Whether you’re looking for a new home for yourself that is highly affordable or trying to invest in real estate with the lowest investment amount, you’ll find repossessed mobile homes are great for many reasons. The biggest benefit is that repossessed mobile homes are extremely affordable because you are typically only paying the principal at a discounted rate. While this is affordable, remember that many other people are looking for the same thing and this can make buying the mobile home somewhat difficult. This will give you information about common financing options, auctions and how to get appropriate land.
Information. Many people have misconceptions about buying repossessed mobile homes that keep them from ever buying one or visiting a repossession auction. The surprising truth is that most repossessed mobile homes are in like new condition. There are some that aren’t as well taken care of, but most are in very good condition and are better than other used mobile homes you could buy at similar prices. After buying a mobile home, you can then either live in the mobile home or you can rent it out as a rental property for residual income. Many auctions will require that you have land ready to place the mobile home if you win, so it’s best to have land before even visiting an auction.