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Originally Posted by After Shock Media
I like it. 
And people scoffed at me when I was buying mobile homes on land.
I never cared about the houses, I only cared about the land. The mobiles are just cheap rentals that always cover the mortgage and I still have the most valuable part, the land.
Sure they are not in the best areas all the time, yet. Though they are very popular with seniors and they are not in parks. |
I just bought my first one. Same theory. Paid a little more then what the land was worth and I got the trailer too. Not bad trailer. Rent from trailer will pay off loan in about 5 years. Plan on buying about 20 like this. Then in 5 years when they all paid off i will buy a couple acres, make a mobile home park, move them all to it, and build cheap houses on my now empty lots (which i owe nothing on) and i continue to make rentals 20x $600+ month with no more mortgages....
win win .... key is to buy trailers/lots in mixed areas where there are also houses. You dont want to build a house in the middle of the trailer park, but moving out a trailer and building a house in an area with other houses is great!