Our first home was a mobile home, years ago. Bought it brand new - even chose the floor plan. It was a great starter home - rented a lot in a mobile home park. Bought it for $17,500 and sold it three years later for $16,000 when we bought first permanent home. Yes, they lose value, but if you do it right, it doesn't have to drain you.
We bought a HUD mobile home less than a year old for 45,000 with 1.3 acres. It had 1800 square feet and was a cheap mortgage at less than $500 a month. We did a lot of improvements to the land and sold it for 68,000 4 years later. It was a great place to live while we knocked out credit card debt. Sometimes I wish we had stayed there. We could have easily paid it off and could have then put mortgage payments to the 401k instead. Even with it being a depreciating asset in the long run, to live mortgage free and be able to fast flood money to retirement... it wouldn't have been our worst decision in life.
@Cornelius Robinson Sold it to couple who was looking for a cheaper place to live. We did a For Sale By Owner, and sold on a contract for one year. If they didn't buy it after one year, they lost everything they put into it. Yes, there's risk in doing it that way, but we had a lawyer draw everything up, and they actually paid it off early.
One suggestion is this: Stay put where you are at. Explain to your parents that the only way you can continue to help them is if they sell you the land under your trailer. If they say no, then tell them you care about them, but you can't help them any more financially, because you need to save up money to buy a house. At that point, they may change their mind, and sell you the land under the trailer.
I thought this same thing. To ask about this same thing before leaving. Give one chance and if it falls through you've got your answer. If the parents can they will sell, if they can't hopefully they say why. But before going into debt like this it would be much better. Even tho I can't tell if he has money to buy land outright anyway. But Dave maybe saw that the parents already dug in and wouldn't move therefore he didn't see this as a viable option.
@@Billybillybillyrocking The parents may be dug in about saying no now, but after a few months of not getting financial help from their son, and not being able to pay their bills, they might change their mind. I would give it 6 months. It is also possible that the parents end up defaulting on their property taxes, and the son could perhaps buy all the land at that point for pennies on the dollar.
Parents can't make ends meet without help, they will eventually sell the land anyway. By not selling a piece to him, when its all over, they will all be poorer for it.
True. If the parents end up going bankrupt, then perhaps he can buy the land at that point. He could possibly pay the back taxes and take ownership of the land.
If mom and dad need money/help, then tell them that they need to sell the land or you’re leaving. And moving means no more help. But the best long term advice is to get away from mobile homes. They’re the opposite of the financial benefits of home ownership.
Daniel I’m from Europe and that’s exactly how I feel. No one I know in Europe has debt, people don’t do it, only some low lifes, the same type of people who do drugs or stuff like that, not your average neighbors.
It's actually taught here in the US from a very young age that debt is normal and even expected..... Little girls dress up toys consist of credit cards, cell phones and such. It's a mess.
@@thecatnextdoor12 I know! That's what im saying. Im from Europe as well and the only debt i have is on my house. Which only costs me about 25% ish of my monthly income which is easily manageable
😂🤣 Near what "biggish" city? It's 50 miles of curving 2-lanes from a 4 lane road. Yawkey has a Dollar General, a grocery store, & a couple quick-trips. The Appalachians are not known for prosperous living. Sad. Apparently land prices are not cheap enough for this guy to buy his own little plot of land..... 🤷♀️
If the county would allow a tiny home on the property, this type of house is easier to move on and off. Mobility is better. What do other people think?
It’s a lot of work to move one. You have to pay for moving, foundation, installation, septic tank/sewer lines, dig a well, clearing trees and shrubs off property, grading the land to make it level, cut out a driveway, rebuilding decks, and etc.
Living in a rural area makes buying mobile homes not worth buying unless you intend to never move. You can get an actual livable house for as little as 70 k in rural areas.
there are tons of great plots of acreage with no house on it though, and putting a mobile home there is way less hassle than building a home. many people buy land, live there cheaply in a mobile home for 5-10 years and then eventually build the dream home.
