Stick Home vs. Manufactured Home to rent out
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?
Thanks