Architectural Designs

I'm planning to buy a small house or mobile home then rent it out and hope prop. values increase or build a

house on a lot I already own.I'm trying to make some money in Bay County FL.I dont make much at my full time job.Which should I do? Thanks. If i build a house I plan to sell it or rent it.I own the mobilehome and lot that I live in. If I buy something I wont get any immediate gain . Only if its value goes up

Public Comments

1. A mobile home will never appreciate in value. Build a house!
2. Go for it, this is your American dream,damned if you do,damned if you don't.
3. I think that you should buy a house you can get somebody moved in and paying rent a lot faster than if you had to wait for a house to be built
4. mobile homes dont usually increase in value new ones never do , and the kind of tenants the rent mobile homes are not known to bee good rent payers or caretakers ,on the other hand sometimes you can sometime buy one for what it cost to build a front porch on a house, you would be better off building a house and living in th etrailor yourself rent the house to pay the mortgage , in fl 3 years ago would have been a much better time than now
5. As it has been said, a mobile home rarely appreciates in value. I don't personally have any experience with building new homes, but if you are planning on buying property, it is possible to make money right away. It is easy to refinance a home for 80% of its appraised value. If you find a home in foreclosure, or from an owner desperate to move, and buy a house for less than 80% of its value, you can refinance immediately and come out several thousand dollars ahead. Add onto that the rental income, and you will hopefully have what you need! Good luck.
6. neither. Start investing some time and money into yourself first and into your financial education. You need the three e's: education, experience, and excessive cash. Once you have the first two you will be able to get the third.
7. Instead of renting the manufactured home, you might consider selling it to someone and charging them interest. Most banks will not lend money on a mobile home, so if someone wants to buy one, they will purchase from a private seller. The private seller can make good money on the interest rate.
8. To maximize your return, check the zoning with the county and find out how many residential units you can build. Then, call a mortgage broker or bank and ask them how much they will lend you on your project based on how much cash & equity you have. If you must build, build to maximize the density as allowed by the zoning, particularly if you are building residential units such as mobile home parks. Rental income from real estate carries huge cash flow and tax advantages. Within 3-5 years you will double your equity. In the meantime, find a good agent who knows finance and he/she will help you build wealth for years to come. Good luck! Trevor
9. Mobile homes depreciate in value fast, plus most renters do so much damage in mobile homes that you are going to lose money really, really fast. We brought a new trailer and rented it out. They left windows open and wind blew rain into it. Another option would be to buy a house that is being moved from location it is at to your lot. (Like when they're widening highways, etc.) Check under housemovers in yellow pages Or if your mobile home that you live in is not in great shape, build a house for yourself and rent out the mobile home. Good Luck.