Live Tiny Temporarily for a Goal

[Lakewood90712]

OK, I'm going to ask about the other aspects of your plans.

So why do you want an MBA, and what school ?

 

[brucethebroker]

Our county prohibits mobile homes (unless in a mobile home park), and the tiny home on wheels may be classified as such. They also enforce no "rentals" on the same property as single family homes (SFH). Here, you need to have a lot that is zoned "multi-family" before having more than a SFH. So, the tiny home in the back yard rental would not be allowed. (We live in a semi-rural area next to a medium sized city).
A trip to your county offices would get you the answers you need to stay legal.

Interesting idea, though.

 

[rayinpenn]

I am not an expert on tiny homes but when I started my MBA many years ago they gave us the following advise at the orientation. If you want to not finish the program do one or more of the following:
1. Get married
2. Buy a new home
3. Start a new job.

Sadly MBAs are a dime a dozen these days and the degree doesn't command the respect it one did. I hope you've considered whether your specific college will help you turn that expensive and time consuming degree into money/ a great and interesting job.

As to the tiny home I think one of the reasons the wife and I are still married is that we both have our own space. I'm thinking those highly finished 400 sq ft or less rolling homes end up being quite expensive in the end. If you really are interested in living debt free how about you save a few years and do the foundation, the septic, then a shell and do the finish as suggested. Or perhaps find a fixer and put you efforts into that. I bought my first home for $176,000, the second floor was unfinished and everything including the bathrooms, kitchen, windows were 40 years old. We redid everything one thing at a time. I sold it 10 years later for $500,000.

Tiny? Naah that just looks like fun on TV. I studied and did my homework undisturbed for my second masters in one of the new bedrooms of that same house.

 

[davismills]

My Dad was a building contractor for 30 years in the NC area. A popular option at that time was to build a fully finished basement based on a two story house plan. The basement was essentially finished as a one bedroom apartment and the roof was a temporary cap roof. The couple would move in and as their finances and families grew, they would remove the cap roof and finish the dream house. Many of my high school friends built these types of homes and cash flowed the entire home.

Don't see this practice too much anymore, but I thought it was financially prudent.

 

[exnavynuke]

Our county prohibits mobile homes (unless in a mobile home park), and the tiny home on wheels may be classified as such. They also enforce no "rentals" on the same property as single family homes (SFH). Here, you need to have a lot that is zoned "multi-family" before having more than a SFH. So, the tiny home in the back yard rental would not be allowed. (We live in a semi-rural area next to a medium sized city).
A trip to your county offices would get you the answers you need to stay legal.

Interesting idea, though.

This was kinda my thoughts. Many places would not allow 2 separate dwellings on a single lot depending on what that lot is zoned for.

Have you considered the financial differences from your current plan to just staying in the one side of the duplex while the house is being built and not spending the money on a second dwelling on the new lot?

 

[Ms.FIlite]

This was kinda my thoughts. Many places would not allow 2 separate dwellings on a single lot depending on what that lot is zoned for.



Have you considered the financial differences from your current plan to just staying in the one side of the duplex while the house is being built and not spending the money on a second dwelling on the new lot?

In Sacramento they do alow you to have an accessory dwelling unit as long as its less than 400sq ft and you can rent it out. Based on my research in the area an airbnb tiny hole goes for about 100 a night plus a cleaning fee and many of them are consistently rented 15-20 days a month. That would be 1500-2000 a month in income thus the appeal in the long run.

Because the tiny house is mostly furnished we could keep the duplex furnished and do the airbnb thing. Netting us an additional 1700-2000 on the duplex. It's essentially just adding another income stream other then my other rental which only bets about 500 a month. That extra income is what we were thinking would allow us to save about 100k in about 2 years in addition to 100k from the sale of my finances rental in AZ (on market next weekend) and my rental in about a year ( another 100k) build should cost around 300k. We have. It's invested well in realestate so far and I like it. I also property manage for my mom who I organized purchasing a few rentals for #sidehustle

All that being said we do plan to rerun alllllthe numbers before pulling the trigger.it would be easier to just stay here.

 

[Ms.FIlite]

Our county prohibits mobile homes (unless in a mobile home park), and the tiny home on wheels may be classified as such. They also enforce no "rentals" on the same property as single family homes (SFH). Here, you need to have a lot that is zoned "multi-family" before having more than a SFH. So, the tiny home in the back yard rental would not be allowed. (We live in a semi-rural area next to a medium sized city).

A trip to your county offices would get you the answers you need to stay legal.



