Is It Really Worth It to Have a House and Car if I'm OTR for the Foreseeable Future?

actually insurance can be pretty cheap. Depending on how long you are out there. There is an option, in most states, to put the vehicle in "storage." So all you are paying for is comprehensive. Liability and collision are your highest costs on insurance. The catch is it has to be done in month spans. So it'd be one month in, one month out....etc. But it should, in theory save you around 50% of the annual insurance rate. Also when you get insurance, go with a company that writes annual policies. That way you rate won't go up twice a year, just once.

 

Purchase a home when you can, rent it out on long term lease or put it on air bnb.

im starting otr next week. Already have a home just need to fix it up a little bit to make it more appealing on air bnb

 

They're in Florida and Texas as well: Domicile · Escapees RV Club

 

This is true but a lot of companies won't let you bobtail for PC. To be fair I'm sure a lot of companies DO let you bobtail for PC, but just something to keep in mind that many do not allow it.

 

Surely this is location dependent though, right? Even in traditionally low cost of living places, houses in decent neighborhoods/places are going for around 250k. Do you really keep 250k in a savings account or CD account or something like that rather than investing? Not saying that's wrong, just genuinely curious.

 

Do you think the housing market will crash to 2019 levels though? What if the market goes up for the next few years, then comes back down 10%. But even coming back down 10% would STILL be above 2019 levels.

I'm just saying it's hard to predict what exactly will happen in the future in regards to real estate, stocks, the economy, etc. etc.

 

I saved up over 100k in the 3 years I've been on the road with stock market help (no mortgage, utilities, just bare minimum monthly expenses). You will probably see more return there than you would off home value in most places if you make smart decisions with your money and keep up with trends/events.

If I were you, I would wait on the home purchase. Save up a fat wad of capitol first. Homes can be a good investment vehicle, but they'll also take time and energy from you. You would need to pay someone to up keep your home, cut your grass while you are away. Property taxes, HOA fees, etc.

Some locations are screaming buys like around in Texas, property values are insane between San Antonio and Dallas, everything in between.

If you don't have savings, I would wait. Get some muscle in your wallet first.

Do NOT pay rent if you are single and going OTR. You are just flushing your money away with no return. Pay for a motel, stay in your truck, or crash with relatives that don't mind putting you up for a few days.

The duplex route is a good idea. You have to deal with your renters, but their monthly income would probably cover your mortgage. I've had that idear in my head for awhile. But I am also spoiled right now because I can get good returns by just signing into my computer, logging into my broker and making a few button clicks.

5 digit homes, you are probably going to be looking at mostly small towns, if you want to avoid the hood. Just keep in mind the extra expenses that go with home ownership. A lot of people get into nicer areas than they can really afford, they are just leveraged up the wazoo. It doesn't have to be that way. You just need to be patient and wait for the right time.

 

There's a lot of people that should be evicted right now, but they are protected under covid rules. Eventually that's going to stop. So there will be a correction.

 

You are probably not a very long ways away -- not as long as you might think. When I got started, I had less than stellar credit. It wasn't horrible, but it wasn't pretty, either.

It took me about 2 years to get everything repaired and get my score to where it wasn't embarrassing. Your results will vary depending. But you should start noticing results very quickly once you start taking action.

I would start by going through your credit report and paying off all the smaller derogatory accounts. The stuff you can take care of quickly. Narrow it down.

Then get to work with a secured credit card. Just use it as a cash card. Pay your balance to 0 every month. Do not pay interest. Keeping it between 10-30% of full available balance looks best. That way it shows that you have available credit, but you aren't spending just because it's there.