Refinance Old or Buy New Mobile Home

[Nandy B.]

Advice - Recommendations Option 1 or Option 2 for a mobile home.

I have a mobile was not well maintained and needs a complete remodel. 

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Option 1 - do the remodel for about $30K-$40K ( for a basic remodel ) but it has to come out of pocket right away.

PRO - $40K and I am done.

CON - take 3-6 months, have to spend money on hotels when i am in town to oversee glamping resort project, it's remodeling an old house so some of the things will re-appear as issues in a few years.

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Option 2 - sell this one for about 10K-15K and use the money as down payment to buy a new one for about 150K pay. The payment will be about $1500 and I can also put it on Airbnb to offset some of that liability ( can average about $2000/month with 40% occupancy).

PRO - i have a nice house right away, I can enjoy it, I don't have to worry about damages in the near future.

CON - i add more debt to my portfolio, in the end i pay over 300k principle and interest included.

CONTEXT

I am investing out of CA where I live. I got a great deal on a 24 acre farm (15% below asking price) that I'll be land hacking over 3 years into a homestead with an orchard for jams, jellies, and marmalade business and a glamping resort with tiny houses and glamping tents. It's zoned ag rural giving me flexibility on what I can build on my property.

For less than $500K I am getting the following 

• 2 Houses
• --3/2 mobile home - my family home 
• -- 4/2 Metal home - Airbnb 1: similar properties average $6K/month. 
•            2 separate garages ( one is ready to convert to extra master - has windows, insulation, and ready for paint)
• 1 Shop - 1,200 sq ft metal building with electric, plumbing, and water -
• 1 Shed with toilet - wellness spa ( I am licensed esthetician/massage therapy)
• 3 - 600 sq. ft. Dog Kennel Structures - convert to tiny houses for Airbnb 2, 3, 4 
• 2 Foundation Slabs for 2 more tiny homes
• Land
  
• • 24 acres - wooded - for 6-10 glamping tents
  • Pond
  • Fruit and Pecan Trees
• Location
  • Proximity to Parks and Lakes: 20-60 min away from 5 large attractions and visitors hot spots
  • Easy access Quiet/Serene: Close to main road but not on the main road