If you’re looking for a great way to make some extra money as a second income, or to find a way to earn a first income in this difficult economy, then you may want to give some consideration to mobile home investing. Though real estate investing can be a venture that makes many people nervous, this is not as true of investing in mobile homes as long as you educate yourself and know what you’re doing.
The key to making money through home investing is to be prepared to make the choices necessary to get as much cash out of a deal as possible. This may include making outlandish offers on manufactured homes that are for sale. In fact, many investors believe that if the first offer you make doesn’t turn your cheeks pink, then you’ve offered too much money. This can make the difference of thousands of dollars in profit when all is said and done.
There are some important tips when you’re looking at a potential mobile home investing opportunity. For example, the seller should always have title to a home that you will be buying. As mobile homes will generally have a title instead of a deed, you will want to make sure that the seller can provide that document in their name or you should simply continue on to the next opportunity.
Check into the placement of the home. Make sure that the land either comes with the home or that it can remain within the same community after the sale. Home investing becomes much more difficult when you are trying to sell a manufactured home that will need to be moved, since it is complex and costly to the buyer. Speak to the manager of the community to be sure that having the home remain will not be an issue.
The manager of the mobile home community will actually be able to help you in a number of ways. For example, if you want to know the honest history of a manufactured home, the manager will be able to let you know a great deal more than the manufactured home dealer or seller ever would.