I've always kind of been bad at looking very far ahead, but I've been thinking about the future a lot. I'm a 19f, single with cats, and planning to stay childfree. I don't want to live in an apartment all my life but I don't think I'd want to own a house, as they're typically a bit bigger than what I'd need, and expensive. Right now I'm living with my mom, paying a bit of rent each month and buying my own food, ect for the most part.
Some advice from people who might've been in a similar situation world be appreciated… I just feel having more of an idea of something to work towards will help me
My wife and I have been looking at buying a home but the homes/neighborhoods we really want to live in are out of our price range at the moment.
In our search I've seen some mobile homes that actually look quite nice and spacious that only cost ~$30-40K. We pay $645/mo for our 900 SF apartment right now and could easily fit into a mobile home that would cut our rent/mortgage in half. Plus, we could modify it and have a small yard to ourselves.
Has anyone tried this or know why there's such a stigma to living in a mobile home/trailer park? I'm curious as to why these places aren't filled with college students or young families that are simply cutting costs or saving money. They always seem to be filled with sketchy people or older people.
Generally speaking, I have used Reddit for gaming posts and to find out if things have value from my business in buying and selling items I aquire through many means. I have slowed down alot doing that and want to start investing in mobile homes. I have experience in most home repairs outside of expert level stuff so I am fairly comfortable fixing them up. Have any of you guys added mobile homes as a source of passive income to secure a paycheck every month? If so what was you approach to get started? I have seen many homes for sale for under 5k that I believe will give me a ROI in under 1 year. My main goal is to have at minimum 10 mobile homes in 5-7 years for a average of $500 net profit per home per month. Me and my wife have a solid plan and we already own one flat out. We are looking to get 2 this year and so on and so on. If anyone has any experience in this field and would like to have a discussion about it I would love to do so. Thanks for taking the time to read.
I recently purchased 10 acres about an hour outside of Austin, TX (15-year land loan, near 6% interest).
I have been pricing houses, and what I want to build is in the ~$400k range - I'm not in a position to finance that at the moment.
I'm considering spending $100k on a mobile home, so I can live out and there not have to commute back and forth - I could also roll the land and trailer into a 30-year mortgage with a better interest rate and lower payment. This would be pretty affordable and allow me to save and try to make a career move to earn more. I think the timeline would be 3 - 5 years until I would be able to build the house I want, and then I'd have the trailer as a guest-house / office / storage area.
Does this idea make sense?
Am I going to regret spending $100k on a mobile home?
Anything y'all know that I don't?
Appreciate the insights~
Get it old and cheap (but still nice). Although it might be old it still can rent out for pretty much the same to what a new one would rent out for.
My grandparents started a trailer park just leasing the land and it made for a pretty damn good retirement plan for them.
My dad recently started leasing out some old mobile homes on their plots and he’s making very good income on them (including land costs).
Although I haven’t done it myself yet, I’ve been around their trailer park all of my life. If you do it right, it can be a good investment, if you do it wrong, it can be a bad investment. Get good tenants. But at the end of the day, I’ve seen that it’s more like a part time job that pays very well (because you constantly have to be on top of that “passive” income).
So, my fiancee and I are currently renting an apartment while I attend school. He hates renting this apartment and finds that buying a mobile home is a good choice to get out of apartment living (which I dont really mind, for now). The problem is that, for one, I will transfer colleges in a year, and I dont have many local college options so a move will be in order within a year. Secondly, I have heard nothing but bad things about buying mobile homes, such as that they lose value over time and that they are a pain to sell. I say lets just wait until I graduate, get married, and find employment before any big purchases. He says to buy a mobile home and sell if anything comes up, which freaks me out.
So, what do you all think? Would buying a mobile home be nothing but debt and a big pain? Or am I just worrying about nothing?
EDIT: Thank you all for your responses! When he gets home from work we will discuss this again so we can set a more financially sound goal.