Mobile Home in Northern Michigan

1 Reply

Does anyone think buying a mobile home is ever a good idea? Found one near me that looks like a fairly good deal, if the numbers crunch well, that is? .... Details are 4 Bed, 2 Bath, Steel roof polebarn type add-on family room (so part of it basically has a new roof, as they built the roof overtop of at least 1/2 the mobile), along with a 1 1/2 car polebarn garage on an acre. Inside has been remodeled completely in last few years, photos look great, but I have not walked thru. I am semi interested for a couple possible scenarios......First, Buying as a temporary home for us while we attempt to sell this house? Then option 2 or 3 after that? Second, Buying as a rental? Third, Buying to resell under Land Contract (again...numbers would have to impress me here). The area is poorer than other areas close by and this would probably be a B-C property in a D area? I want to do some investing of course, but am having the thought-line lately that we should buy a different house ourselves before we actually jump into an investment property. Only bad thing I can see here is if we buy this, then cannot sell our old house, alot of my investing money will then be tied up.   
So my questions are:     What questions would go thru your head if you were the one considering this?  Seriously....Hit me with all of them.    What percentage gain/ instant equity would make this favorable to you as an investor?

  

Am I wrong to be considering our future need of a different home before investing?

Thanks for reading and contributing your genius to my inexperience.

Melody

Hi Melody – I think you replied to my post about lake houses up north, and I forgot to reply to you. So hi! How much is the mobile home property? And how much could you rent for? Would you be comfortable living in it yourself? Could you buy it and move in there, and rent your current home? Sometimes that is a really good way to go, because it’s always cheaper to get financing on an owner occupied property, and it forces you to be honest about whether the place is nice enough to live in or not. It is a good test to see whether or not you’ll be able to rent it later on. I really wish that I had kept every house that I owned in the past and rented them out instead of selling them. If I had, I could probably live off that income right now.

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