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Posted: 3/28/2006 4:18:36 PM EDT
Ok, here's the deal. This fall I will be transferring from a comm. college to a university. Looking at a place to live. I have narrowed it down to 2 options, renting a trailer or buying one. I'd really really like to buy, since I can buy one outright and do whatever I want to with it. However, everybody talking about the housing market going to shit is worrying me. I'd hate to buy one and end up selling it at the end of 2 years for a 30% loss. What are your opinions?

Currently, it is looking like it will be:

in the area of $280-300 to rent

in the area of $5000 (give or take, this is about the upper limit) to buy, lot rent about 140-150
Link Posted: 3/28/2006 9:33:00 PM EDT
Of course, if you buy one, rent the rooms out to other students (be picky, you don't want these guys tearing your house up) and use the rent to pay the mortgage.

After a few years sell the thing.

Just a thought anyway.
Link Posted: 3/29/2006 1:02:10 PM EDT
Don't buy a mobile home - nobody wants to finance them. People that would buy them can't get the loan to pay for it. Nine times out of ten the only option is to rent it and renters for mobile homes are notorious for damaging property and not paying on time.

Also keep in mind that mobile homes are licensed through the DMV and not considered real estate at all. This means that the home (much like your car) will depreciate. You can do what you want, but from an investment standpoint it doesn't make sense if you are looking to sell. The only viable option is to buy several and rent them all.

My $0.02.
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