Posted by JeffB (MI) on November 03, 2009 at 13:30:13:
In Reply to: Re: mobile home deal posted by Nik on November 01, 2009 at 19:10:43:
I agree with what the others have said so far, but I'll add one thing. You said:
"If I'm correct, 30 years = 360 months, 360 times $356 is $128,160"
That $128k figure could not be more meaningless. People do not stay in a mobile home for 30 years, usually. And certainly not in one that will be 65yrs old by the end of the loan. I would be very careful not to over-invest in a home this old, in any market.