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1   SunnyvaleCA   ignore (0)   2018 Jul 9, 1:52pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Many years ago, just for fun, I visited a trailer park across the street from the one mentioned in the article. It might be a reasonable alternative to renting an apartment, but there's no potential upside like in owning a home. The problem is that you buy the structure (the thing that continuously depreciates) and you rent the land (the thing that might appreciate).

If you figure financing and depreciation on a nice double-wide trailer could be $1.5k/month and the rent on the dirt is $1.5k/month, you would probably be happier in a trailer than in a $3k/month apartment — at least you would have more space and have some privacy from the neighbors.

If you only expect to have the arrangement for a few years, then it's probably not worth the effort. If you have a 10 year expectation, though, I'd consider it over an apartment.
2   TrumpingTits   ignore (0)   2018 Jul 9, 7:02pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

You can buy the land, put one on it and then surrender the pink slip (yes, mobile homes are vehicles and their title/registration is handled by the DMV) to the local county recorder's office along with an affidavit that you won't remove the mobile home from the premises, it will then be counted as a fixed improvement on that land...just like a house.

You can get a better mortgage with that. There are a few lenders that will let you use the land you purchased (provided you own it outright) as consideration towards your downpayment/equity for a mortgage, too.

Of course, if you go this route you will pay more in property taxes. That is why many people never do this...especially when they live in a Red State that has higher property taxes than Blue States do, like Texas. The advantages is too great even if the mortgage is higher.




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