Should I Buy A Mobile Home?
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- Опубліковано 21 тра 2020
- Should I Buy A Mobile Home?
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I know it is quite randomly asking but do anybody know of a good place to watch newly released movies online?
What if you Convert a manufactured home to real property through affection deed. Most states allow you to turn the manufactured home into real property
It depends what your goals are...……. We purchased 3.3 acres with manufacture home on it for 25k, We gutted it and redid ourselves with cash and 8 years later our place is worth 225k. My husband can fix/build almost anything. So now we own this place, have no payment, low taxes put a 9 k solar system on the property so nearly no electric bill and low insurance going into retirement and have no plans to move.
Awesome!!!!!
That's awesome!!!
Smart
I bought a property for 30K it's not worth that now!!👍👍
That's the life!
I would say, considering 2020 so far:
*Mobile home better than no home*
A home with a piece of land
that's what I was going to write lol......
What about a mobile that includes a property that appreciates?
Thats true Dave is not saying mobile homes don't make great shelter if you can buy one out right and have land to put it on its certainly better than renting an apartment in that case but don't go and take out a mortgage on a newly manufactured mobile home because it depreciates in value whereas a stationary traditional home or condominium appreciates in value.
Preach
My husband and I bought a mobile home earlier this year which allows me the opportunity to be a stay at home mom for our new born in April. We pay $285 for lot rent and it’s way less stressful. Even though mobile homes don’t typically raise in value it was what we did in order to spend more time building a stronger family and marriage.
Perfectly said!
It all really depends on each person or family. It sounds like you made the perfect choice for yours. There are some really nice mobile homes out there! I have lived in a few growing up. My mom always took good care of them.
@@starlamoon286 my thing is that you're so close to your neighbor, I don't think I would like that because I already live in an HOA where the homes are close as it is.
This is the only reason to buy a mobile home IMO. Most people get mobile homes to save money which it simply does not do, but if money saving isn’t the Main goal a mobile home is fine
@@connorpena373 if the rent is much less, why can't you save money with it?
Dave forgets rent money loses 100% of it value the second you pay it. If can buy a mobile and live in it for the price of rent and then sell it for anything you are ahead of renting.
Where you gonna live with it that rent free? You still gotta park it on land
@@alexc5369 The land rent is nowhere near apartment rent. You're talking $100-$200 a month compared to $1500 a month.
Yes but rent has no variable expenses like what if the roof breaks on the mobile home, you have to fix it whereas rent you do not.
@@alexc5369 What if you own the land and someday you want to build another house on that land? And while the mobile home is still standing you can use it for other things?
this comment right here!!!
I rather be debt free in the 50K manufactured home than being in debt with an expensive condo mortgage and never ending mostly worthless condo fees. I think the market is slowly changing the way we looked at manufactured homes as a loosing investment. A lot of renovated manufactured homes are being resold for profit. The market preference does change and for me made great rental income.
I think if it's on it's own land....ok but in a mobile home park with a space rent that's not good...gotta watch condo hoa fees too.
@@kristinaclark8307 on a house you will have to pay property taxed anways and mobile home rent is so cheap, i rather live in the mobile home have a cheaper payment and invest the extra money
Facts!!
condos sometimes get mismanaged which could cause unexpected assessments.
And some of these new manufactured homes last years! They rent for almost as much as a house in my area
Dave simply is against mobile homes. Make your own decision when it comes to the home you buy. You have to live in it, not him. Do what makes you happy.
You are so right!!
I felt he was bias as well. The condescending tone he took made it obvious.
you right
Dave Ramsey's advice is for people that think more about their value based on what they have homes, stocks etc. But the way I look at it if you choose to live in a mobile home in a park or private property is your call plus I feel the more "valuable" your finances and assets the more battling that will happen when you die cause people want it
I personally want nothing more than a Sturdy roof over my head, reliable car, and food in my fridge I'm content
I’ve seen mobile homes expensive nowadays so I don’t see how they not going up in value? Smh it’s better than going into debt buying house you can’t afford or renting something that you don’t even own I’m really surprised he said that
Mobile home on a buildable piece of land is a different story.
You can build or buy a cheaper place to live though, especially if youre single.
Yes the land....