Interesting idea, though.

Seems like Sacramento is encouraging it which is good. Planning a trip to city office next week.

http://www.per.saccounty.net/applicants/Documents/HousingInformation/ADU_Manual_0612.pdf

 

[Rambler]

Building a tiny home costs way too much. Find a used travel trailer on craigslist for under 10k (make sure the fridge works and the roof is intact). Use it for 2-4 years, and sell if for almost as much as you paid for it. If you really do intend to get an MBA, then you should be smart enough to know that you do not want tenants on the same property as your dream home. And, I would not expect, in SAC, that you'll be able to rent an airbnb 15-20 nights per month. Even if you could, do you really want to wash that many sheets, as a proud holder of an MBA?

 

[Ms.FIlite]

OK, I'm going to ask about the other aspects of your plans.

So why do you want an MBA, and what school ?

I travel a lot for work so I have to do an online program. I chose WP Carey at Arizona state. About 60-65k over 2 years.

Yes this is a huuuge question! I think we could have our own thread just about to MBA or not. I am a nerd and love school that's why I tried to do a cheater masters and got a masters in educational technology instead of an MBA. It helped me get my current job but not really the raise booster I was shopping for. I am in process improvement and work essentially as a project manager for business improvements at large insurance companies. In the future I would like to transition to doing contact work where I work for like 6 months then take a break and take on another job. This would require my Realestate income is doing well enough for me to give up the W2. While in many places an MBA is by worth it as a consultant it usually does pay off because clients want the letters. Corporate America, my stomping grounds, is one of the few places where without it you may limit your job opportunities. I can get about one more promotion up to a national manager of my group without an MBA (on the path for that in about 3 years) after thy it will hold me back to not have one. What is your experience? Industry? Career path? Was it helpful or a bust?

 

[Ms.FIlite]

Building a tiny home costs way too much. Find a used travel trailer on craigslist for under 10k (make sure the fridge works and the roof is intact). Use it for 2-4 years, and sell if for almost as much as you paid for it. If you really do intend to get an MBA, then you should be smart enough to know that you do not want tenants on the same property as your dream home. And, I would not expect, in SAC, that you'll be able to rent an airbnb 15-20 nights per month. Even if you could, do you really want to wash that many sheets, as a proud holder of an MBA?

This is really interesting and just what I was looking for. I never even considered an rv or a travel trailer and then selling it. I wa thinking of having it long term etc. if I wanted to out a unit in the back later I could always do that but super nice RV are around 40 instead of like 65/75 for the time home. Granted the other would be long term.

Only challenge would be hooking up to sewer and water in the front of the house. Since we were thinking of installing the tiny home in the back permanently that was going to be part of our building plans to run utilities. There is room to park it in the front but essentially adding rv hookups may not work for the city. Area on the side of the house is too small to drive it to the back

 

[ExFlyBoy5]

You know, with the "tiny house fad", perhaps Sears should look at getting into this arena...maybe bring the Lustron Home back from the dead. Well, until Amazon gets in on it and you have one delivered and built in 2 days with your Prime Membership!

The one my family had build many, MANY years ago in NC is still around (the attached picture is NOT the one the family owned).

https://en.wikipedia.org/wiki/Lustron_house

 

[ExFlyBoy5]

This is really interesting and just what I was looking for. I never even considered an rv or a travel trailer and then selling it. I wa thinking of having it long term etc. if I wanted to out a unit in the back later I could always do that but super nice RV are around 40 instead of like 65/75 for the time home. Granted the other would be long term.

Only challenge would be hooking up to sewer and water in the front of the house. Since we were thinking of installing the tiny home in the back permanently that was going to be part of our building plans to run utilities. There is room to park it in the front but essentially adding rv hookups may not work for the city. Area on the side of the house is too small to drive it to the back

My SIL/BIL are currently building a house in "fly over country" and have a travel trailer they are staying in sporadically during the build. It cost them nothing and has been used in at least 10 builds by assorted friends and family.

I don't think I would go the "Used FEMA trailer" route though, I know a lot of them had formaldehyde issues (perhaps they were remedied? I really don't know).

 

[REWahoo]

I don't think I would go the "Used FEMA trailer" route though, I know a lot of them had formaldehyde issues (perhaps they were remedied? I really don't know).

+1

There are thousands of pre-owned "regular" travel trailers on the used market that can be purchased for a very reasonable price. Craigslist is filled with them - but as in all dealings, watch for scams. If it seems too good to be true and/or isn't local, watch out.