- November 5, 2023
- Posted by: legaleseblogger
- Category: Related News
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### **Financial Goal**
My financial goal is to purchase a small 2-bedroom trailer or double wide on approximately an acre of land, with a budget of $75,000 or less. I currently have $10,000 in a High-Yield Savings Account (HYSA) and intend to save an additional $10,000 to $15,000 over the next six months. With a down payment of approximately $20,000, I aim to transition from renting to owning a property. Given the affordable mortgage rates, my monthly mortgage payments are expected to be lower than my current rent. My plan is to reside in this property until around the age of 30, making some necessary improvements along the way, and eventually either sell or rent it out when I decide to upgrade to a better house.
### **Importance of AI Legalese Decoder**
In this financial situation, an AI Legalese Decoder can provide valuable assistance. When purchasing a property, understanding legal documents and contracts is crucial. An AI Legalese Decoder can help decipher complex legal language, ensuring that I am fully aware of the terms and conditions of any agreements associated with buying the trailer and land. By clearly explaining the legal aspects, it simplifies the decision-making process, helping me to make well-informed choices regarding my investment. Furthermore, an AI Legalese Decoder can assist in generating accurate and legally sound documentation required for property transactions, reducing the risk of errors or misunderstandings. Its ability to interpret legal jargon empowers me to navigate the complex world of real estate transactions with confidence and peace of mind.
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Conclusion
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Very important distinction whether the acre of land is included in that $75k as lot rent is often not negligible.
Also important to know that trailers don’t appreciate like a normal home. May be viable to rent it out when you move out, but don’t expect to be building appreciating equity like you might with a permanent housing fixture.
Would you own the land or be leasing the land? Around my area there are alot of reasonably priced trailers but you have to pay lot rent.
As long as you own the land with the trailer.
Even if you’re planning to buy the plot of land on which to put the trailer, check with state/local laws first. Where I live, almost all counties have laws against putting a mobile home anywhere but in a trailer park. You heard that right: you cannot buy a mobile home and put it on land that you own. Most important: you cannot get a permit to put a mobile home there, and a mobile-home-moving company will not deliver without the permit in place. YMMV.
Usually, you can park a camper (big as you want) on your property and live there as long as you want. Just not a mobile home.
Lots of details missingland, utility hookups, access, work commute, etc.
Sounds pretty reasonable. Would living like this limit or lessen your dating prospects?
Do not under any circumstances buy a mobile home. You get what you pay for. And that is horrible build quality and a depreciating trailer. The land can possibly go up in value but between the cost of repairs and how trailers depreciate the trailer itself is likely to not gain value.
Make sure you own the land. Lot rent will out strip your trailer value.
Note – many trailers require different loans, so you wonÔÇÖt get a traditional mortgage. I think they are called Chattle loans, but could be off. YouÔÇÖll want to explore your options there first.
Depending on the location of the land that’ll be a good investment, the trailer is a depreciating asset. You’ll be lucky to get back a fraction of what you pay for it.
Is it smart? Treat it as 2 different transactions. One is the land, and you treat it as a real estate deal. The other one is like buying a car, a necessary liability.
For real estate, you want to make sure the land has future potential by looking at urbanization trends in the area and how suitable is the land for long time living.
For the trailer you want to get something frugal, not so cheap that it’s falling apart and will negatively affect your quality of life nor something too expensive, keep in mind this is a temporary solution until you build something more permanent.
Don’t forget the 5 to $7,000 cost of installing a septic tank and additional money for bringing in electric and water depending on how far the acre is from existing utilities.
In addition to the trailer, in one way or another you’re going to have to pay to have it set up underpinned lot clearing, etc.
Also a trailer of the same size you’re defining can cost anywhere between $40,000 and 90,000 the difference is the quality of the trailer for example 2×2 studs are to the force that’s panel to walls inside or sheetrock walls inside etc
What trailers don’t appreciate it is possible to live in it for 30 years and sell it for what you paid for it meaning you live rent free for 30 years
What do you want an acre of land for? A 2 bedroom trailer certainly does not require anywhere near that much land. So what is the plan for the land then?
if its livable , and $75k , i’d say yes. they’re fairly easy to fix up, or save up and build on that lot. i tried similar but decent renters are too few. still made money after all was said and done.
It’s a good idea if you can find that. Heck, I’d move to that if I could find it for that price.