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THE real estate market could be tough to crack into, but one TikToker shared how she got her foot in the door and profited.
House flippers can take simple steps to spruce up a piece of property and then sell it for a decent number.
Stephanie Coy placed signs all around a mobile home park and bought her first home for $5,000 before selling it for $30,000Credit: tiktok/themobilehomeinvestor
Flippers can also opt to charge rent for passive income as an effective side hustle strategy.
Stephanie Coy, known on TikTok as @themobileinvestor, is a mobile home flipping and investing coach.
She fixes and flips mobile homes while sharing valuable lessons with her social media followers.
She decided to reveal how she turned $5,000 into $30,000 for the first mobile home flip she did.
MONEY SIGNS
Coy started by getting the word out about her seller financing business.
“The first thing I did was I put signs in the ground like this one,” she said.
She didn’t specify where the mobile home park was, but in a reply to one of her commenters she said it was in America’s Northwest region.
Coy said she put signs up all around the community grounds in hopes of sparking somebody’s interest.
Eventually, the signs led to a phone call from a mobile home owner who was trying to get rid of her property.
“The seller contacted me because she was ready to move and needed to sell her home really quick,” Coy said.
I bought a no curb appeal home for $205k and started with a ‘blank slate’ – after 6 months of work sold it for $400,000
Coy got approval and bought the woman’s home for $5,000.
“Cleaned it, did not remodel one thing, and put a buyer in there who’s still paying me payments,” she said.
At the end of her video, she estimated the person renting her mobile home will cash out at $30,000.
She also listed some tips in the post’s comment section for people looking to break into the flipping business.
One person asked Coy where to find a mobile home that costs $5,000, and she said in some cases she’s even found them for free.
“How?” the user asked, to which Coy replied, “I create relationships with the park managers.”
HOME FLIPPING EXPLAINED
People flip homes, and specifically mobile homes, to make quick real estate profits, as per Pacific Equity & Loan.
Mobile homes are prefabricated, factory-built house structures constructed on a steel chassis.
They make attractive flipping options since there’s a low initial investment.
This means investors can purchase mobile homes for cheaper than traditional house prices.
There’s also a high demand since those who struggle from the housing crisis can benefit from these often more affordable options.
The smaller size of the homes means investors can improve the home’s features or overall appearance without breaking bank.
The U.S. Sun covers all kinds of different home transformation stories.
Find out how one property investor made $220,000 by buying an “entry level house.”
Meanwhile, tiny home villages are popping up across the country.
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This article was originally published by a www.the-sun.com . Read the Original article here. .