Done Deal: 3/2 Singlewide Mobile Home In a Park

(Note: Since I’ve received a lot of requests for more case studies, I thought I’d make a post on another one. Enjoy!)

Like many of my deals nowadays, this one came through a park manager in one of my favorite parks. There was never a “For Sale” sign and no one knew it was for sale. Inside deals are the best! 🙂

In any case, the park manager told me about this deal when I came in to visit. Since the park managers I work with already know my criteria, they know which leads to send to me. I have an exact criteria of exactly what types of homes and what type of sellers I’m looking for.

After getting the information from the park manager, I decided it was definitely something I’d like to pursue. As usual, I asked the park manager if they would like the seller to call me or if I should call the seller.

The park manager told me, “Let’s give the seller a call right now.” So the park manager called the seller, got the seller’s voicemail and left a message saying there’s a nice person they know very well who’s very interested in their home in the office. And, guess what?

We chit chatted for a few minutes and low and behold – the seller called back right away. The park manager gave the seller my name and asked if we could set up a meeting to see the home. We did it right there on the phone. And, I had a meeting with the seller that weekend.

Once I met with the seller, I confirmed the information the park manager told me — the seller was upgrading to a new home and just needed someone to buy their existing home so they could move on with their lives. They were looking for a quick sale and really wanted to work with someone who was serious as they did not want to keep their home on the market for too long.

After going through the home, I knew I was definitely interested. Like the park manager told me, the home was in immaculate condition and really didn’t need any work done to it. The seller had done some upgrades to the floor (replacing the carpet with laminate flooring) as well as some cabinetry work and a new shower install in the master bathroom. All in all, it was a very nice home — something that I would actually live in.

So I told the seller of my interest in the home. Before going into negotiations, I reiterated to the seller that I was a serious buyer, knew the park manager and had already been approved by the park due to past experience. I acknowledged the seller’s concerns and made them feel that I knew exactly what they wanted to do.

(Note: So many “investors” just focus on price when it comes to working with sellers. Though, a lot of times — it’s not always about price. People choose to work with those they know, like and trust. Without trust, you really don’t have any kind of a relationship at all. So, why would anyone sell/buy to someone like that?)

To make a long story short, we negotiated a fair deal that worked for both of us. And, I had the home under contract that day.

(Note: Before going into any appointment, I always bring blank contracts with me just in case!)

Here are some pics of the inside:

Living Room

Kitchen

Hallway to Master Bedroom and Utility Room

Utility Room

Master Bedroom

(Note: Nothing fancy here!)

Master Bathroom

Cabinet Upgrades

Shower Install Upgrade

All in all, I spent 13k on the home including the stove, refrigerator and storage shed. I found a nice family for it — I received $1600 upon move in and it cash flows in the $500/month range for 10 years. It made for a nice and relaxing cashflow payday for many years to come.

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!