Cheap Manufactured Homes
There is some buzz right now that says something like this: " Buy cheap manufactured homes and make a killing off reselling or renting them OVER and OVER."
Sound to good to be true. Yep, your right. Perhaps someone somewhere has made money off this concept, but that is rare. The truth is that there in not much demand for used mobile homes.
Don't take my word for it. Go to your local paper or craigslist ads. Observe for yourself how many cheap mobiles homes are for sale. The market is saturated, everywhere. Then make a drive to your local mobile home park. You will see MANY MANY homes for rent and for sale, quite often empty. You will also see many foreclosure notices. This is the case in most areas.
However, if you do your research and find you happen to live in a rare area that is not saturated, then this might be a good investment opportunity for you. BUT do your due diligence and do the research, do not skip this all important step.
Let's say you want to invest in these kinds of properties. Now you are looking for a mobile home price list to compare values.
There are few things to consider when pricing:
1. Is it on land or will it require a lease for placement?
2. Is there a repair warranty in place?
3. Is the title clear for sale?
These three things can cost you a LOT of money.
All in all, there are a lot of investment scams out there. Make sure all paperwork is completed with a reputable title company, to avoid being scammed.
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