If you get enough land you can build a bunch of mobile homes built and rent them out lol
It's not practical, especially in the city. Even in the suburbs they wouldn't allow it. You'd have to live somewhere rural where the laws are more lax to be able to plop a mobile home out of nowhere on a piece of land.
@JR
Still a home.
And people who own land live in whatever they want.
I know too many here in Oklahoma that own land,pay cash for a mobile home moving on with their lives well aware of that and can afford to not care.
Value in Mobile homes in my area has definitely gone up even in parks . They gone from $30,000/$40,000 to $80,000 + in just a couple of years.
Mine is a 2001 double wide bought for $70k in 2018. Now it’s worth $140k, and I know it will actually sell around that because my neighbor sold his similar home for $130k 5-6 months ago. Conventional homes in the area has gone up so much from $250k to $400-$600k that it’s bringing our homes up as well.
@@DCA_DAD what area are u in?
True
Here where I live There’s one for 145k it looks nice
@@DCA_DAD in your opinion, would you say it might be a good move for a single person or a couple to buy a mobile home if they aren't worried about the rising equity as much as a stick built home?
What about those who have no debt, are a lot older and don’t want a 15-30 yr mortgage. I’m considering a mobile home when we leave Alaska because they’re so cheap. Don’t want it to be an investment, just want to live in a paid off home with a little bit of land and enjoy a simple life with the extra income that could have been a mortgage.
Exactly, we purchase ours on land with cash, added solar so no mortgage , electric bill, low taxes have a deck with a view and pool and we can go and enjoy our lives, and our place has actually appreciated over the years.
Do what makes sense to you.
Deby Kaup My husband owns land in TN, but is now retired from the military so no more moving all over. Now he’s finishing school in 2 yrs and his job can transfer to TN. I just want to buy a double wide and put it on his land and renovate it ourselves. Our oldest keeps saying it’s a mistake and DR seems to say the same thing.
@@alaskanmom2659 Read my comment above. Dave Ramsey just does not like mobile homes. He has one mindset and that's it.
Sandra Campbell if you own land it can work, but you become trapped if you rent space in mobile home park. It’s very expensive to move them and you become easy prey to space rental increases and/or bad upkeep and management services because they know this. I also read an article that once moved, mobile homes are not eligible for FHA loans which makes it even harder to sell them.
Exactly real estate is not the only way to build wealth plus paid off house and if your making money already and debt free guess what you can buy any kind home rent that one out while you live comfortably
I COMPLETELY disagree! As a Realtor, I see appreciation with Mobile homes every day. It's not as significant appreciation as site build home but it's there. I think the mentality mobile homes are a car that you sleep in, is outdated. It's just not the case is today's market. (At least in the area I serve).
If you don't mind me asking, what area are you serving?
@@anitakerce9389 Tennessee & Georgia
Thank you synthia. That's what I thought.
Mobile homes are in fact not going down in value today.
Plus the land values can go up
Future value can't be the only reason to not buy a mobile home. It's not enough of a reason. You don't decide what something is by comparing it to something that it is NOT.
that's what Dave was trying to say. A mobile home is NOT a home that will increase long-term savings like this young man wants.
I bought a mobile home for 40,000 in 2014 and now it's worth 300,000 so I'd say depends on location
I bought a mobile home for 95k and it's worth it. Here in Cali, cheapest rent you can find is 1500-1800. So it makes sense to buy it. It came with land so no land lot fees and it's not a park. Neighbour also has a mobile home but it's half the size and they want $190k, so its not always a bad idea.
Are you in southern cali? Looks like North only has parks with expensive space rents.
Mobile Homes are for poor people and I am in my 60s and poor and buying my first home. I can't afford anything more than an old mobile home built before 1977. Of course now it is 3 years later and prices are sky high. This is my only option. If you are reading this now and are young PLEASE save your money for your old age. I was just ignorant enough to think things would all work out and it obviously did not. DEPEND ON NO ONE! You can only depend on yourself. Save money for YOU!! Plan the life you want and save for it, don't wait for it to come to you because sometimes it never does. AND ALWAYS, ALWAYS HAVE A FIRM NO FAIL PLAN B!!!!!
