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Mobile Home a Good Idea in My Case?

I'm moving to Orlando with my girlfriend, and we project to be making 80k collectively after taxes. We want to save up for a down payment on a single family home ASAP, and we're brainstorming ideas to facilitate this. With that said, I think financing a mobile home will benefit us. I know of a specific mobile home park that is resident-owned; you pay an HOA instead of a land-lease. This would make financing easier to accomplish. Most notably, the HOA is $256, which is rare.

As for the numbers: Mobile homes that fulfill our square footage needs run about 70-90k. With the HOA, our monthly bill could be from $750-950 for our housing. To get a similar square footage at an apartment complex that doesn't have roaches would run about $1450 monthly. We're talking a minimum of $500 monthly savings, probably offset by some amount of housing repairs that would need to be made (I'd assume $200-ish monthly). Additionally, there would be some equity that we could recoup, although not much.

I understand that there are some costs that aren't present in the apartment route, like closing costs for buying and selling. However, I still think that extra money saved would be substantial. The mobile home may even function as a rental after we move on from the property.

What am I missing?

submitted by /u/Upper_Profit8550
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1babopg/mobile_home_a_good_idea_in_my_case/
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