Good idea to house hack a Manufactured Home?
I live in Sant Clarita, CA, right outside of Los Angeles. In the next year me and some friends (all with full time jobs) are planning on renting most likely a condo. I would like to be able to house hack a condo or even a home but with 2b/2b condos here selling for $500k, it’s pretty much impossible for me as a 19 year old.
However I can get a 4b/2b Manufactured home with a 2 car garage (would make much more sense in our case) for about $200k, and with what I have saved up I could easily make a 3.5% FHA loan work and then house hack it. The monthly cost would be much cheaper than renting even a studio apartment here.
My question is what are the down-sides to house hacking and buying a manufactured home? Besides higher interest rates and the fact it’s not real property, would I be in a safe spot doing this? I do understand there is little to no appreciation. Their rent would be paying for the mortgage.
The numbers make sense to me, but what do you guys think?