mobile home.

[Reynald Jean]

Hi BiggerPockets family!

are mobile homes good investment for first home? my wife and i are thinking about buying a mobile home  for $60k to $80 as our first home, we are planning to live in it for 5 to 10 years. we compare it to the $1200 we are paying for rent right now. ou dilemma  house hacking or mobile home. any advice will be helpful.  thanks.

[Jeffrey H.]

Mobile homes are very difficult to finance through a traditional bank as personal property, and is the main reason a lot of investors stay away from them.  If you're going to want to get out of it quick, it will need to be discounted for a cash buyer.  If your horizon is longer and you can owner finance then you're okay.

If you're spending 60-80K I would suggest that you get one on its own land, and not one in a mobile home park.  As an investor I personally buy mobile homes already on land a rehab them - the goal is to be less than 40K all in and then owner finance over 10-15 years.  You're going to have to be in a special market for a 60 to 80K home and expect to unload it in 5 to 10 years for more than that.

Lots of threads on these strategies.  Read up and have fun!