Would investing in a 3000 dollar mobile home be better than renting?
965294
This web site tells all about living in a Mobile home.\nhttp://www.mytrailerpark.com/
872902
If you are good at managing people and have spare time, you can be your own general contractor. You can save up to $100,000 by cutting out the middleman and buying your own materials. \n\nAnother alternative is to buy a pre-built home. The large builders now have homes made in a factory and shipped to the site where they are put together. They don't look like "mobile" homes; you'd never know they weren't built like any other home.
1185420
Are you buying a home to live in, and looking for the best appreciation, or buying a home for renting out and future appreciation?\n\nI ask because there are different answers to those 2 scenarios. In both cases, the surest ways to make money on a house is to buy one that needs work, cosmetically (paint, new carpet, lawn cleanup etc), but doesnt have serious (and expensive) structural issues. (New roof...borderline...new sill plates due to termites...no.)  Houses that need repair sell at a discount. Thats because much of the market has no interest in fixing up their new purchase. Also, work you can do yourself is the equivalent of saving the amount you would have paid for labor, in some markets that can be as much as $40 / hour.\nOther keys... only buy a house that has a negative feature that can be fixed. For example, you can cut down dead trees, but you cant move a house that is across the street from a strip joint.\nRemember its Location, location, location in real estate. Finally, an extra bath is worth more than an extra bedroom. 3 bedrooms and 2 baths is much better than 4BR and 1 bath
220031
Renting would give you the most flexibility. Your cash would also be available for investment, emergencies, etc.\n\nIf you rent you don't have worry about upkeep on your home and maybe no yard work. \n\nThe down side, less control over who your neighbors might be. Probably less privacy.
95887
If you will stay for several years it usually makes sense. \n\nFind the difference in payments with the two rates and then plug into a financial caluculator. What you are looking for is it worth it to invest say $1500 for a point ($150,000 loan) to reduce the payment by say $50 a month.\n\nIf you can then see that the longer you keep it the more $50 bills you get. If you were going to be there 30 years, then is it worth getting $18,000 return for the $1500 investment? YES!\n\nIf you move out in three years is it worth getting $1800 for the $1500 investment? Maybe, but probably not as the rate of return is just a teency bit over 6%. \n\nThis is why there is no set correct answer, as you need to figure out how likely it is you will stay long enough to figure out if the particular interest rate returned is worth it.
997727
Probably.  It depends how you look at it.\n\nOver the long term, stocks & real estate will probably give you the same return on the dollar (learned this in Finance at University of Chicago nobel prize winner).  However, that may vary in the short run/shorter time horizons (e.g. over 10 yrs or less).  Recognize you usually own a home for longer & usu get a 30 yr loan.  Lately, obviously real estate has been doing better than the stock market.  But, with interest rate hikes, the real estate market seems to be cooling off.  And, real estate can differ greatly pending on the house you buy & its location.  I do not claim to be an expert and you may want to speak w/ an objective real estate agent (if you can find one).\n\nThat being said, in general buying is almost always preferable to renting as your monthly payments will be lower, esp as time goes on.  This, in turn, will allow you to save more so you can invest it whereever you want to.  Usually rent increases year after year; but, your mortgage payments will be the same as they are today for 30 yrs.  I say this as someone who has rented the last 10 yrs & wish I had bought sooner.  My apartment just went condo & I bought it 2 months ago.  In retrospect, I wish I had done it sooner.\n\nI read an excellent book on the subject that was very educational for first time buyers.  It's called "The automatic Millionaire Homeowner" by David Bach.  It explains all the basics & how to think abt mortgage options and what might be right for you.  It was really helpful.   A few months ago, I was a complete moron on the subject...now, I understand what others are talking about.
625547
Having your business buy the property will cost you more because you will need a commercial mortgage with higher interest rates. It is easier to get mortgages that are for you personally, or for a multifamily with 4 units or less. Talk to a lender about this and they will give you a good sense of your options.\nIf I you have the means you might consider buying and renovating a house for yourself and moving every two years. Research you market carefully and put ion alot of sweat equity instead of capital. This way you get to pocket the entire profit without captial gains, as long as you declare it your primary residence. You can also look into doing a 1031 exchange if you live there for less than 2 years to delay the tax payments and use the money in your next acquisition.\nAnother path could be to buy a 3 or 4 family with a commercial mortgage and an LLC to protect youself, rent them, convert the whole building to condos, then renovate the units one at a time as tenants turnover happens and sell the condos indiviually if the market is good. Be sure to talk to the lending bank about your conversion plans before setting up the financing.\nI recommend a trip to the library and read as much as possible before doing anything. Others have done this before, and they share the experience through books.\nGood luck!!