I live in a mobile home and love it! Great park, fair land rent ($325). Bought mobile home with a 4 car garage for 40k cash. Built in 90's. Easy to maintain and If I had to sell for whatever reason I could probably get 70k. As long as land rent stays reasonable, I'm staying right here. Saving money is making money.
Where do you find land rent for $325?? In CA around me is about $1000+
@@hannyco2320 California seems to pay at least double for everything. I'm in nice little town in Wisconsin. PS - Gas is $2.10 a gallon here. How about you?
I sold my traditional home and downsized to a paid for manufactured home with land. My kids were upset, bitI'm less stressed while paying off debt!
Please tell me more Sis, bc i need less stress.
Our first home was a mobile home, sold it and had a down payment for a house.
Oh my goodness, Mr. Ramsey Sir! There is so much to this question that you did not consider. First, Some mobile homes are built better than others and after being rebuilt are better than a lot of new construction. If this young man has the experience and the drive to put into it, he could be building himself a home that he could live in for many many years. You mention resale value. What if he doesn't want to sell it, but live there debt free for many years? Second, is this mobile home currently on a piece of land that would allow him to grow his own food? What are the codes and laws in that area regarding gardening and animals? Third, even if the mobile home only lasts for 10 years, prorate the expense of living there compared to the expense of living somewhere else. Fourth, who wants to live in a condo when they could live out on a piece of land? Not me. No thanks. Now, if this mobile home is stuck in a seedy mobile home "park" then that's not a good deal. I hope your staff shows you this comment. There are just too many things to consider. I'd rather live in a 100 square feet if that building is in a good location than a condo of any size. And if your housing isn't costing you anything, you can build wealth!
Great points!
I actually live in a seedy mobile park and I pay less than I would in rent somewhere else and less than the people around me pay in mortgage. I'm trying to decide if I want to put the money I'm saving towards buying my own land or for a down payment for a bigger house. This was a good decision for my needs.
Thank you! You just gotta do your research on the ones that are built better. Make sure when you're shopping for a mobile it is certified with IBC ( international building code )
No, just no. No mobile home is ever rebuilt into better than new construction. No.
That is the Bottom Line for me in this arguement if you have the Option to build Wealth the how is not Important the starting point Is. In whatever station you are in be content to and Move onward and upward to a stable lot in life and remember we are all individuals with far different experiences then one speaking from having means to one that has not.
I live in a 1981 mobile home on a beautiful lake that has been totally remodeled to look like a modern home inside with 2 additions on 2 lots in a private retirement community which I bought for $48,000 .
Exactly!
The question to ask is will it be cheaper than renting over time?
Exactly why does everything have to go up and value? If he lived in it for 10 years the money he d save would be huge.
@All Seeing EYE my mobile home was 8k, fully furnished, and in decent condition. So for me it was way cheaper than renting
I mean for me it's how you look at it you can be making 200000 dollars a year you can live in a nice house and it'll go up value maybe it won't at the end it's all about your goals in the long run like do you wanna stay in this house forever do I want to sell and make it back you that's the real question Warren buffet has plenty of money plenty of everything still drives his used car and has basic house nothing crazy and he more wealth hen the people talking
Good Call.
It depends on how it holds up for the time you're in it. You may have to make thousands of repairs at some time. My wife used to own a trailer that was paid for, and we did minimal repairs on and practically gave it away when we bought our first house.
Not everyone wants a house. As a single young lady I would not be able to upkeep it because I am not handy. If something goes wrong I always have to pay someone to do it. I don't want to pay property taxes forever either. But my rent keeps going up and my wages don't. It would be nice if there was an alternative.
Buy a house which is usually less than rent save the money for repairs and get the best of both worlds I did it in my twenties and never regretted it
Don't listen to these guys... buy the mobile, save the $800 or so every month and in 10 yrs, you'll have $96k+ int in savings when you sell it.
Its not a bad start as my mom always says, it gotta start somewhere. My brother and his wife first started off renting out a garage in law unit, then they bought a mobile home. They lived in it for abt 7 years, then they sold theirs more than two years ago for over 300k. they put about 400k down in cash for their first single home, not including 300k loan they borrowed plus they spent 150k in reno their home. Their house is over 1m now. they will pay off in few years if they like. In California, a 1m home now is nothing to 1m home years ago so they required a lot of fixing. My husband and I got off bad debts first and have saving in place before we got our first home two years ago. We also went from garage unit to single home w in 2 years period. We r now doing OK thru this whole pamdemic financially and thank you to Mr Ramsey for his advice.