@@Big-Government-Is-The-Problem this guy owes 40k on something that has negative value. Youre not wrong, but only if youre paying cash for the mobile home.
nicole4779 If they could sell it and be able to keep the money (ie no tax problems,) then that could help their financial situation. But you’re probably right about the tax problems
It bothers me when Dave rips on mobile homes so much. Everyone always says "mobile homes dont appreciate" the part they leave out is that neither do houses. If they did a 1930s construction with knob and tube wiring, lead paid, a cobble stone foundation and plaster walls would be the most expensive homes on the market and they arent, they are the cheapest. Homes depreciate too, people just throw money at them in upgrades, get 80% of that back when they sell it and think they made money. The land does appreciate but the house does not. People dont upgrade mobile homes or usually own land so they dont generally appreciate, but that's not an issue with the home itself I bought my used mobile home for $20,000 in new england and it was the best decision I ever made. I literally saved 90% compared to a starter home in my area and own it outright from the start. Now we are saving up $4,600/month to buy some land and a new mobile home in the future.
@@christhomas1708 it depends, in my situation I will have saved in property taxes what I paid for the house every 3 years and could literally burn it down when I am done and still be ahead Add in what you save in mortgage interest and utilities and it doesnt matter if you have to pay to dispose of it, you've still saved tens of thousands of dollars versus a house
@Dr. Johnny Sins @Dr. Johnny Sins it's a cooperative park so yes and no And I bought it cash 2 years ago and I doubt it's worth any more than I paid for it. Conversely, 2 years into a 30 year loan on a $200,000 mortgage at 5% you would have about $7,000 in equity, have paid ~$20,000 in interest and about $14,000 in property taxes in my area. I dont know what kind of weird math people do where they can convince themselves that a 200K house is actually cheaper than a 20K one lol
Dave hates mobile homes. I have 13 old mobiles that are rentals that I mostly got for free and moved to my farm. I love them for the low cost rentals. I make about $8000 a month in rent on them. They are a low cost option for the space. People that spend over a few thousand for a mobile home are buying a depreciating asset. They do NOT have more charm as they age. The $20,000 number he quoted is stupid high. He should be able to move it for half that.
how do you get a mobile home for free or only a few thousand? i once watched a VICE video on the topic of buying mobile homes for like $100 but that sounds too good to be true. how could you possibly get someone to pay $600 a month in rent for something they could buy outright for like $1000. i own some land and id certainly be willing to put some rental mobile homes on it. isnt it expensive to get electricity and plumbing installed for all of them though?
@@christiequinn4242 Not sure the point. Many people can find free mobiles, move for a couple grand, and then rehab for cheap living if they have land. Cheap living but not a great investment is my view.
Why can’t he used the property as a rental? Find a tenant and use as a rental property instead allowing the bank to foreclose on you. Then use the rental payment and his income to pay it off faster if he can’t sell it right away.
Guy definitely needs to give his parents an ultimatum. Make a land deal, or move on to pursuing a land deal elsewhere. However, I doubt his mobile, without a spot to park it, is worth anything. It will cost $5K-10K to move it. I wonder if he bought and installed it, or bought it from his parents...
Do not put your mobile home on land you don't own. . It shouldn't cost $20k to get it moved... It might cost $20k to prepare the new site (septic, bringing in electric, water, cable...) . But bringing in the utilities would have to be done to build a house on the same piece of land.
I think it was 20k for the move & install (foundation, septic, driveway, etc.) and 15-20k for the plot of land itself (the literal dirt) if I understood correctly
So there are 100’s of thousands of mobile homes and they provide a property where an apartment does not. This video is very narrow minded and insulting. I generally listen to about half what you anyways because I find you to be a pompous windbag, but insulting 40% of the nation that’s lower middle class because we don’t waste $200-300k on a home that will be artificially inflated until it bursts. Disappointed that you are promoting this misinformation and ignorance.
It's your parent's land, why should they ket you have what they worked for? Sell the trailer and find a new place to live... See if the parents will buy it and rent it out.
I don't get it. Are his parents charging him rent to keep his mobile home on the land? You are better off staying in the mobile and paying off the debt as fast as possible. You gotta stop helping the parents so you can help yourself first and get out the debt. If you sell the mobile home, then you have to pay a $20K or whatever upside down difference and ALSO paying rent for your new place. This will ultimately become more expensive. He is better off staying in the mobile and paying down the debt. Then sell the mobile once the debt is gone and use it on a down payment for a new home. The majority of the deprecation has already occurred to the mobile. The value of it won't change that drastically over the next few years. It's a different story if he could buy a house right away but he can't . Dave gave some terrible advice in my opinion.
Our first home was a mobile home, years ago. Bought it brand new - even chose the floor plan. It was a great starter home - rented a lot in a mobile home park. Bought it for $17,500 and sold it three years later for $16,000 when we bought first permanent home. Yes, they lose value, but if you do it right, it doesn't have to drain you.
