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Add You - How We Made $45,000 Fixing and Flipping a Mobile Home
Coaching You to the Next LevelI want to take a bit of a side-trip from my usual hard-hitting commercial mortgage loan and investment property advice. I had the opportunity to spend a few days at the Pacific Life Open tennis tournament in Indian Wells, California last week while on vacation and noticed a minor, but significant change in the rules. The change was minor in that the players were allowed to ask for a time out to spend time with their coaches between sets. It was significant because the opportun
We put about $10,000 and a ton of sweat equity into the property over the next 90 days.
As we were working on the mobile home, we found lots of extra things that needed to be fixed. For example, we took out the old shower stall in the master bath so that we could put tile in. After it was out, we found that the flooring under the shower and under the hot water heater, located directly behind the shower, were
Nowadays, most of our time is spent in managing finances. In spite of all toilsome efforts, at times, mismanagement of finances leads to piling up of more than one debt. You have to do something about it, or else it would become a cause for bigger problems. What are the possible solutions available to you in this particular point? Well, there is an ultimate way for all your troubles. We are talking about debt consolidation. Does a mere mention of debt consolidation makes you think of higher interest rates? We have a
The seller lived out of town and when we called him, he told us the mobile homes had been empty for a couple of years. He said to drive by them and then call him back if we were still interested.
Of course we, (my Mom, Dad and I), went to look at them immediately. One was occupied by a transient squatter, so we couldn’t get in to that one. Four were literally falling apart from rotten roofs and all the rain we had been getting. The last mobile home was in good enough condition to consider. We called the owner and asked him to meet us, so we could get in to look at it.
Our initial inspection revealed outdated appliances (think yellow and avocado colors). There was rotting under the kitchen sink, and an ugly master bath shower that had been painted in order to make it “look better”. There were different types of carpeting in each of the rooms, and there were water leaks in the roof in various places.
Of course if you have ever worked on a fixer-upper you know that what you see on the surface is not the only work that needs to be done and we took that into account.
We went ahead and bought the mobile from the owner for his asking price of $65,000 by putting $5,000 down and creating seller financing for the balance at 8% interest for 30 years with no balloon payments. I think our payment was about $500/month.
We put about $10,000 and a ton of sweat equity into the property over the next 90 days.
As we were working on the mobile home, we found lots of extra things that needed to be fixed. For example, we took out the old shower stall in the master bath so that we could put tile in. After it was out, we found that the flooring under the shower and under the hot water heater, located directly behind the shower, were
If you ask your Realtor whether it is a good idea to delay your real estate purchase when prices are falling, the answer you will probably get is that, no, it is not a good policy to wait out the market because sometimes, somewhere, somehow – in an unspecified region of the planet – prices will go up again, so that you will miss out on the opportunity of a lifetime. Conversely, if you ask me the same question during regular business hours, my standard reply will likely be: “No, don’t do it. I want my commissi
Of course we, (my Mom, Dad and I), went to look at them immediately. One was occupied by a transient squatter, so we couldn’t get in to that one. Four were literally falling apart from rotten roofs and all the rain we had been getting. The last mobile home was in good enough condition to consider. We called the owner and asked him to meet us, so we could get in to look at it.
Our initial inspection revealed outdated appliances (think yellow and avocado colors). There was rotting under the kitchen sink, and an ugly master bath shower that had been painted in order to make it “look better”. There were different types of carpeting in each of the rooms, and there were water leaks in the roof in various places.
Of course if you have ever worked on a fixer-upper you know that what you see on the surface is not the only work that needs to be done and we took that into account.
We went ahead and bought the mobile from the owner for his asking price of $65,000 by putting $5,000 down and creating seller financing for the balance at 8% interest for 30 years with no balloon payments. I think our payment was about $500/month.
We put about $10,000 and a ton of sweat equity into the property over the next 90 days.
