Would buying a mobile home be an effective way to eventually make a large down payment on a house?
After selling the mobile home. I know they go down in value, but if I buy a mobile home for 45g and sell it for even 20g so I can make a down payment on a house, wouldn’t it be worth it?
@coraan, the whole point is to come up with a large down payment. I get a loan for the MH, pay it off, then sell the MH to make a down payment.
@steve, I do not have the cash now. I would have it after I paid off my MH. The thinking here is similar to buying a crappy house, paying it off, then using my capital as a down payment on a much nicer house.
Mobile best answer:
Answer by Steve D
If you buy a mobile home for $ 45k, are you paying cash? if so, you just lost $ 25g. If you finance the mobile home, you are going to spend 10 years or more there to get it down to that $ 20K while paying lot rent, etc. And then you break even. If you have the $ 45K to pay cash for the mobile home, why not just use that as your down payment now – otherwise, it makes no sense to do what you propose.