When considering the advantages that a mobile home offers, and how to search for a good deal, remember that from the standpoint of title they are treated much like conventional housing. Foreclosure.com has a complete database of listings of mobile homes, often referred to as modular homes or manufactured homes, that present unique opportunities: foreclosed properties, short sales, potential flips, and rental investments.
Lenders that have foreclosed on mobile homes are anxious to get them off their books. If the mobile home was over-financed for the original owner, let that be a problem for the lender that creates an opportunity for you.
Many conventional lenders have special programs for financing mobile homes. One of the first questions a homebuyer will ask is "How much down and how much per month?" Loan terms for mobile homes are competitive with conventional financing. How about 5% down and thirty year financing for the lowest down payment and the longest payout for the lowest monthly payment. Mobile homes represent one of the most affordable housing options anywhere.
In other words, what kind of return can I expect if I buy a mobile home with a view toward renting it out? The best way to decide on the invest ability of a piece of property is to ask, "What kind of cash flow will it produce?" Rental rates for mobile homes are not much different than comparable conventional homes, but the cost of a mobile home is generally much lower. So with the cost lower, and the income from the property nearly as much, the return on investment for a mobile home will naturally be much higher for the mobile home. You can do your own research as to rental rates by looking online for mobile homes for rent near me.
Searching under mobile homes for sale only covers part of the market. In this same category of mobile homes, or manufactured homes, are prefab homes, modular homes, single wide and double-wide mobile homes. Unique to mobile homes is the fact that you can also search for modular homes under $100,000, and even modular homes under $50,000. While searching for the best deal do not overlook the opportunities that might present themselves by searching foreclosures near me, or on the foreclosure.com website.
