Too Good to Be True?

[Easton Curtis]

Hey everyone! I've been saving up to put a down payment on a home with a 3.5% FHA loan. My wife and I are full-time performers in Orlando so we'd love to start getting into the real estate game for some stability. We've been looking for a home to house hack with airbnb, move to another home after a year (per the FHA loan requirement) and find long-term renters for the first home, and repeat. We've been waiting for a good deal and for our savings to grow, as we don't have a lot to start with as far as down payment goes. But I just found this listing on Zillow. Based on the Investment Calculator template I've been using, this is ideal for our situation. Is this listing too good to be true?? I feel like it MUST be. But I don't know how or why. I'd love anyone's thoughts on this! https://www.zillow.com/homedet...

[Jeff Copeland]

This listing is for a mobile home that appears to be in a mobile home park, which is very different from investing in a single family home. 

The mobile home is considered a vehicle, with a title much like your car. As such, it isn't considered real estate. 

In some cases, a mobile home is attached to the land like a SFH and you can finance it much like a SFH.

But in the case of most mobile home parks, you'd only be buying the trailer, not the land, which means:

1. You'd likely need cash or some kind of private financing for the mobile home (seller financing is often offered in these situations) since it isn't real estate, and

2.  This is the real kicker: On top of your acquisition, financing, and operating expenses, you'd have to pay "lot rent" of probably several hundred dollars per month to literally rent the land than the trailer sits on (Note: I believe the lot rent is $780/mo, per the listing).