A mobile home is *NOT* a car/box you sleep in! My dad and I purchased the mobile home next to me from a family member who had originally gotten it for 30k almost 19 years ago. We gave my aunt the remaining 12k on the mobile home and we got the land with it as well, which is right at one acre. When we looked inside, yes, it was neglected by the renter. Know what we did? We put about 7k in materials and fixed it up from the inside and outside, and now it looks like an extravagant home. We also got our local realtor to come by to give us an estimate on what the value would be. After all the work we put in, she said based on everything from the condition of the home and the land, both of them together would have a value of right under 80k and that's what she would put the price at. So you sir are *DEAD WRONG* when you say they have no increase in value! When you flip a home and take extremely good care of it, of course the value will go up. There are other considerations such as the right town and how close it is to major events, but the main issue is this. Take care of your home and maintain it, and you will see a value increase.
Plus you change $ less and live more, which most American don’t and can’t even do, therefore too much health issues.
Any built before 1976 is a mobile home anything after is a manufactured home. So people think low of these homes buuuuut they can free up alot of I comes especially when starting and building a family and later down the road you can sell it and use it as a down payment towards your dream home.
I wouldn't buy a condo either. Condos charge EXORBIANT HOA fees. It's basically renting a home you already own. They aren't much different than a mobile home, except they go up in value, and are vastly more expensive.
A mobile home is super cheaper than an apartment and I personally think it’s the cheaper option for people moving out for the first time
Yup and you build equity lol can't do that with an apartment
Actually Dave Ramsey was incorrect. Mobile homes went up in value
He would have a mobile home paid off in 5 years. That condo is a lifetime payment.
That's not how that works. And who are the 12 people who gave your wrong comment a thumbs up?
People who own mobile homes pay rent in the parks their mobile homes are located. It's not rent-free. So it's very much like a condo. The difference is with a condo, you own part of the equity in the land. When the value of your community or neighborhood goes up, your wealth goes up. With a mobile home, you own none of that.
And moving your mobile home to another mobile home park is not an option. I saw 80% of all mobile homes are fixed on the land, so their owners have to either abandon it or if they're intent on moving it, they run the risk of damaging the home.
John Oliver did a whole think on mobile homes
Ps if you own the land then buy a cheap one you can repair and invest the difference
Grim Reaper people own land You realize that right? So they’re just paying utilities monthly which is virtually nothing
Grim Reaper and people here in ca move their homes to other park’s all the time and transportation services have insurance for things like damage
@@DarkReapersGrim This all depends on the buyers intentions. If he buys the mobile home for 50k instead of 180k. He could easily use that 130k difference to find a piece of land(which is a decent amount of land)that he would own and place it there. This a losing strategy if he planned on selling it down the line. But if he's content living there indefinitely, it's a smart move.
We bought a mobile home here in Canada for 82,500 in 2016. Did no renovations and can still get at least 120,000 for it now. The mobile home market in Canada is nuts right now.
That so awesome. Nice work
Trailer Park Boys have set a precedent!
I don’t agree with this. If the alternative is to rent you throw all your money away renting. If you buy a mobile home even if you lose half - you still way more than renting.
True, but he specifically asked about buying a mobile home now VS wait (rent?) just a year and instead buy a normal house.
Long term he's better to waste 1 year renting and get the house than save 1 year rent and get a mo ile house
I don't want to get into a 'rent vs. buy' argument, but you don't "throw all your money away renting" because you're still paying for a roof over your head, heat in the winter, A/C in the summer, a place to sleep, and simply a place to live with huge moving flexibility and no maintenance costs. You get value back for the rent you put in.
@@jaketyler7088 The gain is not having to put on a $15K-$20K Roof, Replace Hot Water Heater-hopefully no water dmg to walls, etc, Higher Insurance, maybe no yard work, etc
The guy needs a place to live, he's not looking at his mobile home as something he's going to sell in a few years.
What is with Americans, homes, and thinking it's a savings/retirement/investment account?
The guy doesn't care about future value.
Besides, some mobile homes and double wides are much nicer than a lot of homes out there.
