I mentioned a week or two ago that we purchased Mobile Home #4…and as of today, it’s sold…
Basically, all we did in terms of rehab was to clean out all the trash, remove the disgusting refrigerator, and bring in someone to scrub the place down. In total, we spent $130.
One of my partners put an ad on Craigslist to sell it for $6350, with the expectation that someone would negotiate it down a bit, and we’d sell it for about $5000. Instead, we found a guy from Virginia who is in the process of moving down here, and — after getting his girlfriend to check out the home — was eager to buy it for full-price.
Today, he filled out an application with the mobile home park, and gave us a $500 deposit. If everything goes through, we’ll likely finance the home over about 24-28 months; given that we only have $1800 invested in the home and the fact that we received a $500 down payment from the buyer, we should have our investment in the home paid off in about 5 months, with another 20 or so payments that are pure profit.
In all, we would make about $5000 in profit between the sale and the interest on the loan. All for a $1500 investment and about 4 hours worth of work. Not bad! 🙂