We bought a HUD mobile home less than a year old for 45,000 with 1.3 acres. It had 1800 square feet and was a cheap mortgage at less than $500 a month. We did a lot of improvements to the land and sold it for 68,000 4 years later. It was a great place to live while we knocked out credit card debt. Sometimes I wish we had stayed there. We could have easily paid it off and could have then put mortgage payments to the 401k instead. Even with it being a depreciating asset in the long run, to live mortgage free and be able to fast flood money to retirement... it wouldn't have been our worst decision in life.
@@kimpritchard4322 that sounds like a good move, because it came with the land. I don't understand people buying these things on land they don't own.
How did you sell it? Any advice on selling my renovating mobile homes? Fast!
@Cornelius Robinson Sold it to couple who was looking for a cheaper place to live. We did a For Sale By Owner, and sold on a contract for one year. If they didn't buy it after one year, they lost everything they put into it. Yes, there's risk in doing it that way, but we had a lawyer draw everything up, and they actually paid it off early.
@Trail Runnah You can pay lot rent.
I always like to see how long it takes before Dave Ramsey crosses his arms. You really messed up when he crosses in the first 10 seconds
Financial Lift 😂😂😂😂😂😂😂😂
Ooh that's a good one.
Don’t buy something you won’t have complete control of. I don’t like these calls.
People do stupid things with money, what matters is that he is willing to get some sound advice.
A problem is often an opportunity in disguise.
One suggestion is this: Stay put where you are at. Explain to your parents that the only way you can continue to help them is if they sell you the land under your trailer. If they say no, then tell them you care about them, but you can't help them any more financially, because you need to save up money to buy a house. At that point, they may change their mind, and sell you the land under the trailer.
I thought this same thing. To ask about this same thing before leaving. Give one chance and if it falls through you've got your answer. If the parents can they will sell, if they can't hopefully they say why. But before going into debt like this it would be much better. Even tho I can't tell if he has money to buy land outright anyway. But Dave maybe saw that the parents already dug in and wouldn't move therefore he didn't see this as a viable option.
@@Billybillybillyrocking The parents may be dug in about saying no now, but after a few months of not getting financial help from their son, and not being able to pay their bills, they might change their mind. I would give it 6 months. It is also possible that the parents end up defaulting on their property taxes, and the son could perhaps buy all the land at that point for pennies on the dollar.
Parents can't make ends meet without help, they will eventually sell the land anyway. By not selling a piece to him, when its all over, they will all be poorer for it.
Correct. The parents are going to be under pressure to sell eventually. They may as well sell the land to their son.
@@rayj.9568 I agree--maybe the parents will loosen up and sell it to the son when they see he's picking up and leaving.
True. If the parents end up going bankrupt, then perhaps he can buy the land at that point. He could possibly pay the back taxes and take ownership of the land.
Thank you for sharing
Do you have a million dollars yet
If mom and dad need money/help, then tell them that they need to sell the land or you’re leaving. And moving means no more help. But the best long term advice is to get away from mobile homes. They’re the opposite of the financial benefits of home ownership.
Hearing country accents and stories is like a peek into a different universe for us Yankee listeners.
Imagine being from Europe and hearing all these ridiculous debt stories on this channel xD
Daniel I’m from Europe and that’s exactly how I feel. No one I know in Europe has debt, people don’t do it, only some low lifes, the same type of people who do drugs or stuff like that, not your average neighbors.
It's actually taught here in the US from a very young age that debt is normal and even expected..... Little girls dress up toys consist of credit cards, cell phones and such. It's a mess.
Americans want it and the want it now.
@@thecatnextdoor12 I know! That's what im saying. Im from Europe as well and the only debt i have is on my house. Which only costs me about 25% ish of my monthly income which is easily manageable
Stop paying your folks' bills!
Let the bank take your double-wide & get out of Yawkey, WV.
whats wrong with Yawkey WV? its near a bigish city and it has alot of natural beauty in the area. land prices are probably pretty cheap too
😂🤣 Near what "biggish" city? It's 50 miles of curving 2-lanes from a 4 lane road. Yawkey has a Dollar General, a grocery store, & a couple quick-trips. The Appalachians are not known for prosperous living. Sad.
