Hi all! For some background, I come from a very poor family in a HCOL area (Austin TX). Nobody in my family has ever owned a home, and I am the first in my family to go to college and have a professional career.
That said, I am 32 years old and make $62k a year. My main life goal is to retire comfortably, and I'd really like to eliminate my monthly rent payment by the time I am 60. I have $56k saved up that was supposed to be for a house down payment, but with high interest rates and the price of single family homes in the area, there's just no way I can (safely) afford a mortgage with my monthly income.
However, I did notice that some mobile homes (including the lot) are currently for sale in a nearby suburb, and some lots are cheap enough I could simply buy it outright with cash. My thought process is that even though I would be buying a 20+ year old mobile home, the bulk of the value comes from the lot, and if I have issues with the home I can just demolish it and replace it with, say, a modular home. Having 0 monthly rent payment would allow me to save up for a replacement home in the meantime.
I know buying this kind of home goes against typical investment advice, and nobody in my family has the experience to guide me away from this plan if it is a bad idea. So, do yall have any guidance for me? Is there anything I am failing to consider? Is it a bad idea? Thank you in advance!
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/1uujw8t/sanity_check_my_hypothetical_plan_to_purchase_a/
Comments
Post a Comment