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Kieran Donahue
  • Investor
  • Yukon, OK
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How should I proceed with my investing and home ownership?

Kieran Donahue
  • Investor
  • Yukon, OK
Posted Oct 6 2018, 15:20

I'm looking for some general advice.  I own two properties.  One in Texas and one in Oklahoma.  Both are 3 bedroom 2 bath homes and are fairly basic.  My goal is to have two rental properties to generate income and one home to live in.  I had a chapter 7 bankruptcy 2 years ago and brought the homes thru that.  At the time they had no equity.  The home I currently live in is a mobile home with an acre of land.  It is worth approximately $50,000 with the land.  Home alone is worth $7,000.  The other home in Texas is worth around $200,000-$225,000.  I still owe $120,000.   I was thinking about buying a $50,000 mobile home to replace the 35 year old one I am living in currently.  In 10 years or less I would like to rent it and move to a normal stick built home.  Potential rent for the mobile home would be $800-$1000 and the rent on my home in Texas is currently $1200 a month covering $400 a month in taxes and a $700 mortgage and insurance.  The purpose for spending $50,000 on the mobile home is mainly to have a nice place to live.  The home I'm in is old and has problems.  Just looking for ideas or things I haven't thought of.  Maybe this is bad decision?  Tell me why.

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