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Dave Ramsey explains why buying a mobile home is not a wise investment. Twitter Question: Live In A Mobile Home To Save For A House?

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  1. Mobile homes can go up in value if they are joined with the property !

  2. What if you buy a cheap, fixer-upper house, but don’t actually fix it up? Can it increase in value, or at least sell for about the same price as when you bought it?

    The concept would be to buy it cheap, save your money, then try to sell it for around the same price I bought it (without flipping it or doing any renovations). Could this work?

  3. This was a big subject that led to one of the reasons me and my ex broke up. Before my dad passed away he gave me a mobile home and 5 acres of land. It was 45 mins outside the city we worked in and the home was paid off. I told my ex we should fix up the mobile home(it would be about 10k or less) and after that save our money to pay cash for a site built home in the city we worked in. Our household income would have been 65k to 70k at that time. She didn't want to do that and wanted a site build home that cost 250k on .25 acres. This was in 2016. Fast forward to today and those same homes for 250k are selling for 140k or less because many have been foreclosed. Now would have been a great time to buy or we could have bought 2 or 3 townhomes and rented them out.

  4. What does it matter if it’s HOME and your going to live there until you die?? I have a Mobil home on 5 acres and it’s paid for. I don’t care if the value goes down, I will be dead. The biggest reason people get into trouble with money is because they can’t be happy without keeping up with the Jones. My mobile home is warm in the winter, cool in the summer, and keeps rain off my head. I’m happy!

  5. Not sure I get the depreciation value of a MH. I live in California and the prices go up. Heck even the one my dad lived in was purchased new for about 100,000.00 new and 10 yrs later sold for 211,000.00.
    Been looking into one for myself and although lower in price than a stick home they are still not cheap but definitely cheaper than rent on a 2 bdrm apt. Rents in Calif are crazy even in small towns like where I live.

  6. I bought a 2 year old single wide several years ago for $14,000, paid it off in 2 years and lived in it for 10 more years and then bought a NEW home and paid cash.
    So yes..its a good idea doing it like this because if I were to rent for 10 years I would have been out about $80,000 in rent and by the way..I sold that mobile home after being in it for 12 years for $7500,so instead of being out 80 grand in rent,I was out $6500.

  7. My plan is to stay in a mobile home for 1-2 years. There’s a mobile home for sale for $5,000.00 and the lot rent is $530 per month. Total cost would be $11,360.00 for the first year. $17,720.00 for two years. If i was to rent a house for $700 per month for a year that would be $8,400.00. $16,800 for two years. And this is if the rent doesn’t increase in that time. If I sell the mobile home for $3,000.00, after the two years, I’d pay in total of $14,720.00. $2,080.00 difference. I’d come out ahead only if I am able to sell the mobile home in a timely fashion or if the amount of house rent I’d pay be $750 or higher per month. Not to mention the mobile home is a lot closer to my job.

  8. No matter what "Mobile Home" you buy and what you pay, Your still considered " Trailer Trash ". Sad but thats what people say.

  9. Save up enough to buy a house before moving out of your parents house.

  10. Buy a cheap already depreciated mobile home..its just like buying a good used avoid a payment

  11. We spent $151,200 in rent in 16 years and got tired of having literally nothing to show for it! We were tired of rent going up everytime we got a raise. So, we bought our first home 3 years ago and are paying hundreds less a month for our mortgage compared to our rent cost. And we have $45,000 in equity right now because we bought at the right time and housing prices in our area are booming. I suppose we could sell and pocket the money and go back to renting but rent in our area is now double our mortgage cost. I'm so glad we jumped off the rent trap!! If we hadn't – there was no way we could have afforded the rent as high as it has gone up the past 3 years!!

  12. Throwing away money? Really? Is paying rent to live in an apartment, which you will never own at all, not throwing away money? At least with a mobile home, it is indeed yours. Sure it will lose money, but you are going to lose money, that's life. Go ahead, rent an apartment for 800 to 1500 a month, you will lose 100 percent of that money and have nothing to show for it, while the landlord is living mortgage free. True the value of your home will go up over time, but are you gonna sell it? If you know the answer to that is no, then what difference does it make? If you never sell it and see the appreciated value, then technically your house did not go up in value.

  13. If you buy a M H for the value of the land ,it's not the samething. In the mean time instead of paying rent you are paying it off. It's also rentable.

  14. I was able to save some money in the past 5 years, I bought a $25k lot near downtown and a brand new manufactured home with 4 bedrooms and 2 baths, 2100 sqf of living space for 94k (including delivery and set-up) and that's it, I'm done and I'm free of debt on the other hand my co-worker bought a house for $250k with a monthly payment of $1,870 (including tax and insurance) for 30 years, do the math, no thanks, I think I made a smart choice

  15. I'm age 67 and realized a few years ago I will never have enough money saved or monthly income to afford a stix house, but I can afford a "mobile home" and it won't be having to continue renting and putting up with apartment life. I am finding the worst part now of renting is the rents are increasing yearly and at a rate I can't manage. I researched used mobile homes in parks in the southwest U.S. and was surprised how expensive they are to buy when I have heard they don't hold their value. Not sure I understand that, but maybe it has to do with the snowbirds and they can get the price they want with them migrating south yearly.

