Updated almost 8 years ago on . Most recent reply
Stay With Mobile Home or sell an move Up?
Is it better to get out of the mobile and move into a more secure investment or should I stay with the mobile that provides a nice return on investment?
If I sell, I could use that money to buy a home in a more rural area of Florida. I can buy a home for 140K, put 40K down, have a 100K mortgage for about $ 730 a month and rent it out for about $ 1K.
I have the opportunity to profit about 49K If I sell.
My mobile in Fort Lauderdale, Fl. I also own the land. Real estate in Ft. Lauderdale is expensive and the area is well developed.
I received an offer for a cash deal for 60K.
Mobiles in Florida are hard to finance and insure.
I own a mobile home investment. Bought it for 52K and owe 11K on it. I get 1K a month in rent and pay $ 300 a month for the mortgage. In 4 years it will be paid off free and clear.
New here and I come with a dilemma.