Dave Ramsey, Mr. Demeaning, at it again. I can't even finish listen to half these videos because you condensing and disrespectful tone is so unchristian. Come on Dave.
Lol
ANY structure will go DOWN in value. It's the LAND or (share of land in the case of a condo) that goes UP!
A false dilemma since other options are available other than two. Why not consider a used mobile home which could be found for under $10,000 with the depreciation factored in?
He said this mobile home is in disarray... meaning it is used
In 1975, the lots in a canyon in California.
$65K for a home or a mobile home.
today $600K for either.
Bottom line neither the house or mobile home
appreciated.
Location location location
There's lots of mobile homes on their own property that hold value. Who cares if it goes down in value? Some people need a place to live and enjoy living under their means. Yes, I live in a mobile home. That's how I was able to save up $1000000
You're correct most people who live in mobile homes couldn't care less if it goes down in value, which by the way won't be that much money. These homes still have an intrinsic value and they can only depreciate by so much, if at all. Living below their means and not having to deal with a condo association is a win in my book.
@@jaketyler7088 👍well said
This comment made me feel better because we live in a mobile home too, it was the only thing we could afford to not be living off of our parents lol plus We’ve been able to save more money this way too 👍🏻
He did ask how old he was..what would Dave say if he had said he was 60???
That’s not true, Dave. I bought a manufactured home 5 years ago for $90K. It was appraised one year ago for $204K. It’s the city I live in. This place was the best financial decision I’ve ever made. I do follow your advice on most other things you speak of ♥️
I’ve seen some pretty sweet mobile home tours on UA-cam.
ME TOO STEFAN! Honestly, it’s quite an interesting alternative to look into especially for millennials and gen z! Btw, I saw your interest in the field of personal finance and I though you would be the perfect person for me to ask for honest and unbiased feedback from! I am changing up the theme and topic of my own content on my channel and I was wondering what You think of the most recent couple of videos? Would really appreciate it🙏🏻❤️
At his age, it might be best to buy land put the mobile on that land and live rent free?! At 20 ,live rent free save for a big down payment on a stick built house.
Love my mobile home with no more mortgage.
Same here!!!
Amen to that.
Mobile home like trailer park or like RV? People live in trailer long term just like a house. They are cheap alternatives. RV are expensive to maintain and they lose value. I'd look to them as recreational not investment.
What about the land value. What if you are going to build a house on the property later? There is more than one scenario to look at. To flat out say no makes no sense.
It’s not allways about appreciation? If your buying a mobile home you obviously can’t afford a house. A roof over ur head comes first . If you do not plan on reselling then your good. The minute you pay off the mobile home you will be saving a ton instead of paying increasing rent for a apartment.
Actually if you put it on your own land with an eye building a permanent structure then yes. In a mobile home park, no, a loosing deal.
The land will likely need septic and a well if you can’t hook up to city water and sewer and those things aren’t cheap. Not to mention property taxes on the land, etc. Living in a MH community can be much cheaper considering all costs.
@@BC-fu3tg ... Getting a well and septic put in is a one time cost. He could also find a property that already have them installed. Property taxes will depend on location. I pay around $230 a year for 1.25 acres in FL. The nicer MH communities include water, sewer, electric, basic cable, and trash pickup in the cost of the lot rent. They also offer amenities such as a pool, fishing, clubhouse, etc. Both options are good; it just depends on what you're looking for.
Well, I do pretty good financially, and I still carry the attitude of Thank God It's Friday, oh God it's Monday! Getting ready to retire soon.
I tend to disagree. I’ve owned them. Rented them. Flipped them. As long as you own the land and buy right can profit on mobile homes. He could also turn it into a future rental.
Exactly I do the same brother...
He never mentioned the property the mobile home was on. If it's a small piece in a trailer park then 100% no, even if it's free, if it's a run down double wide on 10 acres in the country then yes. Don't bother renovating. Live there, save up, pay it off, build. A used mobile home that needs work is temporary.
