Mobile home purchase in Torrance... Need advice!
Hi there! Would love some professional opinions here.
We're buying a mobile home in Torrance for $115k in the skyline mobile home park. Lot rent is extremely high, ~$3000/mo. Paying off the mobile home in cash and just plan to pay the space rent.
Why we are buying a mobile home- We want a single family home, are tired of horrible landlords entering our home without permission and breaking the law. We have no interest in condo living and have done it in the past and have had nightmare experiences. We have kids on the way and need our own four walls, laundry, plenty of parking and have pets. We need outdoor space. A mobile home offers all of these things. Comparable rentals in the area do not.
I figure in 5 years, our space rent could be about $4k-$4.5k/mo. If rents in this area continue the way they are now, we figure we will be paying the same or even more in rent for a single family home.
I know everyone says that a mobile home isn't an appreciating asset... But I wonder if that's true here in southern ca. What are your thoughts?
This isn't so much about making money or hoping the home will appreciate, it's more about trying to match or beat the rental market price while having a better quality of life than in a rental home.
Would love to hear what you think!