[Kristalin]

We bought our home 4 years ago with no money down and 30 year mortgage.

With the market sky high now, we could sell for about 120k higher then purchase price.

That would get us completely consumer debt free.

The plan would be to buy a single wide mobile home with the remaining cash from selling but we would still have to finance about 30k on the mobile home. Is this a smart decision?

To me it’s a no brainer but my husband ..

[Dani]

A mobile home is not a great investment… I think that will be the only negative feedback.

But, I think it’s a little bit like renting in the financial sense. Rent until you can buy or maybe also buy cheap until you can invest in something larger.

You won’t have a good return on the mobile home. I’m just trying to think of any reason why it wouldn’t be good… but I think it could be a good idea… Lol mostly just commenting to see how others weigh in

[Brandie]

Buying a mobile home is not a bad idea! We purchased ours on 5 acres for $62k in 2014 and it is now worth over $300k. We have No plans of selling, this is our forever home, but we could if need be.

[Rose]

No, no. I owned a mobile home. Example:. 12 years mobile home value didn’t go up at all! The townhouse, we could have bought went up $300,000. House prices go up and double. Be patient. And do the steps.

[LeeAnn]

As a person that lives in a mobile home, I would not suggest it. They break easier and might be cheaper but you are constantly repairing something. It’s a constant battle of repairs and fixing things for us… it’s only 17 years old and I could send a list of things a mile long that have been fixed and things that need to be fixed.

[Bruce]

It’s hard to know for sure whether selling is a good idea. If $120,000 or so could get you out of debt with margin, it probably would be a better idea just to keep the house snd tighten the screws on your budget and pay it off in BS2 the old fashioned way—from your income.

Maybe there’s a car or two in there that could go on Craigslist to speed things along as well. But whatever you do, the mobile home plan doesn’t make sense.

You sell an appreciating asset and then borrow money to purchase a depreciating asset. I get it when people decide to spend $7500 on a junker of a single wide to camp in for a year or two while they build on their property. It’s an upgrade to living in your car.

But as a long term financial strategy in your situation the arithmetic isn’t there.

[Author]

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