finally selling in the spring for a reduced price.
Solid profit on the deal in the end.

Lessons learned? Challenges?

Need to screen contractors better. For jobs like this in the future I plan to run as owner/builder and hire/schedule subs myself. Not necessary to hire GC.

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

I'm a 15 yr broker in the area so i worked with agents, lenders, neighbors like crazy.
Devina Rici held a ton of open houses for us
and of course, i'm an awesome broker, so call me. ;)

Subject to language for purchase offer - Utah REPC

Buyer(s) shall take title to the Property subject to the following existing deed(s) of trust securing the existing promissory note(s):

(i) An Existing Note (“First Note”) with an unpaid balance as of the Closing of approximately:

Said First Note is payable at $_____________ per month,

Including interest at the rate of _________ per annum until paid (and/or the entire unpaid balance is due on ___________ (date).

(ii) An Existing Note (“Second Note”) with an unpaid balance as of the Closing of approximately:

Said Second Note is payable at $_____________ per month,

Including interest at the rate of _________ per annum until paid (and/or the entire unpaid balance is due on ___________ (date).

Payments are to be handled by outside/3rd party escrow (mortgage, taxes, insurance, etc), vendor to be determined prior to close of this escrow.