Sell House to Buy 5ver and Truck

The way to approach the full time life is to buy the RV and truck and have them paid off. Take the money from the house and invest it for when you may want to come off the road.

If the only way you can afford the RV, is to buy what you can afford.

ken

We've been fulltime for 9 years...have bought three new units in that time and NEVER had a issue obtaining financing. We just bought a new unit in December of 2012. We have an address in SD through our mail forwarding service. That is the address we give and we never mention we are fulltimers...only supply the necessary info...

To address the issue you raised in your post. It's moot by now.. OP is gone.

Don't you hate that! Its like a hit and run!

Well qualified buyers can get loans for just about anything and at the best rates. The salesman is incorrect.

Just make sure you understand that when you buy one of these things:

Short of it burning down to the ground or getting totaled in a storm (very unlikely) while having it insured it is a money pit. Not so much for maintenance but more the deprecation.

When you start out FT most people have grandiose ideas of how they will travel the country for ever and what not. Just realize most of us probably stay in place more than we travel. Everyone is different but for the most part you will find that you will travel a lot the first year or 3 and sit more as you've seen more.

Buy quality.

You are essentially renting when living in an RV. Expect to have nothing in the end. Make your financial arrangements accordingly.

Living in a RV FT is just like living in a home. Just smaller. If you have a good relationship with your spouse this is not a big deal. If you don't then any issues you have will quickly come to the surface.

In the last 9 years, we've bought 4-Trucks, 4-RV's and 2-houses. How did we ever do it when our home address was a UPS Store in FL? It's called good income and great credit.

We arranged the RV financing on our own, using the same CU the 1st RV dealer hooked us up with each time. Last year, their interest rate beat all of the online options like Essex Credit.

There are a lot of reasons not to use all of your funds to purchase the RV, especially if the funds are in tax deferred accounts and you can easily afford the payments while the funds are making more money than the interest on the loan and doing so tax free.

Second there are several firms that loan to fulltimers. You might want to join Escapees and ask the question there, as several people on the Escapees forums have recently taken out loans from different firms without having a S&B address.

Barb

riven1950 wrote:
You must have adequate recurring income to go with it.

2-Why do you need to know his / her work status in order to answer the original question?

To address the issue you raised in your post. It's moot by now.. OP is gone.

2oldman wrote:
There's a name for that. I'm not exactly sure what your point is.

I asked if the OP was going to be working. I got no answer.

My point is: 1- Having a home / RV paid for does not mean all is well. You must have adequate recurring income to go with it.

2-Why do you need to know his / her work status in order to answer the original question?

I would think if OP wants or needs financial advice he /she could do better than obtaining it on a public forum.

Got kids? Cousins? Friends?

As far as the bank needs to know, you live with them. That's your address. You just happen to "go camping" more than most folks.

My "official" mailing address is a house that I have never slept a night in. The small amount of mail that gets sent there gets tossed in a box that sits in the corner of a little used room. I swing by and pick it up every few months. That's even the address on my driver's license. Minimal hassle for the people doing us the favor, and it satisfies the requirement for a "real" address.

riven1950 wrote:
Look at all the movie stars etc. that have a 5 million dollar house they paid cash for and now they are broke cause they have no income. .

There's a name for that. I'm not exactly sure what your point is.

I asked if the OP was going to be working. I got no answer.