OT Anyone have any experience with buying an RV?

[SlyPokerDog]

3 years later....

"Anyone have any experience turning an RV into a food cart?"

 

[Natebishop3]

This is where this plan falls apart.

Explain.

 

[bodyman5000 and 1]

3 years later....

"Anyone have any experience turning an RV into a food cart?"

Or any day after he gets it.

"The Geological Service predicts Yellowstone is gonna blow and take out the entire NW in a week"

Nate Bishop trailer hooked up ready to go....

SEE YA BITCHES!!!!!!

 

[bodyman5000 and 1]

Explain.

I don't think it falls apart. You still come out ahead. It would be awesome if you could sell it and not lose much.

 

[Natebishop3]

I don't think it falls apart. You still come out ahead. It would be awesome if you could sell it and not lose much.

Yup.

You have to spend money to make money. Buying a trailer would allow us to rent out our house, which would bring in $2,000 of income every month. Some of that money will go towards the mortgage. Some of that money will go into a bank account to build up a safety net. The whole point of this endeavor is to be able to rent out the house. We could sell the house, cash out our equity and pay off a big chunk of the debt, but that would still leave us in debt and at that point we'd be building zero equity. I don't like that plan. I like the plan that keeps the house, has someone else paying our mortgage (and then some) and continue to build equity while putting the $1400 towards other debt.

Let's take the trailer out of the equation completely, because we're not planning on using any of the rent money for other things in the next 5 years. We plan to put aside the extra $600 every month until we have around $15,000 built up. At that point we will put the entire $2,000 towards the mortgage. We could have our mortgage paid off entirely in 12 years, and that's with the $15k safety net in the bank.

It feels like everyone is hung up on the cost of the trailer, which to me seems like a small piece of the puzzle.

 

[bodyman5000 and 1]

Yup.

You have to spend money to make money. Buying a trailer would allow us to rent out our house, which would bring in $2,000 of income every month. Some of that money will go towards the mortgage. Some of that money will go into a bank account to build up a safety net. The whole point of this endeavor is to be able to rent out the house. We could sell the house, cash out our equity and pay off a big chunk of the debt, but that would still leave us in debt and at that point we'd be building zero equity. I don't like that plan. I like the plan that keeps the house, has someone else paying our mortgage (and then some) and continue to build equity while putting the $1400 towards other debt.

Let's take the trailer out of the equation completely, because we're not planning on using any of the rent money for other things in the next 5 years. We plan to put aside the extra $600 every month until we have around $15,000 built up. At that point we will put the entire $2,000 towards the mortgage. We could have our mortgage paid off entirely in 12 years, and that's with the $15k safety net in the bank.

It feels like everyone is hung up on the cost of the trailer, which to me seems like a small piece of the puzzle.

I'm really thinking about this for the future. Not a trailer.

 

[bodyman5000 and 1]

I'm really thinking about this for the future. Not a trailer.

Premature post, let me expand.

 

[bodyman5000 and 1]

So, We're almost to our mid 40s. I'll be 44 this summer and the wife turns 43 any day.

I was thinking we'd sell when we're 55 and move into one of the retirement communities even though we'd still work.

Barring a crash long term I'm leaning towards renting this place out instead and renting or buying there. Our house is more expensive than comparable houses where we'd want to live then.

We'd basically be paid a few hundred a month to live somewhere else while our house is paid off.

 

[EL PRESIDENTE]

Explain.

The RV is a depreciating asset. I imagine you'll lose at least 20-25 grand in equity in 5 years so you have to factor that in.

 

[Natebishop3]

If someone wants to buy something it's a personal choice...my original post here was that going into debt to pay a debt is probably not a wise move....it's just advice...not important. You may not rent a house for 5-600 a month but you can rent a room in a house for 300......if you and the wife make great money...then the student loans shouldn't be a big deal. Good luck with whatever you choose to do. My son moved home after college and lived rent free for a year to save the money to buy a house. He now rents a room Airbnb style in his house to visitors ...he's not far from Autzen stadium...it helps with his mortgage payment.

It's not just about paying debt. We're essentially spending $50k to start a business. Call it Nate Bishop Rental Properties if that makes it easier for you.

Would you spend $650 a month if it meant you could make $2000 a month?

The long term goal would be to keep our house and turn it into a rental property that would one day be retirement income.

