Investing in Real Estate has been known as bringing in a great return on your money. Many people have monthly income coming in from owning then renting out the real estate. If you have several homes that you rent out every month you have quite a bit of money coming in every month. Not only will you be getting a monthly income from the rental monies but also the real estate is hopefully rising in values. You can buy a mobile home and land in some areas for under $25,000.
There are ways that you can start out owning real estate even on a small budget. It’s something that many people don’t even consider. But it’s mobile homes. Mobile homes are inexpensive and many people live in them as inexpensive homes. They are now built on permanent foundation and if they are on land as a permanent home the values really aren’t decreasing as quickly as they did at one time. Sometimes you can buy a fixer-upper mobile home for next to nothing, as the young couple had only purchased it to live in while saving for a home when they buy their home they will sell the home just to get rid of it. This can be a great savings for you. You can many times buy the homes already set up on land in neighborhoods or mobile home parks for less than it’s worth.
Some mobile homes that you buy will need some work, which can be as easy as laying tile floor, or just painting and putting down carpet. This is basically cosmetic work that won’t cost allot of money or take much time but can be a great payoff for you. Since you don’t have allot of money tied up in the real estate you can use the money that you saved to fix it up and resell it or just rent it out.
It is fairly easy to find renters to rent your property. This will give you the monthly income every month that you won’t have to turn around and pay a huge mortgage note with that money. Since you have picked up the land and home for very little money the monthly income will be going to you. Rent for mobile homes are usually a little less than an apartment and way less than a home in the area. So it’s easy to find potential renters quickly.
Finding financing for homes that you don’t live in can be difficult especially for mobile homes, so you may want see if the sellers would consider owner financing if you don’t have the cash to pay for it. Buyers may consider this option to move on with their lives and sell quickly. If you have cash that you can use to pay outright you have a better chance to get a better price.
While buying and investing in mobile homes may not be for everyone, it can bring you a great income monthly for very little cash and get you started in the real estate market.