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Old Yesterday, 11:13 AM
 
Location: Up North
4,610 posts, read 1,176,591 times
Reputation: 2718

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Hopefully I'll get some responses here before Mrwhats-his-name chimes in to tear me a new -ss....



I have a situation I would like some opinions on. In a nutshell:


I have a $40K IRA
About $40K in cash
Income of about $2K a month (I know, not much)
A mortgage of $800/mo

If I bought a decent RV and had the above information the same, would that be a possible scenario I could implement?


To give an idea, the similar sized house kitty-corne to mine rents out for about $1600/mo, and it's about the same size (2K square ft).


I hope this is the right forum to ask the question.
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Old Yesterday, 11:27 AM
 
Location: The Triad (NC)
29,049 posts, read 63,220,484 times
Reputation: 33229
Quote:
Originally Posted by Kavalier View Post
If I bought a decent RV ...
You could go up to one of the lakes and camp for the summer; maybe do some fishing.
Might be better to buy a nice Lund LINK instead and rent a room in some cabin...
since you somehow seem to have another $40-80,000 available to buy toys with.
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Old Yesterday, 11:27 AM
 
Location: Kansas City North
4,192 posts, read 7,475,010 times
Reputation: 6285
Where are you going to park it and what is that going to cost?

Is the RV compatible with the climate? I.e., I’m not sure that a Minnesota winter and living in an RV would work.
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Old Yesterday, 11:30 AM
 
Location: Rochester, WA
6,227 posts, read 3,473,553 times
Reputation: 16897
What type of loan do you have, and how long have you had it?

The question is whether you took part in any programs that require you to be an owner-occupant.

Home loans are a different thing than commercial/investment loans that people get to buy rental properties.

Your insurance will have to change to reflect it as a rental. This will cost a bit more. It will also flag your lender that you're not living there IF your lender is currently paying insurance, so it will matter if it's OK with them if you move out.

People do this all the time. But the thing to remember is, it works until it doesn't. If there is a problem... if there is a fire, this is where things can snowball on you if your insurance doesn't cover rentals and your mortgage is still due.


Who is Mr. whats-his-name?
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Old Yesterday, 11:34 AM
 
Location: Up North
4,610 posts, read 1,176,591 times
Reputation: 2718
Quote:
Originally Posted by Diana Holbrook View Post
What type of loan do you have, and how long have you had it?

The question is whether you took part in any programs that require you to be an owner-occupant.

Home loans are a different thing than commercial/investment loans that people get to buy rental properties.

Your insurance will have to change to reflect it as a rental. This will cost a bit more. It will also flag your lender that you're not living there IF your lender is currently paying insurance, so it will matter if it's OK with them if you move out.

People do this all the time. But the thing to remember is, it works until it doesn't. If there is a problem... if there is a fire, this is where things can snowball on you if your insurance doesn't cover rentals and your mortgage is still due.


Who is Mr. whats-his-name?
Lol!!!...he responded first! I can't believe it (but actuall, I can).
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Old Yesterday, 11:35 AM
 
Location: The Triad (NC)
29,049 posts, read 63,220,484 times
Reputation: 33229
Quote:
Originally Posted by Kavalier View Post
Lol!!!...he responded first! I can't believe it (but actuall, I can).
Stuck home with a sick dog today.
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Old Yesterday, 11:46 AM
 
Location: Rochester, WA
6,227 posts, read 3,473,553 times
Reputation: 16897
Small world I guess....
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Old Yesterday, 11:59 AM
 
Location: Up North
4,610 posts, read 1,176,591 times
Reputation: 2718
Quote:
Originally Posted by Diana Holbrook View Post
Small world I guess....
Apparently. He doesn't like me very much.

Quote:
Originally Posted by Okey Dokie View Post
Where are you going to park it and what is that going to cost?

Is the RV compatible with the climate? I.e., I’m not sure that a Minnesota winter and living in an RV would work.
Parking shouldn't be a problem should it? Especially if I am driving it every day to and from work?


I would be keeping my job.


I would be looking into buying a size of like a Toyota Warrior (20 feet?). Not some ungodly monstrosity. It would be like a mini house on wheels.
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Old Yesterday, 01:45 PM
 
39,152 posts, read 15,419,215 times
Reputation: 25558
We once rented an AirBnB home from a couple that had moved into their garage.

Saw a youtube video recently where the couple had been living in a van for years and renting out their home. Then they remodeled the garage, all very modern with wood and iron everywhere, so that when they were home they could entertain and hang out.

Do you have a garage?
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Old Yesterday, 01:48 PM
 
Location: Up North
4,610 posts, read 1,176,591 times
Reputation: 2718
Quote:
Originally Posted by GotHereQuickAsICould View Post
We once rented an AirBnB home from a couple that had moved into their garage.

Saw a youtube video recently where the couple had been living in a van for years and renting out their home. Then they remodeled the garage, all very modern with wood and iron everywhere, so that when they were home they could entertain and hang out.

Do you have a garage?
Yes sir (or ma'am) I do.


But I'm guessing if someone is kicking out $1600/mo they want the 2-car garage included in rent?
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