Lakewood, CO · Member since 2017 · 66 posts · 21 votes
I'm very new to the investing game and my ideal goal would be to purchase a multifamily unit and live rent free. Unfortunately that doesn't seem realistic yet because I have almost no savings just out of school and I live in Denver where home prices are soaring. My next option for a starter investment is a fixed double wide unit that is listed for 45k. According to my estimates the property should be closer to 30k so my questions are:
With a mortgage that only requires I pay $250/mo does the final price matter that much if its only going to be a $40/mo change?
Are there any major pitfalls getting into an investment strategy using a double wide?
Rent could be upwards of $800/mo so is the cash flow enough to make this a good investment no matter the price?
Any and all thoughts, tips, or WARNINGS are extremely welcome!
Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
9y
In Denver? Are you sure it's with the land included? That is an unbelievably good deal if it is. My guess is that it isn't, and you'd still be paying land rent. There are plenty of homes in parks selling in the 30-40k range but lot rents can be as high as $700/mo. If you're not sure and want me to look into it for you lmk.
Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
9y
In Denver? Are you sure it's with the land included? That is an unbelievably good deal if it is. My guess is that it isn't, and you'd still be paying land rent. There are plenty of homes in parks selling in the 30-40k range but lot rents can be as high as $700/mo. If you're not sure and want me to look into it for you lmk.
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
9y
@Justin O'Malley so in addition to the comments about lot rent, mobile homes are not real estate in Colorado, they are personal property (think automobile). They require different funding and are sold differently than real estate.
Flipper/Rehabber · Golden, CO · Member since 2013 · 590 posts · 319 votes
9y
With the lot rent added in, you're better off in every way possible finding a starter single family. I'm not saying people that live in a trailer park are bad people, but the environment is a lot different than a neighborhood of single families as well.