  16. Buy land, purchase a mobile home, save to build a house on the same land. Then there it's all said and done.

  17. I bought a $10k mobile to live in /save money and recently sold it after 2 years for $60k due to the lack of housing and boom in prices. So Dave is wrong here

  18. Dave Ramsey hates Trailers. Look, I love my double-wide trailer. You get more space for less money than a stick built home. I feel that I'm saving money in the long run. I want something paid for, not living with a 30-40 year mortgage and hope to pay it off one day.

  19. Dave Ramsey is right about the mobile home values. If you buy a repo for about $15 K in great condition then is worth it.

  20. this guy is an idiot

  21. Yeahi just bought a cheap used one ?‍♀️ 6000 And pay the rent lot for a few years close to my two jobs save me in rent money , gas money and I don’t pay water, taxes , garbage just electric and gas …. I could sell it for 1 dollar and I still saved a lot of money compare to the rents around my neighborhood … still for today’s generation a house is not worth it either

  22. sometimes it jus depends on who uk

  23. I wonder what he thinks of building your own Tiny House. Not that I'd do it. Too lazy. Own my house already. Just wondering.

  24. Question to anyone who can answer me. So mobile/manufactured homes are sold from 30k-200k around my area in Cali depending on the year. Is it possible for me to buy a mobile/manufactured home full cash in a mobile park, & save up for a down payment for a house move out of the mobile home and rent out the mobile home?? And how do you go about with buying a mobile/manufactured home?

  25. But mobile homes
    Are so great!

  26. If you decide to rent it later it doesn’t matter if it looses value.

  27. He didn't cover what I was looking for. What if you buy a mobil home and your mortgage is hundreds less than rent would be so you can save those hundreds while paying off the mobil home? If you do that for say five years and aren't concerned with profiting from the sale of your current home, you will be throwing away money but would this not be a viable option for a low income family to purchase a retirement home? Discipline in the "long game" so to speak…

  28. In Washington they go up in value. Who would have thought a 1990 manufactured home would be worth 270000 on an acre.

  29. I like Dave but he is wrong on this one. We have a 2500 square foot manufactured home in SE North Carolina. Paid $38 a sq ft. A stick build would have cost $150 a sq ft. Our home is so well built they call it a steel frame modular. We ordered from Southern Estates Homes and ordered all the upgrades and even moved some walls and the dormer. Our home had direct hits from Hurricanes Matthew and Florence and has sustained NO damage whatsoever. I’m retired military and we bought something we could pay for and not finance for 30 years. We will always live here and could care less if it deprecates. We are in 0 debt and can travel or go out to eat when we want. I see so many people slaves to a mortgage and can’t enjoy life. Top end manufactured housing is very well built and has to be to survive 2 hurricanes and several tropical storms.

  30. Depends on whether you're thinking in eternal terms, or in temporal terms.
    You can't take anything with you, except the souls you win.
    You can buy yourself a house that the world will highly esteem, and "Men will praise thee, when thou doest well to thyself." Psalm 49:18
    but Jesus said…
    Luke 16:15 "… that which is highly esteemed among men is abomination in the sight of God."

    There are those who make themselves poor, for the kingdom of heaven's sake, but who own great riches in God's sight.
    Because you can't lay up treasures in heaven, if you're laying them up for yourself.

    What if God would call you to live in a trailer court, for the sake of the little Mexican children who need the Gospel?
    Would you do it?
    What if God asked your friends to do that?
    Would you call it "unwise?"

    Why is it that our idea of "Christian stewardship" is managing money so we can retire comfortably?
    Is that anywhere in the Scriptures?

  31. Dave is misleading everyone by saying mobile homes lose value, no matter what. He is forgetting the 3 rules of owning property: Location, Location, Location.

    I have owned 3 mobile homes over a period of 15yrs in the Bay Area. I have bought and sold them, rented them…as investments. My first mobile home I bought for $53K and sold to a pre-fab company for $90K. My second one, I bought for $118K and sold for $187 3yrs later! The 3rd one was a nice pre-fab home 3/2, I bought for $198K…..just sold it 4mos ago for $320K!

  32. What about buying a mobile home for around $3,000 putting $5,000 into it and selling it for 21 $22,000…. I've seen many a people make a great fortune this way

  33. What are you talking about? A 3 year old mobile home is not 10k. I have been house hunting for the past year (not in a rush) and mobile homes are on my list since they are great starter homes. I toured mobile homes from 1978 that had 50-60k price tags! Im not sure what world youre living.

  34. John Oliver brought me here

  35. Who else came here from John Oliver?

  36. this old man better than Kim kramer

  37. To find the most affordable neighborhoods, simply look at a racial map of the county. The neighborhoods with lesser Demographics have much lower prices but more crime and lower quality of life. This method works.

  38. My mom has a mod on a foundation on a acre lot that's hers it cost her barely anything these days but back then it could have been a lot of money now the town is growing like crazy housing wise it's 250,000 to 300,000 even mods in the same neighborhood as her with less land are going for those prices so I mean if your living in a city that's growing as long as it has a foundation it is a good investment in my opinion if you take care of it… there putting people in 300,000 to 400,000 condos in the next town over that all you have is a balcony I think most people would rather have a mod with land

  39. You are wrong about mobile homes and manufactured homes being the same. It actually depends on the year it was built. They are built to different building codes.

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