She introduced Nichole Briscoe, a 39-year-old African American mother and social worker from Burlington, North Carolina. She created her side business of converting mobile homes, increasing her monthly income from $3,000 to $7,000.
Nichole, who resides with her spouse and children, told Business Insider that her original plan was to invest in real estate to supplement the family’s income. However, she found a market niche for mobile houses due to the high cost of single-family homes. There is a need for these reasonably priced prefabricated buildings, which are frequently used as permanent homes, particularly for people who cannot afford regular homes.
Motivated to explore the real estate industry, Nichole enrolled in a $500 course on investing in mobile homes, which allowed her to join this sector. After obtaining a $20,000 loan for house renovations, she spent less than $10,000 renovating mobile homes in North Carolina. Her investment is nearly doubled or tripled when she sells these residences after incurring remodeling fees ranging from $3,000 to $15,000.
Briscoe’s flips, usually 900 square feet, have two bathrooms and three bedrooms, and they draw purchasers even without any advertising. Word-of-mouth marketing and social media sites like Facebook and Instagram have generated enough interest. There is such a high demand for inexpensive housing that she even has a waiting list for her homes.
She provides a “rent-to-own” option, further increasing property accessibility. Over three to five years, buyers can choose how much they want to pay each month in payments of $600 to $900 until they reach the transaction price.
Nichole uses a different tactic than flipping: she contracts with a seller at a lower price and locates a buyer ready to pay a higher price without incurring remodeling expenditures. This is known as wholesaling. Thanks to this strategy, she has made almost $45,000 from the wholesale sale of 13 mobile homes.
Additionally, using the handle “The Mobile Home Mami” on Instagram, she has over 93,000 followers and has formed an LLC named Eliam Properties. Despite her success, Nichole intends to keep juggling her real estate company and social work, with the possibility of going full-time in the future.
“I do really love my job working with students,” she stated. “In the future, I definitely see potential in this becoming full time but not right now.”