 

[bodyman5000 and 1]

It's not just about paying debt. We're essentially spending $50k to start a business. Call it Nate Bishop Rental Properties if that makes it easier for you.

Would you spend $650 a month if it meant you could make $2000 a month?

The long term goal would be to keep our house and turn it into a rental property that would one day be retirement income.

You got me thinking!

 

[bodyman5000 and 1]

It's not just about paying debt. We're essentially spending $50k to start a business. Call it Nate Bishop Rental Properties if that makes it easier for you.

Would you spend $650 a month if it meant you could make $2000 a month?

The long term goal would be to keep our house and turn it into a rental property that would one day be retirement income.

Plus if you take care of it you'll minimize the depreciation. I bet we could get 5 grand trade in on our 3 year old focus!!!!

 

[Natebishop3]

1. I used $70k as you wrote in post #15 your wife loved a unit with a $74k price. Yes the final OTD (out the door) price paid is what anyone should consider, MSRP is an irrelevant advertising tool. Some dealers will also quote prices without many features buyers want, taxes, license, registration, fees etc so yes an accurate estimate of all costs at purchase is what the buyer needs.

I said that was the list price. We're not planning on spending that much money. If we can't get that particular model for less money, we won't get that particular model.

2. I would suggest to anyone looking for a 4 or 5 year ownership to look at the value of comparable units after 4 or 5 years. The difference from the purchased OTD price to the disposal sale price price is what matters. Add to that maintenance, interest, insurance, other expenses for the time of ownership and we will have the actual true cost to own. The monthly payment for a purchase of this type is very deceptive as when it is amortized over 20 years it hides the true cost of ownership. Even with a 5 year loan the buyer has large negative equity the first year. With a 20 year loan the buyer would never have positive equity.

It's hard to compare apples to apples because many of the configurations that we like weren't made five years ago. The RV industry is making trailers that are built more for full time living. They have bigger tvs. They have full sized residential fridges. Those options didn't come on older models. You're not going to find a 40"+ flat screen TV in a 2013 model RV.

4. My example of a college student is to consider if this is a luxury purchase or an option for affordable living. If someone makes decent money and is able to afford more than a poor college student, then perhaps their purchase is a luxury. But if the finances and decision made sense for a poor college student then perhaps it is not a luxury purchase and a good option for low cost housing. Generally speaking new RV's are luxury items that quickly depreciate in value.

A college student would not already own a home that's +$100k in equity. You're right, new RVs are usually a luxury, but this is a completely different scenario. In fact, it has been difficult for me to find any blogs about my specific situation. Most people either sell their house and buy a trailer for full time living, or they never had a house to begin with. They're not usually trying to keep their house as an income property.

5. This is a discussion forum so I will discuss anything I find of interest. Your situation to rent out your home and live in an RV to save money is interesting, because there are factors that could make this work financially but also factors that could make this a huge waste of money as well as a source of unhappiness and frustration. If you did not want a discussion on those details then do not share those details. You could have just said I am looking at buying X item for Y uses what do people think? Instead you offered personal details of your financial situation, so you may get personal discussion of your financial situation; whether you like the resulting feedback or not.

Thank you -Wesley Matthews

That's fine, but your tone felt rather condescending. I know all these other guys. We have talked for years. They have earned the right to tell me I'm a moron, and they do it regularly.

 

[Natebishop3]

Check out these suckers @bodyman5000 and 1

https://www.athensparkmodelrvs.com/

https://www.rvtrader.com/listing/2018-Athens-Park-Homes-Athens-Park-Series-504-Loft-5002241967

 

[riverman]

Call it Nate Bishop Rental Properties if that makes it easier for you.

Nate, it's not about me....I didn't ask the questions...just answered with my own logic....good luck to you...in real estate you could borrow against the house and put a down payment on another house....which will appreciate in value...RVs don't appreciate in value...I've purchased several homes...once you have one, you can turn it into two.....if RV is your dream I hope it works out for you. Personally, I wouldn't go that route....a trailer can be bought for a few thousand and parked at the parents as well....ways and means....as I said..good luck. I owned a mini Winnie back in the day but wouldn't care to live in it.

 

[bodyman5000 and 1]

Check out these suckers @bodyman5000 and 1

https://www.athensparkmodelrvs.com/

https://www.rvtrader.com/listing/2018-Athens-Park-Homes-Athens-Park-Series-504-Loft-5002241967

Wow. White is perfect for small space.

