I gave up several years ago trying to talk people out of doing stupid things in real estate.
If your friend thinks he will have tax benefits by buying a mobile home he should go for it. Life is the best teacher. Hopefully he won’t pay too much for the lessons that are being offered here for free.
My point is that the supposed tax benefits to owning real estate are overblown. Tax savings ARE NOT a reason to buy real estate.
And it boggles my mind that someone earning $200K would even talk about paying 12% interest on a mortgage. Has he never heard the saying, “rich people collect interest and poor people pay it?”
