Buying Repo MH To Live In - Upsidedown?

I am looking at at 1998 28x80 Palm Harbor around Dallas Texas for $59K from Greentree. I plan to put in the best park in the county on a pond front lot. (best empty lot that has come up for a while)



At this price, do you guys that have been at the investing side for a while think I will be upside down for long if I put 10% down and pay at 15 years?



I have strong credit, high income, low debt ratio.

Main reason is to reduce monthly living expense in order to save more for retirement.



Tom

Comments(4)

  • dirtman892nd November, 2006

    You will not really get any appreciation. What would a cheap house go for. I would always go for owning a regular home if it is affordable.

  • bargain762nd November, 2006

    Yes, you are totally upside down.

    A cash buy for a nice, newer, DW would be in the $25K range here. Then add about $7K to install on a lot.

    Is this a rental lot? Or will you be getting ownership?
    [addsig]

  • tkc112nd November, 2006

    A cheap house starts at $110K around here, but it will only be about 1400 sqft. We are selling our 2450sqft with a pool for $200K. I thank you so much for your info. I have continued to shop and think I have located a wholesaler that will deal with me. Looks like they have 28x80 homes for $39K restored and delivered.

    I will be putting it in a rented lot.

  • tkc115th November, 2006

    Do you think I can get a DW that is as large and nice as I am looking at for $10K?? Wow, if it that is the case, I need to keep looking. I am looking at 2100 - 2300 sqft. The wholesale rep says she will try to start her bids at $20K, but likely will go up to as much as $35K for the really nice ones that big. Then $2K for paint & carpet plus $3.5K for setup and delivery.

    With 800 and 1600 posts, you guys have LOADS of experience in the MH market, So, I am all ears on how to save money.

    Tom

Add Comment

Login To Comment