Well, Here in Miami same mobile homes people purchased in the 90's for 20k are now 100k or more.
it just depends on what hes trying to do. if he is going to buy it and then rent a lot at a mobile home park then its a terrible idea. if he is planning to buy 40 acres of land to put it on then its a great idea. its a fine low cost starter home that you can live in for 5-10 years while you save up to build your dream home. there is also the option of buying land and turning it into a mobile home park. there are some very rich real estate moguls that made their wealth almost entirely from mobile home parks. buying a cheap mobile home on some acres of land is a great thing to do while you're young. its way better than being in debt for the next 30 years with an expensive mortgage. rather than being in debt you could own a cheap home and potentially invest 50+% of your income. many people in the FIRE movement do things like this.
if you're making 100k a year you could get a mortgage for a $300k house, or you could buy a $30k mobile home on a few acres of land for cash, then in the coming years live pretty frugally and invest the majority of your income into good ROI real estate or the market.
not everything is an investment and many people are perfectly content living in a mobile home for life. its 4 walls and a roof, which is all anyone needs.
LIVING SIMPLY in your younger years results in greater potential for financial success in the later years
I agree
Bingo
@Travis Andrew Living in a mobile home is no where near being “borderline homeless”.
lol I like how he asked his age first instead of just calling him stupid. However, I am in Canada as well and certain mobile homes here in really hard to get into parks will go up in value. They have to be in a very popular trailer park and the trailers have to basically look like homes. I know many people who bought trailers in popular parks for 20k and ended up selling them years later for over 80k. However, yes, a solid 90% chance your trailer will be worthless in any other situation.
One thing you have to consider with regular homes is as they go up and value so do your taxes. I’ve met many seniors who have to sell their home because they can’t afford the taxes. If they had put a mobile home on that same property, their taxes would’ve been substantially less.
Where the trailer is located should factor into the decision as well. We have parks that are member/tenant owned and are increasing in value. With boomers wanting to downsize but not want condo life, these lots rarely stay on the market more than a couple days (and we’re talking a 1993 model selling for 198k in rural Ontario.)
Dave is assuming he knows the real estate market in that part of Canada. I dont know if it will or not but mobile homes in key areas of California GO UP IN VALUE
And so does the rent on the spaces in mobile home parks 👍
Very helpful, thanks.
Great video thanks
Dave you shouldn't look down on people that live in mobile homes. Remember for every finger you point at some one there are fingers pointing back at you!
There are 3 fingers pointing back at you!
Mobile homes aren't a budget alternative to a traditional home. I was looking for the cheapest properties in my city and one that I found was a mobile home in a community for 80k. But the Zillow monthly estimate was the same as my mortgage on my 270k house. Turns out there was about 400-600 dollars in rental fees for the land and utilities every month. Rip off.
Not every mobile home is in a trailer park.
Have to disagree with Dave on this one. Six years ago I paid $17,500 cash for a manufactured home. The County now says it is tax assessed at $55,000 - on a rented space, based on comps. The home is 30 years old. Times are changing and people are adapting. Catch up, Dave.
It is the home+ the rented space that increased in value, more specifically,the land itself and the home just happens to sit on it
@@alexc5369 All the money comes from/goes into the same pile. What does it matter which specific part appreciates? Anything is worth what you can get someone to pay you for it, and certainly attitudes on mobile homes are changing. More to the point, people's housing needs are changing so that a permanent structure just isn't needed for many. Dave's model applies mainly to those who will use their home traditionally as the centerpiece of their net worth, and that's still the majority of people, but that doesn't always fit every situation nowadays.
😂😂you’re gonna go by what the tax assessor says it’s worth? Wonder if they have any reason for assessing it so high....🤔 don’t be stupid
@@gmilla2825 I did some homework when they told me that - they were right.
@@alexc5369 It sits on a rented lot. the appreciation was on the home only.
Okay Dave, Imma cosign your rap career. This was a whole bop! 3:44 to 3:48
I would rather have a mobile home on an nice piece of land that i own and could eventually build a house on than a condo. I would never willingly live in a HOA community.
A $50,000 mobile home would come to a $300 mortgage payment...
Save $700 on what you would've paid in rent.
Put that money in an index fund that returns 8% on average with dividends.
Expect to make over $125,000 in 10 years and still have somewhat decent place to live.
50k would get you a pretty decent mobile home.
Probably a lot more value than what you would get for a cramped $1,000/m apartment.
After 10 years just can just sell the land for 25k and you would've made a 1,000% gross turnover with probably at least 800% in net ROI.