Apparently land prices are not cheap enough for this guy to buy his own little plot of land..... 🤷♀️
@@raallen1468 so are you a city guy? yes there are poor people in the Appalachians but there are also plenty of millionaires just like anywhere else
If the county would allow a tiny home on the property, this type of house is easier to move on and off. Mobility is better. What do other people think?
Too bad the home wasn’t “moveable”. They could have trucked it over to land he owned.
It is. Just costs 20k.
mxer b
It’s a lot more than that once the dust settles.
BlackWorldTraveler I’m sure he could find a good ole boy with a semi truck to do it on the cheap for cash without insurance.
They could move it. He said it was an option for $20,000 but then would cost another $20,000 to buy land for it.
It’s a lot of work to move one. You have to pay for moving, foundation, installation, septic tank/sewer lines, dig a well, clearing trees and shrubs off property, grading the land to make it level, cut out a driveway, rebuilding decks, and etc.
Living in a rural area makes buying mobile homes not worth buying unless you intend to never move. You can get an actual livable house for as little as 70 k in rural areas.
there are tons of great plots of acreage with no house on it though, and putting a mobile home there is way less hassle than building a home.
many people buy land, live there cheaply in a mobile home for 5-10 years and then eventually build the dream home.
@@Big-Government-Is-The-Problem this guy owes 40k on something that has negative value. Youre not wrong, but only if youre paying cash for the mobile home.
@@louib716 yeah i was just speaking in general. this guy is certainly in a bad situation and he should sell or try to rent it out.
If you’re parents don’t want or help you with the land don’t help them paying the bills. Save up and Invest in a small house when you can save.
Walk away.
Move. Really your only option at this point.
I'd let the double-wide go to the mortgage holder & walk.
Look up Yawkey, WV on Google maps.
This may be the first time I heard Dave giving foreclosure an option if you do not have to.
Dave is the expert at not paying money that he owes.
Why wouldn’t the parents sell him the property?
Because they’re broke, it may be that land is their only asset or they may owe taxes on the land and not be able to sell it
nicole4779 If they could sell it and be able to keep the money (ie no tax problems,) then that could help their financial situation. But you’re probably right about the tax problems
He is not paying them now and will not later likely.
Truly a call worth stating the definition of Insanity.
You don't lay your foundation on a home that can roll away in the middle of the night.
Half your country lives in houses made from wood instead of bricks anyway.
This isn’t insanity. Mobile homes are common in many areas, there’s even Mobile Home Parks throughout the Midwest.
Its better than being homless. Its what you can afford. Idont care if it looses value. Its a place to live.
Here is my advice, burn down the double wide and collect the insurance money
Nice video
Dave Ramsey: Sell the Mobile Home
great advice. list it on facebook marketplace
It bothers me when Dave rips on mobile homes so much. Everyone always says "mobile homes dont appreciate" the part they leave out is that neither do houses. If they did a 1930s construction with knob and tube wiring, lead paid, a cobble stone foundation and plaster walls would be the most expensive homes on the market and they arent, they are the cheapest.
Homes depreciate too, people just throw money at them in upgrades, get 80% of that back when they sell it and think they made money. The land does appreciate but the house does not.
People dont upgrade mobile homes or usually own land so they dont generally appreciate, but that's not an issue with the home itself
I bought my used mobile home for $20,000 in new england and it was the best decision I ever made. I literally saved 90% compared to a starter home in my area and own it outright from the start. Now we are saving up $4,600/month to buy some land and a new mobile home in the future.
Mobile homes are more of a problem when selling than when buying.
Mobile homes done right = win.
Mobile homes done wrong = financial failure.
Its simply too easy to do it wrong.
@@christhomas1708 it depends, in my situation I will have saved in property taxes what I paid for the house every 3 years and could literally burn it down when I am done and still be ahead
Add in what you save in mortgage interest and utilities and it doesnt matter if you have to pay to dispose of it, you've still saved tens of thousands of dollars versus a house
Yep exactly. It's the land value that appreciates (if at all), not the house.
@Dr. Johnny Sins @Dr. Johnny Sins it's a cooperative park so yes and no
And I bought it cash 2 years ago and I doubt it's worth any more than I paid for it.
Conversely, 2 years into a 30 year loan on a $200,000 mortgage at 5% you would have about $7,000 in equity, have paid ~$20,000 in interest and about $14,000 in property taxes in my area.
