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Invest in HUD-Approved Manufactured Foreclosures in New York

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By : John Cutts    99 or more times read
Investing in manufactured foreclosures in the state of New York is workable, as more than half a million New York residents as of the end of 2009 live in mobile or manufactured homes, based on data from the New York Division of Housing and Community Renewal.

For over 60 years, mobile or manufactured homes have served the housing needs of hundreds of thousands of people who can only afford cheap houses in New York. Further investigations, however, showed that there are significant numbers of owners of mobile or manufactured homes who bought them even if they can afford typical single-family homes because of lifestyle preferences.

Stories abound about couples and families who have significant savings, but do not like to spend a big portion of them on permanent housing but on travel, outdoor adventures and other unique experiences.

These more adventurous buyers can be targeted by investors in manufactured foreclosures. Investors and owner occupant buyers, however, are advised to focus their search on HUD-compliant manufactured homes in every foreclosure list that they obtain.

According to long-time brokers and dealers of manufactured homes, HUD-approved manufactured homes have steel frames, which make them stable when transported and installed. These experts say that steel frames have advantages over purely-wood frames and that framed manufactured homes are more enduring than manufactured houses with weaker frames.

Steel frames connect all parts of the manufactured home in a way that the whole structure becomes unified and stable against winds and earthquakes. Steel is also 30-percent lighter than any wooden material of the same measure of strength. This makes for easier transportation and installation.

Another good characteristic of steel is its ability to resist moisture. Unlike wood which warps or gets soft if it is exposed to moisture or dampness, steel remains hard and strong in the midst of dampness. Nevertheless, homeowners need to be reminded that steel will rust over a period of time, especially if it is not repainted or coated again.

The strength and stability of steel has been proven over the decades. Large buildings, bridges and ships all over the world use steel beams and frames.

For people engaged in Brooklyn foreclosure investing, they can add manufactured foreclosures to their portfolios. In the shipment and production report for February and March 2010 released by the Institute for Building Technology and Safety, the demand for manufactured homes is still relatively high.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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