Need info. on mobile home prices in Orlando, Florida area?

Question

I need to move to Orlando in about 6 months to continue my education (UCF). After looking at apartments, foreclosed homes, duplexes, etc, I THINK I've figured out that a mobile home would be the most cost effective way to go.

So I'm hoping someone out there, with some knowledge of real estate, can help me by answering a few general questions:

Number one, I cannot afford to buy land, so I'm assuming I would have to live in some kind of community?

I've been looking at apartments in the $500-600/monthly range. Can I even afford a low-priced trailer? I'm thinking listing price of $30,000 or less with a $5,000 down payment - my payments would be less than $100/monthly, so I would just have to rent the lot (most places are under $400/month). Is there more to it? Am I missing something?

Also, I have a dependable cosigner - does that help?

THANKS!

Answer 1

Looking at mobile homes for sale in Orlando I see prices lots higher than you are anticipating.  They cost about $70,000 before they stopped looking totally thrashed.  Avoid terms like fixer-upper and handyman's special.

Have you considered a small travel trailer?  You could buy the one you want for lots less and put it where you want, as opposed to being stuck with a mobile home that cannot be moved.  They cost a lot in fuel to move so people looking to reduce their bills are selling trailers and the trucks they used to pull them.

Answer 2

You need to understand two important facts.  First, mobile homes go down in value, no matter what the economy is like.  You will lose money in the long term buying a mobile home.

Second, Orlando's real estate market is collapsing.  Many homes/condos/apartments  were bought by out-of-state investors looking to "flip" the unit and make a quick buck.  They are now desperate to find renters to off-set the costs.  

My advice is to rent.  Whether it is a mobile home, a condo, a house, or an apartment, everyone who can is renting in Florida right now.  

I'm an attorney.  My boss and I both recently moved to an area near Orlando to set up a new office.  We can afford to buy nice homes.  We're both renting  and waiting for the real estate market to stop collapsing before we purchase anything.

Answer 3

Have you considered getting a rooomate to live with ... ?

It would definately be a lot less expensive .... as lot rent is kinda high at $200 and UP per month ..... usually .

I'd suggest that you go on Craigslist , MySpace Classifieds , or even Roomates.com and look for a roomie .....