Should I buy a mobile home in. Florida
Having a mobile home in Canada! I think your heating bill will end up costing you more than the mobile home in a short time.
Do people not know how much a condo is in LA?! Its half a mil on the low end...
Someone help me out. Why are mobile homes looked down up or even buying a house when the money going towards paying rent for an apartment never comes back ever? Sure a Mobil home will depreciate in price but isn’t that better than 0 return? And what if you put the mobile home for rent. It can become a great asset and potentially build profit through renting it out and then selling it
I'm thinking about buying a mobile home because I figure I've only got 10 years to live, possibly 20 if I'm really lucky. I just want a home. I don't need it to last forever or to go up in value.
I live in a double wide Mobilehome that cost me $50k cash in Northern California . I am just an average, maybe below average income earner. My rent space is $800 a month. I have a small yard for my dogs to run around and my home is clean, simple and comfortable. When I’m bored I paint the inside & outside of the house to my liking. My friends can’t understand why I choose to live in a mobile home park. I can’t understand why they choose to pay $2500-$3000 rent every month. The end.
I thank God for these comments, they are so encouraging 🙏
We are planning to buy a Mobile home and land.
I think it depends on an individual goals and what success means to you. Becoming debt free should be everyone's goal. Becoming rich is not a goal for me. The Lord has changed that desire, maybe He knew it would change me. Success to me now means living a life obedient to Christ, loving others and giving. Debt free is definitely on the list as well because thats biblical.
Dave Ramsey gives really good advice but we must be led by the Holy Spirit first, fast if you need to because only God truly knows the answer that we are looking for. God bless you guys🙏
In this case, Dave is not totally correct. Mobile homes are going up in value just like other forms of housing. But, I think a younger person should keep saving and invest in land or a standard home. However, for many seniors & people with low/fixed income a mobile home is a wise choice and better than apt living.
How would it go down in value????? Is he buying one in a trailer park or a Moblie home on a 1/4 acre lot of land ???? He could buy the trailer own out right rent it out and still buy the condo... or live in the trailer live rent free and invest all that money in a mutual fund , see Dave contradicts him self constantly.... just my opinion buy the trail you have a great idea .
Well, this didn't age well. Mobile homes went from 50k to 300k around me
They go up, especially on the west coast, you can save more cash in those 10 years and pay no interest on it. Especially when inventory is so low in a high dollar neighborhood.
Thousands of people have tried this or are trying this. There is a heap of information under "tiny homes" and "mobile tiny homes". Check the accounts of people who have made this move and see what these people think.
You're exactly right. I purchased some land in FL for $10,000 in 2019. Now, I'm converting a semi trailer into a tiny home. The total investment will be around $40,000. I think Dave is going against his own advice on this one.
@@2MasterBuilder2 yea but this guy is not living on his own land
One of the biggies with RE is location, location.
This holds true with mobiles (as I call it).
Case in point.... I'm a new owner in CA. I live in a beach community with a housing shortage, especially affordable housing. My space rent is WAY less than anything else, and these do appreciate because of the location.
Also, there is a construction difference between mobile and manufactured with pros/cons; so do your research first!
I'd make a decision based on not being in debt, and if you like the location.
I always want to buy a mobile home as Im on a retired income..and real estate is so pricey in NY..as everyone knows..
Value???? Give me a break.
People are buying 200 to half a million dollar houses and having to pay them off after they’re 65 years old.
And yes, I understand they’re only 30 year mortgages but if you go online and look up, everybody refinances their homes if they don’t have an amazing. (over $80,000 a year job). Meaning 30 years can be extended to another 10, 20 or 30.
Like me, I’m a regular person that only makes 33,000 at the end of the year with tax taken out. How am I gonna buy a house at $250,000 and up. And the reason why I bring up that number is because in the city I live in Texas that’s the price of a home anything less is a project house.
All the mobile homes in my area are up about 200000 on average…
Thanks Dave!
What about someone who’s considering rent vs. mobile home? Especially somewhere like California where rent is extremely high.
Rent in a mobile home is extremely high in CA too. A mobile home space in a good school district will cost 2k/month, and that’s before the cost of the actual mobile home you live in.
