Is A Mobile Home a Good Investment?
Are you thinking about purchasing a mobile home in Southern California and are wondering if it will make a good home for your primary residence or investment property?
In this article, we will answer this question and provide you with tips on purchasing a mobile home so you will be aware of what to expect from this process.
If You Plan on Living in The Mobile Home
Like many people, you may be planning on living in the mobile home as your primary residence.
Before purchasing a mobile (modular home) for $50,000 or more it’s important for you to keep in mind that even though you may be paying cash, or financing the dwelling, you will still have to pay a lease each month for the land and that payment could range from $900 to $1,800 per month depending on the area.
A Mobile Home Is a Safe Alternative TO Buying a Condo
If you can’t qualify for buying a $400,000-$500,000 condo in Southern California, a mobile home is a safe alternative that will get you into your own home, just make sure you get the write-off and deduction so you can build slow equity over time.
Should You Buy a Mobile Home for A Rental or Investment?
Let’s say that you plan on buying a mobile home as an investment to rent it out, we’re not big fans of this strategy. Why? Many Home Owners Associations in Southern California can be very picky in terms of who they allow renting in their community so you could easily find yourself having to pay the lease on the land while you struggle with finding the right tenant to rent who meets the qualifications of the HOA.