Buying Repo MH To Live In - Upsidedown?
I am looking at at 1998 28x80 Palm Harbor around Dallas Texas for $59K from Greentree. I plan to put in the best park in the county on a pond front lot. (best empty lot that has come up for a while)
At this price, do you guys that have been at the investing side for a while think I will be upside down for long if I put 10% down and pay at 15 years?
I have strong credit, high income, low debt ratio.
Main reason is to reduce monthly living expense in order to save more for retirement.
Tom
You will not really get any appreciation. What would a cheap house go for. I would always go for owning a regular home if it is affordable.
Yes, you are totally upside down.
A cash buy for a nice, newer, DW would be in the $25K range here. Then add about $7K to install on a lot.
Is this a rental lot? Or will you be getting ownership?
[addsig]
A cheap house starts at $110K around here, but it will only be about 1400 sqft. We are selling our 2450sqft with a pool for $200K. I thank you so much for your info. I have continued to shop and think I have located a wholesaler that will deal with me. Looks like they have 28x80 homes for $39K restored and delivered.
I will be putting it in a rented lot.
Do you think I can get a DW that is as large and nice as I am looking at for $10K?? Wow, if it that is the case, I need to keep looking. I am looking at 2100 - 2300 sqft. The wholesale rep says she will try to start her bids at $20K, but likely will go up to as much as $35K for the really nice ones that big. Then $2K for paint & carpet plus $3.5K for setup and delivery.
With 800 and 1600 posts, you guys have LOADS of experience in the MH market, So, I am all ears on how to save money.
Tom