The Affordable Housing Market
Initially aiming to break into real estate investing for extra income, a 39-year-old Black mon called Nichole Briscoe faced prohibitively high single-family home prices.
However, she discovered strong demand for affordable alternative housing like mobile homes – a market niche accessible even on her budget.
After taking a $500 course on mobile home investing, Briscoe secured financing and got to work rehabbing properties in North Carolina costing under $10,000.
With renovation investments ranging from $3,000 to $15,000, she flips the upgraded 900 sq ft homes for almost double or triple her total costs.
Briscoe quickly sells the flipped properties, typically featuring three bedrooms and two bathrooms, without even needing to advertise.
Strong word-of-mouth interest and social media promotion on platforms like Instagram, where she shares her journey as “The Mobile Home Mami,” attract eager homebuyers. She even keeps waiting lists to meet buyer demand.
Creative Financing Options
To make her affordable housing even more accessible, Briscoe implemented creative “rent-to-own” financing terms. Interested buyers lacking sufficient savings can pay monthly installments of $600 to $900 over 3-5 years until reaching the total sale price.
This flexible path to homeownership, combined with Briscoe’s doubles profits from her rehabbed properties, enabled her to scale up rapidly.
She has also earned $45,000 wholesaling 13 mobile homes – finding sellers at low prices for quick resale to other investors at higher prices without personally financing renovations.
A Lucrative Side Hustle
In just over two years since starting her mobile home flipping side business, Briscoe has grown her monthly earnings from $3,000 to $7,000. She established an LLC, Eliam Properties, to streamline operations as her portfolio expands.
Nichole still balances her real estate ventures with her career as a social worker, a job she loves. But with her continuing success and 96,000+ Instagram followers, she sees potential to transition the flip business into a full-time role down the line.
For now, this mom’s discovery of the affordable housing market has unlocked life-changing wealth well beyond expectations – a true “hack” other aspiring investors can model.