Cheap Rental Properties
I have been looking for some cheap rental properties to add to my portfolio. Now, I am not looking for dumps, but rather properties that offer a good return on investment (ROI) and are a good value for the dollar.
Most of the cheaper properties are in poorer areas of town, and I don’t want to get into that. I have also looked at some slums - they looked good from the pictures on the web, but when I went to see them, my opinion changed. I definitely don’t want to become a slum lord - I want to provide my tenants with a home that I would be comfortable living in.
My search has taken me all over town, but I think I may have found the place for me - a mobile home park. For some of you mobile homes may seem like a bad idea, but consider this: I can buy a mobile home with the same square footage as a regular home for less than half the price. Is that a good deal? You bet.
I have lined up a broker that specialized in manufactured home loans and I have been assured that I can get a mortgage with no PMI - which will make my ROI even better.
So, I am going to check out a few homes that I have found tomorrow, and hopefully I will be putting offers on them. Then all I will have to do is get some tenants and watch the checks roll in…
