True mobile homes — those erected before 1976 and usually situated in mobile home communities — are another housing option. These are not trailer camps, but parks where newer — and larger — homes are almost never moved from their original site. Some of these parks are very attractive, and the larger homes in them may appreciate slightly in value rather than depreciating, the way the old, single-wide mobile homes have in the past (although some parks may still have a single-wide, old-style trailer in residence). They do not appreciate at the same pace as traditionally built houses or high-end factory-built ones, though.

If you are interested in mobiles, you do want to see some return on your investment so you can use that money toward your next real-estate purchase. Shop carefully, and take heed of the suggestions made earlier for placing it on rented land. Remember, too, that pre-1976 homes were not subject to the same safety standards as HUD-regulated, post-1976 manufactured homes. You'll be better off with a newer mobile home.

One of the cardinal points made throughout this book, as you have probably noticed, has been keeping an eye on resale value when you buy any home. The same is true here. Location means virtually everything when you put up the for sale sign, but a quality home that has been kept in good condition runs a close second. Whether you can afford a top-of-the-line manufactured or modular house or a very simple style, make sure there is a resale market for it in the area you choose.