Really wanted to buy a manufactured home in a community where I would own the land (Micco, FL-Barefoot Bay), but moving alone, not knowing the area 2 hours from where I am, finding all medical professionals (63 years old), more than I was ready for.
The mobile may go down in value but the dirt under it is where you appreciate!
I own a manufactured home.
The short answer, buy traditional brick and mortar or stick built.With a trailor, by the time you pay it off, youll need a new one
I disagree!
Mobile homes here in Denver cost a ridiculous amount. I'm pretty sure people who bought them ten years ago can now sell for twice, triple, or even quadruple the amount they paid 🤷
Buy a mobile home ONLY if you're poor and have no other options, and need a temporary home to get out your parents house. I recommend a lower priced one, the other ones wil take a long time to pay off. This is an option if you have pets. If you can find a room to rent that allows pets, take that first.
In CA rent for a mobile hone space is 2K/month in a good school district. And that’s before the cost of the actual mobile home. Renting an apt is cheaper - and makes more sense if you take the cost of a mobile home (50K) and just park it in a money market account. You’ll make 1% verses losing 5% of the value, and you’ll have a liquid emergency fund.
If the plan is to live there long term, MH is still the way to go compared to throwing $$ away on rent.
Ibought my 16x80 for 12k i made a few renovations not even major (a new metal roof) and mostly cosmetic stuff and I've had ppl offer 25k-30k. I could care less about owning a fancy house but if i wanted to i could easily sell this home get an fha loan and have enough to furnish too but why in the hell would i go from paying nothing at all in rent to paying 800+ in a house payment insurance etc... Ilive way more comfortably and stress free this way
Only if
1. You buy a used singlewide.
2. You place it on a lit you own. Or,
3. It's in a Moblie Home Park you own.
Condo a glorified apartment buy a real home.
But they don’t mention the HOA fees, that’s a headache.
@@amandolavida1569 What if you own the land and there's no HOA?
@@amandolavida1569 theres hoa fees with condos and houses🙄
Why would this guy call instead of just doing some basic research? Dave asks him if it's going to go up in value and he says he doesn't know. You can find that information in 5 minutes after Googling "Should I buy a mobile home?" or "negatives of buying a mobile home". These callers are absolutely helpless.
Most callers already made up their mind and always wants Dave’s advice for re-assurance lol even if it’s a dumb decision.
I am definitely skeptical of mobile homes. However, if your job doesn't make you tons of money, isn't the cost of living going to be cheaper say over 10 years in that kind of mobile home with utilities and property taxes as opposed to renting with utilities or a mortgage with property taxes and utilities? Basically it can involve less risk and yes less reward as opposed to buying an actual house it seems.
Uuugh condos in my area are going for 400,000+ 😭
In ca they definitely go up in value . Everyone I know that has owned one has made at least a 5k profit
They talk about building up wealth. Buying a mobile home can be a smart decision if you are looking to stay there for a while and save some money. I think it’s a great start for younger people. My girlfriend and I want to buy a mobile home together and then go on to buy a actual house. It’s not to buy and prices to go up it’s just to have a place to sleep, a place to eat, and have less stress before you are prepared to buy a home especially when you are still in school and have the money to maintain and buy a mobile home I say, go for it.
Depends on where you live. When rent is so high and the homes go for $500k+, a mobile will go up in price too. Maybe not as much but it will go up.
Mobile home isn't worth it ifyou've got to pay land lease. Money down the drain.
@All Seeing EYE Great investment if you own the land.
That’s why you own the land first 😎
Don't get one unless you have a tiny plot of land.. If you get one where you're paying rent than you're essentially paying for a glorified box. On top of that unlike in apartments where land lords/management are accountable for some of the essential maintenance with mobile homes you do it yourself like you would in a house... So no it's not really worth it.
I want a house but the idea of being in debt for 30 years just isn’t appealing to me, that’s a third of my lifetime just dedicated to paying off a house
HOA on condos and townhome sucks, there is no limit on how much they can raise, I purchase one so I do not rent, a year later HOA got raised $120 and will keep going up, their excuse is that they are running out of funds.
This is the only thing I disagree with Dave I bought a mobile home for 80,000$ on a acre a few years back you can’t touch a double wide now for less than 200,000$ they do go up in value not as much as a house but they go up
Exactly!!!! I want to say they are cheaper to fix as well.