Hey everyone, so I’m most of the way through my first house / mobile home flip and thought I’d share a bit of my experience and make a few posts about the progress I’ve made so far, and I’ll keep posting until the property is sold with details about how it went down.
First disclosure is that if you want an expert’s opinion on the area of flipping real estate you should check out @JScott 's material. But, if you’re interested in learning how not to do your first rehab, then keep reading.
Second disclosure is that the way I went about this flip probably wouldn’t qualify as fastlane. It violates many of the CENTS commandments, especially scale, because I decided to do the entire rehab myself, with no contractors, and no construction experience. The most handyman thing I had done up to the point when I purchased the following home was paint my parents fence one summer. I was also good at putting together ikea furniture.
Very quick background on why I decided to do something like this. I recently finished my master’s degree (in something entirely unrelated) and had a few months off before I could get licensed and start working at that job. I wanted to do something Fastlane related, but was so burnt out from seven years of book work and continuous lofty abstract thinking that I decided I wanted to work on something concrete and tangible, where I could get my hands dirty and hit things with a hammer.
So, when I read @Major 's post on this forum HOT TOPIC - Where are all the Mobile Home Park Investors? about flipping mobile homes in short periods of time, I figured I might as well give it a go. In the past I have suffered from pretty bad analysis paralysis (see my first thread REAL ESTATE - Critique my residential real estate checklist), so I figured now was the time to go in blind and wing it.
So, I found one of the cheapest and most run down mobile homes in my city and bought it. If you did a search for every property for sale in the city (of over 1 million people) and ranked them from lowest to highest price, it was number three on the list. There were only two properties in the entire city that were cheaper when I purchased it.
Here it was when I first saw the listing:
It has come a long ways since I saw this picture, and at this stage I am mostly working on the finishing touches, and will soon get it up and listed for sale. Anyways over the next couple weeks I’ll post up some more pictures, progress notes, and insider secrets like how to use an angle grinder to grind your way out of a broken down bathroom you’ve locked yourself into for two hours.
Also shoot me any questions and I will provide my unlicensed, unprofessional advice
First disclosure is that if you want an expert’s opinion on the area of flipping real estate you should check out @JScott 's material. But, if you’re interested in learning how not to do your first rehab, then keep reading.
Second disclosure is that the way I went about this flip probably wouldn’t qualify as fastlane. It violates many of the CENTS commandments, especially scale, because I decided to do the entire rehab myself, with no contractors, and no construction experience. The most handyman thing I had done up to the point when I purchased the following home was paint my parents fence one summer. I was also good at putting together ikea furniture.
Very quick background on why I decided to do something like this. I recently finished my master’s degree (in something entirely unrelated) and had a few months off before I could get licensed and start working at that job. I wanted to do something Fastlane related, but was so burnt out from seven years of book work and continuous lofty abstract thinking that I decided I wanted to work on something concrete and tangible, where I could get my hands dirty and hit things with a hammer.
So, when I read @Major 's post on this forum HOT TOPIC - Where are all the Mobile Home Park Investors? about flipping mobile homes in short periods of time, I figured I might as well give it a go. In the past I have suffered from pretty bad analysis paralysis (see my first thread REAL ESTATE - Critique my residential real estate checklist), so I figured now was the time to go in blind and wing it.
So, I found one of the cheapest and most run down mobile homes in my city and bought it. If you did a search for every property for sale in the city (of over 1 million people) and ranked them from lowest to highest price, it was number three on the list. There were only two properties in the entire city that were cheaper when I purchased it.
Here it was when I first saw the listing:
It has come a long ways since I saw this picture, and at this stage I am mostly working on the finishing touches, and will soon get it up and listed for sale. Anyways over the next couple weeks I’ll post up some more pictures, progress notes, and insider secrets like how to use an angle grinder to grind your way out of a broken down bathroom you’ve locked yourself into for two hours.
Also shoot me any questions and I will provide my unlicensed, unprofessional advice
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