Thursday, September 6, 2007
Recreational Vehicle conversions
Don't you just love this house. It is a recreational vehicle converted into a beautiful little cottage. What is more, it is Orange County. A great location for just $200k.
The property is listed on craigslist. However, the owner wasn't giving too much away in terms of amenities. He simply described it as a "great starter home".
However, what would the new owner start when they buy this home? Presumably, it is a life on a trailer park. It is easy to start in such a place; it is desperately difficult to end up somewhere else. Alternatively, the new owner could start being the one in ten American's currently holding negative equity. Buy it for $200k today and within a year, it will be worth $20k. Ultimately, this property offers a lifetime of trailer park living, and being upside-down with a mortgage that you can't afford.
This raises another question. Suppose the future owner did default on the debt, would the bank actually foreclose? A year from now, the foreclosure value of this dog would hardly cover the legal fees.
I found this one myself. Trailer park realtor is always good value for money, at least as far as this blog is concerned.
Posted by Best at 9:03 AM