99586
Not exactly if you are renting. If you can prove that you have a regular source of income such as paystubs, etc, you should be good to go.\n\nBut if you are buying.. it will impact ur ability to seek loans
321925
Absolutely!!  You can either live on one side and have tenants live on the other side who basically pay your mortgage via their rent.  Or, if you are not going to live there, one half pays the mortgage, and the other have is positive income.  On top of that, house values go up basically every year.  So yes try to invest in MANY multi units, you will get very wealthy!
498955
To be honest, the cost of manufactured homes have increased so much, you might find a better deal on an existing house. Unless , of course, you already have some land you were going to move on to.
400321
I rent at the moment (about £1600/month), and I'm going to be buying next year.\n\nIt's the best way to go to be honest.
870837
I can tell you as a Long Term Single Parent, that it is FAR BETTER and was FAR BETTER for me to pay off and pay down the existing mortgage on the home I purchased rather than move on up to another property -- because ... I kept this home through out all the years I was on Active Duty, rented it out, and when I finally secured my Military Retirement -- NOW .. the home was within a few payments of being paid off in full - a REAL BLESSING considering that I had two young children to raise and DID Raise them to adulthood in the home.\n\nFAR, FAR better to repurpose your space, or if you can -- to build on and/or remodel to obtain additional room -- and that is ONLY of you have the existing property space to do so.  \n\nIF NOT -- paying down the mortgage faster allows you to not just gain greater equity in your existing property, but also to have that as a Leverage in when you DO need to either move on up or remodel.
474740
Better idea....\n\nPAY YOUR RENT.
1114416
I was just in VA last week and picked up a paper, I thought it was free. I don't remember the name but it has thousand of classified ads in there. The paper was all over different businesses. I seen an ad in there for a farm house with 7 bedrooms for 800.00 a month. I was going to Winchester and I believe that paper covered the Fredericksburg area. Not to mention, I walked out with the paper and seen the  1.35 cost for it uuukkk! I thought those classified papers were free.It did have a lot of rentals, if you're seeking a mobile home try to buy it with owner financing it.for you. You'll;; be better off , going that route..
359021
A lot of military personnel buy houses to live in when they are stationed somewhere, and then rent them out when they move to a new duty station.  There are rental management companies that can take care of the property for you when you are stationed somewhere else in the US or overseas.  Even though you won't be making much money on the rent, you will at least be building equity on the house.\n\nHowever, if you just intend to buy the house and sell it again in three years, you are exposing yourself to a lot of risk due to fluctuations in the housing market.  only buy the house if you intend to own it for ten to fifteen years.
82807
Mobile homes decrease in value every year that you own them, a site build home however increases with value every year, so your best bet would be to get rid of the mobile home, find a "fixer-upper", throw your money into fixing it up, sell it for more than you bought it, plus what you spent on repairs and keep moving up until you find one you want to keep.\n\nFixing up a mobile home....new carpeting, new roof will increase it for sales most, so if you need to do any of that to get a better sale, do it, it'll be worth your time, because it will sell faster.\n\nAnother option for you would to be to rent it the mobile home out, or do a Sold by Owner contract, that way you reap the benefits of the interest for yourself, and have an extra income to help cover your new house payment. \nBut be extremely cautious... people will trash the place if they really don't care about the place, or have no investment in it..Do a renters background check..and make sure all contracts are done with binding responsibilities of the renter making all repairs to damages, upgrades to place, etc.. and that when they leave all items altered remain with the house.
837662
I am assuming you mean renting it out to other people.  (Your question makes it sound like you want to rent a home yourself.)  If you own a second home, and you need the extra income to pay for the mortgage as opposed to losing it to the bank, I would say, yes.  Renting it out is a good idea.  I have two other homes, both rentals.  I purchased them for that exact reason.  The income I receive for rent each month, is about $750.00 over the mortgage on them.  So I make a profit of $750.00 each month, above and beyond the mortgage payment, for rent generated.  Hope this helps.