I dont know what kind of weird math people do where they can convince themselves that a 200K house is actually cheaper than a 20K one lol
Dave hates mobile homes. I have 13 old mobiles that are rentals that I mostly got for free and moved to my farm. I love them for the low cost rentals. I make about $8000 a month in rent on them. They are a low cost option for the space. People that spend over a few thousand for a mobile home are buying a depreciating asset. They do NOT have more charm as they age.
The $20,000 number he quoted is stupid high. He should be able to move it for half that.
Yea but u use it as an income property for people that can’t afford anything else.
how do you get a mobile home for free or only a few thousand? i once watched a VICE video on the topic of buying mobile homes for like $100 but that sounds too good to be true. how could you possibly get someone to pay $600 a month in rent for something they could buy outright for like $1000.
i own some land and id certainly be willing to put some rental mobile homes on it. isnt it expensive to get electricity and plumbing installed for all of them though?
@@christiequinn4242 Not sure the point. Many people can find free mobiles, move for a couple grand, and then rehab for cheap living if they have land. Cheap living but not a great investment is my view.
If keep paying in a few years it will be paid off and worth few $100 vs a few $1000. No lot will give him any thing even close to what it worth.
Why can’t he used the property as a rental? Find a tenant and use as a rental property instead allowing the bank to foreclose on you. Then use the rental payment and his income to pay it off faster if he can’t sell it right away.
Sounds like his parents want it off of their property
mxer b ok... I missed that part. Thanks for clarifying
Guy definitely needs to give his parents an ultimatum. Make a land deal, or move on to pursuing a land deal elsewhere. However, I doubt his mobile, without a spot to park it, is worth anything. It will cost $5K-10K to move it. I wonder if he bought and installed it, or bought it from his parents...
Rent the home out to someone else
yep, that is the best option
The home is on his parents land
Do not put your mobile home on land you don't own.
.
It shouldn't cost $20k to get it moved...
It might cost $20k to prepare the new site (septic, bringing in electric, water, cable...)
.
But bringing in the utilities would have to be done to build a house on the same piece of land.
Thing isn't on wheels, it's on a foundation.
I think it was 20k for the move & install (foundation, septic, driveway, etc.) and 15-20k for the plot of land itself (the literal dirt) if I understood correctly
There must be a way to move the mobile home to another property. Some kind of "creative" deal can be found. He can keep his house and fix this.
Depends on the age and condition.
Usually not worth the trouble.
attach helicopter propellers onto it and fly it out!
If he had his own land, he would have been safe.
Wow Dave Ramsey actually telling some to take a loan?
I want double wide
Marriage is a mess cause parents can't cleave.
So there are 100’s of thousands of mobile homes and they provide a property where an apartment does not. This video is very narrow minded and insulting. I generally listen to about half what you anyways because I find you to be a pompous windbag, but insulting 40% of the nation that’s lower middle class because we don’t waste $200-300k on a home that will be artificially inflated until it bursts. Disappointed that you are promoting this misinformation and ignorance.
He has a double-wide
Umm, an aristocrat
Warren Buffet is buying Gold.
Physical Silver & Gold is wealth insurance.
Soon average people won't be able to afford physical Silver.
It's your parent's land, why should they ket you have what they worked for? Sell the trailer and find a new place to live... See if the parents will buy it and rent it out.
I got a mobile home I’m ready to sell for $11000. I stayed for 1 year only and it is very new.
And you think RUclips is the place to sell it??
@@topcomment3816 , Who knows? It may be worth a try. If she gives her email address, someone may inquiry about her mobile home.
Location is important and some counties won't allow you to divide smaller properties, but I'm in Oregon...expensive!
Listen life is too short to worry about money. Im skateboarding have no home but happy.
👍👍👍👋👋👋👋
I don't get it. Are his parents charging him rent to keep his mobile home on the land? You are better off staying in the mobile and paying off the debt as fast as possible. You gotta stop helping the parents so you can help yourself first and get out the debt.
If you sell the mobile home, then you have to pay a $20K or whatever upside down difference and ALSO paying rent for your new place. This will ultimately become more expensive. He is better off staying in the mobile and paying down the debt. Then sell the mobile once the debt is gone and use it on a down payment for a new home. The majority of the deprecation has already occurred to the mobile. The value of it won't change that drastically over the next few years. It's a different story if he could buy a house right away but he can't . Dave gave some terrible advice in my opinion.
The home is more valuable than your existence on this earth. That is harse but that is the truth. The home is a legal document.
First