My First Mobile Home

[alexmorrow]

In just two weeks of discovering the world of mobile home investing, I bought my first mobile home. It's a 1982 Northland that has 3 bedrooms and 2 bathrooms. It was an abandoned mobile home that the park wanted to fix up. All I had to do was pay the back taxes. The back taxes equaled $640.24. In addition, there were no liens on the home. Therefore, I should have the certificate of title to the home within 25 days. This home needs a lot of work. It's completely missing the kitchen. No appliances except for the dishwasher! Wooppeee! My contractor, Allen, did a walk-through last week and presented me with an estimate for the repairs.

Estimate

-Repair master bedroom wall
-Install carpet in master bedroom
-Install furnace, build wall/closet
-Build kitchen counter tops and cabinets
-Install fridge/stove
-Check water, gas, and electric
-Paint master bedroom and kitchen
-Clean home
-Repair skirting

He predicts it will cost about $2,225.00 to bring it back to salable condition. All in all, I'll have about 2,865.24 in the home. In addition, I've worked out a deal with the park manager to waive the first three months of lot rent. I believe I can get about $350.00 in monthly payments. Thus, my cash on cash return is 147%. Not bad eh? We're scheduled to begin rehabbing the home on February 19th. I've included a few pictures below. Be prepared to be shocked! My mom and her boyfriend were!

View Discretion is Advised

[Debbie]

You got a blank canvass. Pretty cool!

Think of it this way----a blank canvass for a SFH kitchen would run you between 30K to 55K!

[Randy (SELA)]

That's pretty awesome. I have got to get into wheel estate soon!

[Debbie]

That's pretty awesome. I have got to get into wheel estate soon!

Randy,

Remember Jeffrey (LA)? He could help you out. He deals with MH. Send me a pm if you need his surname and phone number.

[KeyWestInvestor]

Having redone the bathroom, updated the kitchen a bit just last year on our rental MH, I am very surprised that you can do all this for so little money. Let's say that it cost me almost 10 times. And we used Home Depot low-end bathroom fixtures and kitchen cabinets.
I guess my question is... are you sure that is a realistic figure?

[alexmorrow]

Here's the after pictures of the home. $4,300 later....

http://thumbnails2.imagebam.com/745/bca5527448248.gif (http://www.imagebam.com/image/bca5527448248) http://thumbnails2.imagebam.com/745/20c9427448250.gif (http://www.imagebam.com/image/20c9427448250) http://thumbnails2.imagebam.com/745/12fa9e7448252.gif (http://www.imagebam.com/image/12fa9e7448252) http://thumbnails2.imagebam.com/745/b5e8777448257.gif (http://www.imagebam.com/image/b5e8777448257) http://thumbnails2.imagebam.com/745/440ec37448258.gif (http://www.imagebam.com/image/440ec37448258) http://thumbnails2.imagebam.com/745/d157f27448260.gif (http://www.imagebam.com/image/d157f27448260) http://thumbnails2.imagebam.com/745/fa7dc77448261.gif (http://www.imagebam.com/image/fa7dc77448261) http://thumbnails2.imagebam.com/745/a0279b7448263.gif (http://www.imagebam.com/image/a0279b7448263) http://thumbnails2.imagebam.com/745/deece87448265.gif (http://www.imagebam.com/image/deece87448265) http://thumbnails2.imagebam.com/745/fb39b97448266.gif (http://www.imagebam.com/image/fb39b97448266) http://thumbnails2.imagebam.com/745/8f7ab47448267.gif (http://www.imagebam.com/image/8f7ab47448267)

[Ted_IL]

WOW! What a change!
Nice Job Alex.

[alexmorrow]

Thanks Tim! Now if I could just only sell it...

[Debbie]

Thanks Tim! Now if I could just only sell it...

I concur with Ted!

You'll sell it, Alex. Just be patient and remember what Jim Johnson taught you.