The rates are higher if it is in a manufactured home park as it is not considered a fixed residence (personal loan rates would apply).

The problem is there isn’t enough information to give a solid answer. Is it a manufactured or mobile home *huge difference? Will it be parked in a MH park or does that price include land? What are the income tax benefits? If there was more details it would be easier to do a breakdown.

I am now reconsidering– buying a mobile home cheaply and investing in repairs and upgrades. If nothing else, if I invest money into its upkeep it will at least maintain its value — long enough for me to get some money back from my rent and go from there…. EVERYTHING is a risk… as for the stignma of mobile homes– yes I hear ya on that– it CAN be embarrasing but the fact remains there are some that look more like homes and if you are making a profit YOU will be the one laughing– ALL THE WAY TO THE BANK! lmao

Good luck out there!

I purchased a new “double wide” mobile home (still has the frames, but no wheels) for $86,000. Financed it for 30 years, but making bi-weekly payments, so it will be paid for in 16 years and 5 months. Payments run $751 per month on the bi-weekly plan.

I had this 32′x70′ (2240 sq.ft.) home set on land I bought (1.88 acres) in the country here in East Tennessee (hillbilly heaven).

Make all the jokes you like, but since we don’t have an income tax, 9.725% sales tax, low, low property tax, I will be way ahead of the game than from those of you that are acting so high and mighty.

My home will be paid for long before retirement, with alot less interest having been paid, less taxes and much less stress than those of you that think living in or near a big city with outrageous land, home and tax rates is the way to go.

I have traveled in my work to every state except North and South Dakota and would not wish to live anywhere but here. (puts back in his chaw of tobacco, grabs his barefoot pregnant wife and tells the coon dogs to get in the truck).

I expected so much more out of this group.
Gary In TN

seriously, retirement communities have some expensive mobile homes and they do appreciate. so let’s not group all mobile homes in the category of tornado shacks.

Let’s say you can get over this ’social stigma’. Let us also say you can sell the place for what you purchased it for in three years – a flat real estate market. Assuming your mortage/taxes/maintenance/etc were the same as your current rent, then you would be even in three years. (I do understand your math was a bit off earlier though). With all that said, there are still the income tax benefits to consider. This could be your clincher. You might sit down and figure out what you expect to actually get out of the deal after a said time period.

On the topic of his math, I didn’t actually check it and took it at face value (I was lazy). I thought his assumptions were so wrong that even if the math were correct (which it appears it wasn’t) it wouldn’t have helped.

I’ll endeavor not to be lazy next time, it was a softball of a math question too… that’s what happens when you come back after a week off. Thanks everyone for crunching the numbers for me.

even if you take the really fuzzy math, and say somehow we can ignore interest, fees, taxes, laws of math, etc, you somehow recoup $36k towards principle and get $80k for the house. This still would mean you would owe $54k just in principle.

There are no silly questions, and I hope I didn’t sound too harsh, but…

i will disagree about mobile homes depreciating and being a bad investment. It really depends on the market. In retirement communities, mobile homes can appreciate significantly. In other low income housing areas, mobile homes can also appreciate.

also, there is a difference between manufactured homes and mobile homes. There are some quite expensive manufactured homes these days. there are also ones which appreciate. Depends on the market as always.