OT Anyone have any experience with buying an RV?

I thought u were talking rv's. In that case, I was provided a brand new (at the time) Montana mountaineer to live in while working out of town by my employer. I spent alot of time in it. 5 slide-outs, 2 bathrooms, pretty nice master bedroom and a back bedroom that could easily house 2 kids. Definitely livable. Everything is easy to work on... plumbing, fixtures, gas lines, electrical, it's all extremely simple. The slide outs are also able to function mechanically with a crank in case your battery dies, which ends up being a great feature.
Remember, you're also going to want a generator for aux. power. And you'll most likely be paying for a parking spot with water/elec/sewer hookups that could easily cost $400 a month or more.
If you're trying to save money, buying a $50k 5th wheel might not be the way to go. I would go cheaper after factoring in all the expenses.

 

Yeah roofs are really critical as they can leak and cause damage and by the time it

Why are they on sale? MSRP mean nothing and really if they are on sale now, then new ones will be on sale a couple years down the road and will immediately depreciate when you drive it home. If you can get a new one that has a MSRP of $95k and off the lot for $70k the next person can likely do the same so in reality it's a $70k value that will depreciate instantly. If you buy a couple year old one that has already depreciated (say less than $50k value) then you already saved $20k or more and it will be easier to recover more of your money when you decide to sell it. Depreciation should be factored into as an expense if you buy new (less if you buy used).

 

RVs encompass all motor homes and trailers. At least that's how that community views them.

In terms of expenses, right now I'm paying $1400 for my mortgage, I'm pay $500 for utilities like power, water, internet, garbage, etc. If we can have that extra $1k every month to put towards paying down debt, that would be awesome.

 

Looks great!

 

But then they'll come looking for me later when they're older, asking questions like "why" and "how could you?"

I just don't want to deal with that. Plus, my wife would probably cry herself to sleep every night. That would probably get old.

 

Yep, an RV can be a motor home or a trailer. Have you actually searched some used ones. I bet you can save around 20% of the cost of a new one and that $14k or so should knock a big chunk off your debt. I seldom ever buy new just because of the depreciation factor that goes right out the door when you take it off the lot.

 

You need a table of payments, which separate the components of principal (equity) and interest.

I'll assume this is for 5 years, then you sell the mobile home. Compare the first 5 years of equity gained, to the next 5 years of equity you would have gained by staying in your current house. Subtract that net lost equity, from the total payments you save, to find your real savings. Not as much as you thought.

Also, compare the resale price of each in 5 years (one will depreciate; one will appreciate). Again, less money saved than you thought.

You keep mentioning utility bills--will this really differ? Fewer square feet to heat, but more leakage between cheap boards (as I said, my tot tore off molding, it was so weakly nailed on), and less insulation.

 

I don't see the real upside myself but I don't think he was asking for opinions on the plan. That said, I'm surprised they call these an RV. Do people actually ride in them while they are being towed. I guess you could but I'd feel weird even though it is similar to a motor home.

I'd have to lean towards getting a used one especially considering money is the main factor in doing this.

That one cupwizzer linked sure is brown inside....too brown.

 

It varies state by state as to whether you can ride in a 5th wheel, trailer or a camper. Also, motorhomes, trailers and campers have been all considered RV's for as long as I can remember. I use to ride in the back of my parents camper when would would take trips. It was definitely more comfortable than the old Ford station wagon that 2 adults and 4 or 5 kids often rode in all the way to northern Idaho.

 

I'm at work, could easily be missing something here.
But, your mortgage is 1400. RV 500. Insurance 150. 2050. You can rent for 2000. Where is the money that is helping to pay down any debts?

 

Well I’m in a similar boat needing to pay down some sizable debts and here in the north bay California housing prices are crazy. So I’m renting a 1 bedroom apartment for 2k a month and it was hard to find a decent apartment in a good area for that cheap.

So, to make headway on my debts I started driving Uber on the weekends. For me, I should be able to be more financially healthy in about 6 months so working myself to the bone is temporary. But I can easily get 5-700 every weekend driving Uber and if I push myself I can earn $1000. But this has to fit your schedule. I don’t have young kids that I need to spend time with.

But if you are really only looking for an extra 1K a month that should be very easy to do driving one night a week.

 

Someone is paying their mortgage plus 600 dollars. Your math adds up but the logic is off. They don't pay the mortgage, the renter does. They just need somewhere cheap to live while they rent the house out.

 

They essentially no longer have to pay the mortgage for their house they currently are. Renter basically pays the mortgage on the house AND the RV payment for them. So they can use the $1,400/month they currently have to pay out of pocket for their mortgage towards loans.

 

We have been looking at both.

So here's a 2018 model that we like. It's listed at 74,995. I know I can get it for less than that. Possibly substantially less than that. Some people say it's possible to negotiate 20-30% off the MSRP.
https://www.rvtrader.com/listing/2018-Grand-Design-Solitude-375RES---375RES-R-5000702978

Here is a used model
https://www.rvtrader.com/listing/2017-Grand-Design-SOLITUDE-375RES-5002316794

This one is in Texas though. So we'd have to pay someone to bring it out. That would probably cost a bit. We're wanting to wait until the end of summer to buy though. No reason to buy at the peak of camping season.

Actually, this is how ridiculously all over the place the prices are.

Same model - 2018 - for $98k.

https://www.rvtrader.com/listing/2018-Grand-Design-Solitude-375RES-5002632768

 

This cat gets it.

 

I do too I do too!

Plus instead of sinking a rent payment you don't lose it all. The rv depreciates but it is still better than renting.

 

Make sure you have the “park it somewhere” figured out ahead of time. RV parks aren’t cheap and just parking it on some property can run afoul of zoning laws and/or CC &R rules.

If you have the room on your property, consider spending the money to build an accessory dwelling unit as an alternative. Many cities now allow a second home on your lot. You could live in one and rent out the other. I know a couple in Oregon City that makes a couple thousand a month renting out the ADU on AirB&B.