 

[bodyman5000 and 1]

Check out these suckers @bodyman5000 and 1

https://www.athensparkmodelrvs.com/

https://www.rvtrader.com/listing/2018-Athens-Park-Homes-Athens-Park-Series-504-Loft-5002241967

The second one looks nice too. In middle of claying car, will look more later

 

[riverman]

3 years later....

"Anyone have any experience turning an RV into a food cart?"

 

[barfo]

So, We're almost to our mid 40s. I'll be 44 this summer and the wife turns 43 any day.

I was thinking we'd sell when we're 55 and move into one of the retirement communities even though we'd still work.

Barring a crash long term I'm leaning towards renting this place out instead and renting or buying there. Our house is more expensive than comparable houses where we'd want to live then.

We'd basically be paid a few hundred a month to live somewhere else while our house is paid off.

The drawback to that plan, and to NB's, is that you've got to play landlord, including maintenance issues. You are both capable guys, I don't think you'll have a problem doing it - but do you want to? Why move to a retirement community and at the same time take on more responsibilities? That part doesn't completely make sense to me. But I'm unfamiliar with the appeal of retirement communities in Vegas (or anywhere else, I suppose).

barfo

 

[bodyman5000 and 1]

The drawback to that plan, and to NB's, is that you've got to play landlord, including maintenance issues. You are both capable guys, I don't think you'll have a problem doing it - but do you want to? Why move to a retirement community and at the same time take on more responsibilities? That part doesn't completely make sense to me. But I'm unfamiliar with the appeal of retirement communities in Vegas (or anywhere else, I suppose).

barfo

I think that depends on the values at the time too. There are tons of property management companies here. If there is enough money to let them take a cut and keep me from having to do a lot of work then it seems more plausible.

 

[bodyman5000 and 1]

The drawback to that plan, and to NB's, is that you've got to play landlord, including maintenance issues. You are both capable guys, I don't think you'll have a problem doing it - but do you want to? Why move to a retirement community and at the same time take on more responsibilities? That part doesn't completely make sense to me. But I'm unfamiliar with the appeal of retirement communities in Vegas (or anywhere else, I suppose).

barfo

As to the appeal of the retirement areas there is less work and only quiet old people. Like me now only I'm not eligible.

 

[barfo]

I think that depends on the values at the time too. There are tons of property management companies here. If there is enough money to let them take a cut and keep me from having to do a lot of work then it seems more plausible.

Agreed, if you can afford a property management company that makes it a purely financial transaction and a lot more appealing in my view.

barfo

 

[oldfisherman]

1) All RVs are not the same. If you are planning to living in it all year long, you want a 4 season RV. Most RVs are 3 seasons only. The difference is, a 4 season RV will have insulated water and holding tanks.

2) I agree with the poster that mentioned shopping for a used one. Now that gas prices are spiking again, used RV prices will be dropping. Also look into Repo units.

3) I also agree with the poster that mentioned finding your parking space before buying. Then add the price of parking into your budget. Many RV parks now cost as much as low end motels.

 

[MarAzul]

Many RV parks now cost as much as low end motels.

Boat slips too! Nothing low end about it for MarAzul.

 

[Natebishop3]

1) All RVs are not the same. If you are planning to living in it all year long, you want a 4 season RV. Most RVs are 3 seasons only. The difference is, a 4 season RV will have insulated water and holding tanks.

2) I agree with the poster that mentioned shopping for a used one. Now that gas prices are spiking again, used RV prices will be dropping. Also look into Repo units.

3) I also agree with the poster that mentioned finding your parking space before buying. Then add the price of parking into your budget. Many RV parks now cost as much as low end motels.

Thanks man.

 

[barfo]

I think since what you are really talking about here is, at heart, a real estate transaction, I think you should get some professional advice.

I recommend Essential Consultants, LLC. They've recently helped a lot of people with 'real estate' issues.

barfo

 

[Natebishop3]

I think since what you are really talking about here is, at heart, a real estate transaction, I think you should get some professional advice.

I recommend Essential Consultants, LLC. They've recently helped a lot of people with 'real estate' issues.

barfo

Since this is coming from you, I'm going to assume this is a trap.

 

[SlyPokerDog]

Since this is coming from you, I'm going to assume this is a trap.

 

[Further]

Well I just looked up sites near me in the north bay CA and the cheapest full hookup I found was $725/mo plus $50 site fee plus electricity for a grand total of about $900 per month.