Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Livin the double wide dream? Does price even matter?
I'm very new to the investing game and my ideal goal would be to purchase a multifamily unit and live rent free. Unfortunately that doesn't seem realistic yet because I have almost no savings just out of school and I live in Denver where home prices are soaring. My next option for a starter investment is a fixed double wide unit that is listed for 45k. According to my estimates the property should be closer to 30k so my questions are:
With a mortgage that only requires I pay $250/mo does the final price matter that much if its only going to be a $40/mo change?
Are there any major pitfalls getting into an investment strategy using a double wide?
Rent could be upwards of $800/mo so is the cash flow enough to make this a good investment no matter the price?
Any and all thoughts, tips, or WARNINGS are extremely welcome!