Wednesday, May 20, 2009

Q&A: Mailbag

(Note: I've received many questions from people about mobile home and/or real estate investing. From time to time, I will post the ones I find interesting/relevant. If you have a question, feel free to send it in. Thanks!)

Q: I am ready to start investing in mobile homes. However, I will be relocating out of state in about a year. I am a little skeptical to get started right now because I will have financed homes that will be located out of state after I move. Do you think I should still pursue this right now or wait until I move and start then?

A: Personally, I'm not an advocate of investing out of your area - it just makes things more difficult if problems should come up. Since knowing the market is very important, it may be difficult if you are away and have homes in your present area - the market could change, situations could change in your market. If you're not there, it may cause problems.

If you're just starting out, one thing you can do is learn your market and look for deals for other investors - bird dogging is a good way to start and get the experience without taking all the risk. This way, you'll get some experience. Then, when you move to your new location you'll have the experience to go out and start off (if you choose) on your own.

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