Feedback on Potential buying opportunity
Hello BP community,
My name is Ryan and im 29 years old. I am a first time home buyer looking to make my first purchase. I live in California Bay Area so obviously prices are very high which makes it tough since i don't have a ton of capital Saved up. i plan to use an FH loan with a 3-5% discount when i purchase my first home which requires me to live in the property for at least a year. I recently came across a nice, beachfront doublewide selling for 95k. The estimated mortgage payment + utilities/taxes and all other expenses would cost roughly $1,100 a month. I spoke with the prop manager who said the units easily rent for $2,500 a month which would net me $1,400 in passive income every month once i move out and rent it. On the surface this seems like a great opportunity once i get past the negative stereotypes that come with living in a doublewide “trailer”. I wanted to hear the BP community’s thoughts on this deal.. am i crazy??! If anyone has any unexpected problems that come with buying a property like this i would love the feedback. Thank you!