Buying into mobile homes have made real estate investors millions of dollars. Just because it may seem that the class of renters/buyers you would be working with are lower class and thus more trouble, you may be wrong. Most of the folks that would rent or buy a mobile home do not make a lot of money, however often they are less demanding than a middle class savvy home buyer. The mobile home buyer/renter is looking almost exclusively at price, and thus, if you can fit their budget, it becomes an easy sale.
For example, I purchased a double wide mobile home with the land in an outlying area of the town I live in. It was a HUD repossessed mobile home, and I purchased it for $26,500. It is a 2002 Palm Harbor 3 bedroom, 2 bathroom home about 1,150 square feet. I found the property on bidselect.com, and made my offer. We lived in the home for close to a year, and bought into another property in town. My total PITI on the property is roughly $350 per month.
After moving out, I was able to rent the property for $600 per month. Not a bad deal at all, considering that the mortgage is only for 10 years, and I only had to put up about $6,000-7,000 up front to close the property, and to build a nice shed for storage. So in a nutshell, buying into mobile homes, especially repossessed mobile homes, can be very profitable, with a limited amount of risk.
But let me give you a couple of websites you can use to find deals on repossessed mobile homes:
These are just three sources to browse available mobile homes in your area. But not only for real estate investing, but just for finding a low priced dwelling in your area.
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