Quote:
Originally Posted by Barefootsies
But, in theory, wouldn't your costs go down over time as you pay down your mortgage?
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They are paid off, also with mobiles unlike the factory built and houses- I can depreciate their values each year. Tax law is different with mobile homes than fixed dwellings. I no longer have mortgages on them though. When I did owe the mortgage I accelerated payments as fast as I could. Mostly due to that when I acquired them I did not have the best credit score and such. Ended up paying around 9.7% on them so it was in my best interest to pay as fast as possible.
Quote:
Originally Posted by Barefootsies
Very nice. 
I am having my CU crunch some numbers. There are a bunch of these small 1500 sq foot, 3 BR houses for sales in the village/small town south of me. I am thinking of scooping em up if the numbers are right. They need a little work, but I can use them for shoots, get rid of sister, rentals, etc.
Should be able to have them paid off in about 10 years. But we'll see how the numbers crunch. |
Curious to know what formulas you are using. What your predicted non occupancy rate is. Lots of small factors go into such formulas to figure out if a place could be a profitable rental or not. Even purely for equity purposes, making sure your not in the red at all is very key.