Tuesday, February 3, 2009

Why Invest In Mobile Homes?

Mobile homes are the last source of affordable housing available out there - providing this service is a definite need in any community. Unlike single family homes and apartments, mobile homes are in a class in themselves.

What I like about mobile homes is working with the parks and feeling a sense of community helping to make the park a better place to live by providing affordable housing. Basically, the homes are bought in the parks and are sold with owner financing.

The buyers have the homeowner type mentality - they want a place to call their own. Most times, these people are previous renters just tired of throwing their money away at rent and need something affordable they can call their own. For most of these folks, buying a single family home is out of their price range. So, a mobile home that offers about the same monthly payment as rent is very appealing - affordable housing.

The great thing is you're just like a bank - just collecting the payments on the home. The buyers take care of the home - there is no maintenance on your part. If there is a problem with the home, they take care of it. How does that sound?

Many people I have talked to have brought up the question, what if the buyers stop paying? Then, what happens? Well, if they stop paying you do just what the banks do - take the home back and then do it all over again. Simple as that.

In all honesty, there are risks with everything. People are afraid of taking risks. If you don't take any risks, how will you ever succeed?

If you would like to read up more on mobile home investing, I suggest reading this book. It is a good way to start learning about the business. I'll be honest with you, it's not for everyone but it's definitely for me.

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