Raleigh Real Estate Market

[Edgar Gonzalez]

Hey Biggerpockets Fam, 

With an ongoing shift in the market and changes happening in the triangle, have any of your strategies changed when investing in real estate? what areas are you focusing on? what has been your biggest takeaway from this year?

Would love your input, i'm real curious how you all are dominating this market! 

[Kit Serrell]

Quote from @Andy Ceh:

Recently I was introduced to manufactured homes. If you look just outside of Raleigh, there are a few counties where rental occupied housing is 60% or more, and owner occupied housing is 40% or less. Pretty interesting area to invest in that seems overlooked by many. 

I've read that owning the land these manufactured home communities sit on is relatively lucrative and tenant turnover is low because it is expensive to relocate a mobile home. Tenants own the mobile homes, land owner rents the land every month. 

Does anyone have experience in this area? I love to be proved wrong let me know if I am off track!

 Unfortunately the way you traditionally approach financing these plots of land is expensive and not straightforward. You'd have to find a niche bank/lender to loan for the land and to have water, sewer, electric, permitting, concrete pads if necessary, etc which can obviously add up. Also, if people cannot afford to pay their lot rent you end up with the mobile home and become a landlord with a home that may or may not be in livable condition (meaning you would stomach the expense to have it removed) due to the fact mobile homes are built like toothpicks and don't take tenant abuse very well. People can and do have a lot of success with these when they can jump through those hoops and have people on their team with the cash to help them. Its just not nearly as straight forward as people sometimes make it seem.