In one of the reports of BBC, it revealed that an estimated 20 million Americans are living in mobile homes. Living in a mobile home has become a trend and part of a modern way of living of most Americans. And such event is not a result of the lack of finances, for not everyone living in mobile homes are relatively poor. In the following article of Tom Geoghegan, it highlighted the statistical data of mobile homes:
Why do so many Americans live in mobile homes?
"Not everyone who lives in a trailer park is poor," says Charles Becker, a professor of economics at Duke University, and one of a handful of academics nationwide who has extensively studied the subject.
Mobile homes make up 6.4% of the US housing sector and there are 8.5m of them, down slightly on 2011, according to the US Census. The number of occupants is not recorded but it's estimated to total about 20 million. Read original article...
With the said event and popularity of mobile homes rising in the real estate industry, it cannot be helped that some investors would have to deal a handful of mobile homes as part of their career and business. Dealing with a mobile home for sell or even rent is not that rigid compared to the usual properties, both commercial and residential. In the following report of John Fedro, it highlighted the five necessary things that every mobile home investors should know:
Mobile Home Investors Only Need 5 Things To Close On a Park Home
-Clear Title:
Does seller have clear title to sell home? If the mobile home is free and clear of any liens or encumbrances the sellers will have the original mobile home Title(s) [except for VT, NH, and TX].
-Bill of Sale:
A Bill of Sale is the mobile home in a park's version of a HUD-1 closing statement.
-Unsecured Promissory Note:
This form is optional and is to specify in detail the payment instructions, seller financed amount, and payback terms. Read full article...
With the not so strict policy of mobile homes, an investor can easily ride on the ever growing popularity of such real estate property. It can be a great alternative especially during drought seasons in the real estate investment world.
