I have been on the market since November trying to buy my first investment property. I've made 4 offers, all rejected. My strategy is to buy and hold. I plan on moving from the home I own currently into the next property I own and renting out my current place.
In my area, it is by far and large a seller's market, and even for multiple dwellings people are getting more than asking price. I was looking on craigslist, to see off the MLS properties, and see that manufactured homes are significantly cheaper. Since I don't plan on selling, but rather holding and earning income through renting, I'm wondering if maybe this is a way for me to get started in this market. I'm wondering if I should buy a manufactured home so I can get my foot in the door to investing...
In other investor's experience, are you able to rent a 3 bdrm/2 bth stick home for the same amount as a 3 bdrm/2 bth manufactured home? If it's manufactured, do you find that you have to lower the price of rent in order to get people in versus a stick home of comparable size? Pros and cons of manufactured homes vs stick homes? Other thoughts or comments?
I talked to a friend who reminded me that manufactured homes in estates or parks, you may be buying the home, but you have to lease the land, so you can be paying rent on top of a mortgage. Hmmm...
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