Question about mobile homes...

**Alycia** · 07-20-2008, 10:26 AM

This may be too specific of a question, but what the heck, maybe someone is willing to help...

Another college student and I are looking to move to Orlando in a little under 6 months (we currently live in Ocala, Florida, about an hour from Orlando). At first we were looking for apartments for $500-600/month, but our options are limited. We've looked into apartments, duplexes, efficiencies, you name it. Until one day, I happened across a listing for a mobile home. Here's where I'm confused - If I have all of this figured out correctly I can afford to buy a mobile h0ome with my room mate.

We've found a number of mobile homes for 30,000-35,000. We know we would have to live in some kind of community since we can't afford to buy land. So if we put about $7,000 down, I think we will have a monthly payment of about 80 bucks! And then there's the rent of the lot (we found a place for $380) and property taxes (the listing says they're $100). Someone please tell me if I'm missing something, or if I can rent this mobile home for (80+380+100) $560/month??
Any help would be truly appreciated! Thank you sooo much.

**jamesww** · 07-20-2008, 04:14 PM

Originally Posted by Alycia

This may be too specific of a question, but what the heck, maybe someone is willing to help...

Another college student and I are looking to move to Orlando in a little under 6 months (we currently live in Ocala, Florida, about an hour from Orlando). At first we were looking for apartments for $500-600/month, but our options are limited. We've looked into apartments, duplexes, efficiencies, you name it. Until one day, I happened across a listing for a mobile home. Here's where I'm confused - If I have all of this figured out correctly I can afford to buy a mobile h0ome with my room mate.

We've found a number of mobile homes for 30,000-35,000. We know we would have to live in some kind of community since we can't afford to buy land. So if we put about $7,000 down, I think we will have a monthly payment of about 80 bucks! And then there's the rent of the lot (we found a place for $380) and property taxes (the listing says they're $100). Someone please tell me if I'm missing something, or if I can rent this mobile home for (80+380+100) $560/month??
Any help would be truly appreciated! Thank you sooo much.

You are missing home owner insurance which would be about 50 a month.

Also I think you calculations on the payment are off. You are going to pay a much higher interest rate on a mobile home than you will on an ordinary home. This is especially true when the home is not attached to a foundation. You will most likely be looking at a payment of $7.30 per $1,000 of loan amount per month.

Another problem I see with this idea is that mobile homes depreciate which means as they age their value goes down not up. You should look at some condos. In Orlando they over built condos and so you may be able to get a really good buy on one.