All Forum Posts by: Chris Hall

@Marian Smith yes it's allowed. Just hasn't to be on 5 acres minimum. It's 8. There's actually a mobile home on it now, my parents bought the land but the owners wanted too much for the trailer. So now, 2 years later, they're either going to have to sell me the mobile home at a great price or move it and I'll bring in my own 

@Marian Smith Land rent (from my parents) is only $150 a month. Have you seen any tiny homes worth it? They're all a small much as an actual house from what I've seen.

To keep this short, I'm in my early 20's and make ~ $3,000/mo after taxes. I'm considering buying a mobile home and paying it off quickly, thus living rent free. I could take the addition $1,000/mo that I'd usually pay in rent in my market to save as a down payment for future real estate endeavors. Ultimately, buy a mobile home for myself and begin putting investments into an LLC to manage my tax benefits.

My reasoning behind this is because I'm so young and my job is a little sketchy. I've been laid off for 8 months before and barely survived in a warehouse with my high rent (before I got a better mindset).

I feel like buying a mobile home would be nice. I could spend the next 10 years investing without worrying about a rent payment, build my portfolio, and buy a nicer home down the road. But everyone seems to hate mobile homes. Is there an exceptional case, like mine?

By the way - I know and am very familiar with house hacking. I live in a college town and it would be a great opportunity, but I'm just worried on my job situation. It seems pretty stable right now, but I don't want to gamble with it. If I were to house hack as my first deal, not find good tenants, lose my job..... I'm sure you see the downward spiral. I feel the mobile home approach in my situation is actually well thought out.

ANY input it welcome and appreciated, good or bad. Thanks!

I just think it's a good idea to pay a cheap mh off and live rent free while putting more money that could be spent on rent into investments 

Thank you for the replies thus far! Any other opinions are also welcome 

@Colleen F. there's already a renter next door, there's actually a mobile home already there but the owners want too much for me to justify. The current tenant is really private and all. My parents don't mind neighbors, they just didn't want a bad one to come along if that makes sense.

@David Song my market is very low considered to the rest of the nation. A typical single family, 3 bed 2 bath with standard design and nothing fancy in terms of tile or design would be about $100k. Rental prices on a home like that go from $900/mo - $1,200, especially if you rent by the room to college students.

My only concern with house hacking are

A) I'm extremely introverted and couldn't imagine keeping sanity while having roommates. I know this is an asinine excuse but I really can't be even elaborate. Everyone my age in my town parties heavily and I couldn't imagine keeping my sanity in the meantime.

B) my job situation not being so concrete worries me. If I were to buy a mobile home, I could pay it off fairly quickly. They're about $30k and I have $10k cash almost already. My plan would be to ultimately keep about a $10k safety net. Finance the mobile home, put about $5k down. Keep the other $5k. Save like crazy until I have an additional $5-$10k more in cash than I owe on the home. Pay it off in chunks at a time. THEN jump into a multifam investment so I know I'll keep my sanity, but also own a home free and clear so if something goes wrong, I still have leverage.

Maybe I'm being too conservative?

any other opinions?

 Forgot to tag you! Also, I'm sure my parents would consider putting me on the title to the land. It's basically an extension of their own land. They bought it purposefully to know that a crazy neighbor wouldn't come along, so I'm sure they'd work with me on the ownership.

I'm not particularly concerned about work once my home is paid off. If I lived without a rent/mortgage payment, my bills would only amount to approx. $450/mo. I could cover that at McDonalds if absolutely necessary. I have no interest in moving away for work either. I feel my town has a lot of potential especially in terms of real estate, it's an up and growing college town. I've actually considered saving about a year's worth of expenses as a nest egg (after the home is paid off) to jump into real estate full time as an agent or to assist with property managers in the area in some form. Anything to help my real estate ambitions.

House hacking always seemed like a great idea as well, especially being so close to a college campus. I was actually considering buying a mobile home, paying that off, then doing a multifam, but not house hacking. Just doing a conventional loan and putting tenants in both units while living rent free still. Or is that a poor plan?