Help

[Rose M]

I was wondering if it is a good idea to purchase a mobile home to live in while I'm going to college. I just turned 18 and have some money saved. The mobile home costs around $13,000 with a 20%($2,600) down payment. It is a fixed type term of 5 years. Pad fees are around $450 a month which includes taxes, garbage & lot maintenance. The mobile home has 2 bedrooms, 1 bath, 800 sq. feet , and is definitely a fixer upper. Is it a good investment or should I just rent an apartment?

I don't know much about real estate so I am pretty much clueless. Advice and tips would be greatly appreciated. Thank you for your time!

 

[Brad Redekopp]

How much can you rent it for?

 

[Rose M]

The average price of a 2 bedroom house in this city is around $900 a month

 

[adriano]

The problem with mobiles is they are the hardest kind of real estate to sell and the mobile itself goes down in value. Also you still are renting in a sense because you are paying a pad rental.you might be better to rent and save your money until you have enough to purchase a condo or a single family home. Just my opinion.

 

[Thomas Beyer]

Mobile home will take a LONG time to sell. Not a good idea if a view of less than 5 years.

Buy the mobile home park instead ( later, once you got the cash ). Great investments !!