As I mentioned in my previous post, as of this week, we have sold off all of our mobile homes and mobile home notes…
I just wanted to take a few minutes to recap our results with our mobile home deals:
In all, we purchased 5 mobile homes over about 5 months. I had two partners, who admittedly did most of the field work (We had just had a baby, so I spent most of the time at home working on the business side of things). So, while I can’t comment too much on the effort and difficulty of the transactions, I think it’s safe to say that the work was easier than flipping homes (mostly because there was less rehab involved), albeit with the added frustration of dealing with very low income tenants/buyers.
Our first mobile home deal was the only real estate deal I’ve ever done where I lost money. This was unfortunate, but gave me the perspective I needed to realize that I didn’t want to be the mobile home business (at least not at the level of buying/selling individual homes). Luckily, the rest of our transactions were profitable, and over the course of the past 9 months or so, we were able to double our very small investment into this business.
Here is a detailed breakdown of our financial results, not including overhead expenses:
|Mobile Home||Purchase Price||Total Income||Profit|
As always, all our results — including these — can be found on our Results To Date page…
All-in-all, I would definitely recommend flipping mobile homes (Lonnie Deals) to new investors who are looking for a relatively inexpensive way to get their feet wet in real estate investing. Not only do many of the principles of wholesaling and flipping houses apply to Lonnie Deals, but for an energetic investor with a little cash to invest, mobile home investing is a great way to build up the bank account and move up to bigger and better aspect of RE investing.
Again, just my opinion… 🙂