As we were working on the mobile home, we found lots of extra things that needed to be fixed. For example, we took out the old shower stall in the master bath so that we could put tile in. After it was out, we found that the flooring under the shower and under the hot water heater, located directly behind the shower, were
You are probably familiar with the traditional fruit baskets and flower settings used as business gifts in today’s modern corporate world. But a new trend is developing in corporate gift giving that adds a whole new dimension to business relationships – the business wine gift.As it is customary for business associates to exchange gifts on occasion, an alcoholic gift has been frowned upon in the American business scene. But as business relationships become closer and on a more personal level, a wine gift is
Our initial inspection revealed outdated appliances (think yellow and avocado colors). There was rotting under the kitchen sink, and an ugly master bath shower that had been painted in order to make it “look better”. There were different types of carpeting in each of the rooms, and there were water leaks in the roof in various places.
Of course if you have ever worked on a fixer-upper you know that what you see on the surface is not the only work that needs to be done and we took that into account.
We went ahead and bought the mobile from the owner for his asking price of $65,000 by putting $5,000 down and creating seller financing for the balance at 8% interest for 30 years with no balloon payments. I think our payment was about $500/month.
We put about $10,000 and a ton of sweat equity into the property over the next 90 days.
As we were working on the mobile home, we found lots of extra things that needed to be fixed. For example, we took out the old shower stall in the master bath so that we could put tile in. After it was out, we found that the flooring under the shower and under the hot water heater, located directly behind the shower, were
Identity Theft is when someone uses another person's social security number, driver license, name, address, telephone number and any other information about that particular person as their own. The unauthorized person that obtains this information without the other person's knowledge uses this information to commit theft and fraud.How does a person committing ID theft get my information? By going through your trash, hacking into a computer that you may use, securing a copy of your credit report, stealing cred
Of course if you have ever worked on a fixer-upper you know that what you see on the surface is not the only work that needs to be done and we took that into account.
We went ahead and bought the mobile from the owner for his asking price of $65,000 by putting $5,000 down and creating seller financing for the balance at 8% interest for 30 years with no balloon payments. I think our payment was about $500/month.
We put about $10,000 and a ton of sweat equity into the property over the next 90 days.
As we were working on the mobile home, we found lots of extra things that needed to be fixed. For example, we took out the old shower stall in the master bath so that we could put tile in. After it was out, we found that the flooring under the shower and under the hot water heater, located directly behind the shower, were
One way of marketing your website and product can be achieved for absolutely nothing. Article writing is one of the easiest ways to promote your website in order to generate traffic and increase earnings.How does this happen?Create articles relative to your website content and submit them to "free content" article submission sites. Simple to do, takes very little time and can very quickly increase your website visitors, sales and in turn, your revenue.How can article writing increase traffic and
We put about $10,000 and a ton of sweat equity into the property over the next 90 days.
As we were working on the mobile home, we found lots of extra things that needed to be fixed. For example, we took out the old shower stall in the master bath so that we could put tile in. After it was out, we found that the flooring under the shower and under the hot water heater, located directly behind the shower, were rotted through. The rotten flooring had to be replaced, and then the hot water heater had to be replaced. Those were just one of several unanticipated costs and repairs.
Other items of repair or upgrading included:
• Replacing all of the carpeting.
• In the kitchen: replacing the kitchen sink, repairing the rotten floor, painting the walls and cabinets, adding a dishwasher, a disposal, and then replacing the stove and the refrigerator.
• Repairing the roof and then painting the ceiling where the water staining had occurred.
• In the master bathroom we replaced the vanity, the mirror, and the lights. We also tiled the shower and tiled the floor. This work is what really sold the home…it looked awesome!
• Outside we cleaned up the knee high weeds, removed dead bushes and trees, trimmed the over-grown shrubs and then planted lots of flowers.
• The home also included a sunroom which had rotten walls, and ceiling from the leaking roof. The sunroom was also heavily infested with termites. This room had to be almost totally rebuilt. Termite eradication was $500.
• We also hauled away seven large trailer loads of trash and remodeling debris.
• Nearly all of repair and remodeling work was done by my dad. (Way to go dad!)
When finished, we ended up putting the mobile home up for sale at $130,000. This was three months after we bought it.
We had it for sale for about three weeks and then withdrew it because we started thinking about using it as a rental. It would have rented for about $800/month giving us about $300/month positive cash flow, before expenses.
The day after we took the home off the market, we received an offer from a buyer for $120,000, cash, which we accepted.<
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