What would you do?

[Ljwt330]

Agree 100% with your family, friends and all posts above. I won’t add my reasons because I’m using my ipad and typing is a PITA!

I will say this, however. From your lengthy OP, this simple remark is what jumped out to me,

“I don't know. I am scared.”

Take a deep look inside, not to others. There’s a reason you are so scared and it’s not the unknown of a new adventure.

[Barbaraok]

We own a DP - some random costs for you to consider:

Figure $450 PER TIRE for 6 tires every 5 years or so. We're putting on the back four this summer (front two 2 yrs ago).

Batteries (AGMs) are several hundred EACH.

Servicing costs about $1000/yr.

The KOA membership isn't worth it. Thousand Trails is IF you buy a used one.

We get 8.5 mpg - fill up at 1/2 way point (50 gallons) which is ~$200 per fill up when in California!

You can't fulltime in a DP on the cheap - it just doesn't work that way.

To do an oil change requires 6 GALLONS of oil.

Air filter on the DP is around $185 depending upon the size used by the manufacturer.

List to the advice your getting.

[RVPioneer]

OP, it was not my intent to scare you away from your plans. It was to offer some suggestions on alternative ways to achieve those goals without using every dollar of your inheritance. The fact that you’re scared demonstrates that you are aware of the risks you are considering. Who wasn’t a bit scared when they bought their first car or house, got married, decided to have children, etc.

Who can define financial stability? I know too many people that worked to achieve financial stability only to drop dead a year or so after reaching that goal. Is that a great life? Work 50 years and then die.

You’ve managed to pay off a condo in Vegas. Not everyone accomplishes that.
Do you want to live in Vegas?
You’ve inherited a house worth $200K. Do you want to live in that house?
You could sell one and use some or all of that money to try the full time RV lifestyle. Whenever you decide to exit, you’ll have an RV to sell and a mortgage free home to move into or sell and relocate.

Certainly people have made far worse decisions when buying an RV. Some have tapped into IRA’s for a down payment on a new Class A and signed up for 15-20 years of payments.

You can try going FT for much less than $150K. There are costs involved just as there are costs involved with a house. There won’t be property tax or HOA fees with an RV. Our house is paid for and we allot $1000/mo for property tax, insurance, utilities and maintenance. Our coach is paid for and in 2 years when we are both retired and will have time to use it more frequently we will allot the same amount for fuel, maintenance, upgrades, repairs,campgrounds, etc. I’d imagine we’ll average 5000 miles and a total of 3-4 months on the road.

Keep your mind open to all options and don’t give up on wanting to do what you feel is best for you.

[1bigmess]

I went through something similar.

You are on the verge of making a number of potentially big mistakes
- By taking the proceeds from the sale of the home and putting almost all of it into the RV
- By not being careful with your money and other decisions (if you gotta call your dad frugal and money hoarder in a way that might be taken as a bit of a put down by you for being careful with his money when none of us know what life has yet to throw at us seems a bit childish)
- If you get started in your next phase of life without paying off all of your debt first that could come back to bite you hard if you mismanage it
- You haven't said where your son lives. How will he feel if his dad just wanders off into the sunset without him? And please don't tell me you've talked to him about this and he's cool with it, because he's *7*. He doesn't really understand life all that well yet
- You might be better served by a pickup truck and trailer for much less than the big motor home you're dreaming about. Easier to maintain, maneuver, and if all else fails you've got a decent pickup that you can use

I think you need to take some time and work on the issues that you have told us about you that could make it all too easy for your dream to turn rapidly into a nightmare. Pay off your debt, get some therapy for your impulsiveness, get your spending under control. Show your family that you are doing the hard work that will set you up for success in the second half of your life and maybe they too will begin to encourage you to follow your dream. They probably aren't trying to warn you against this only because they think it's generally a bad idea, they probably know how you are and are afraid for *you* not doing well with this.

I'm 50. You're 48. Work on the issues that you yourself brought up because I think you realize they won't help your dream last, and in a few months, with more knowledge and clarity and self control, you'll be in a better position to begin to realize your dreams and you'll know what needs to be done for everyone that will be affected by your decisions. That's what I did after my divorce, I got therapy, tapered off my depression meds, did some travelling, caught up with some relatives, and then found a job that allows me to continue travelling and I enjoy it.

Good luck.

[twogypsies]

You've received a lot of good advice so I'll just highlight some things that popped out:

We full-timed 16 years and took off in our early 50's. We were downsized from our jobs - not our choice. We were able to full-time only because, like you describe your dad, we were frugal over all our working years. We could afford to take off.

#1 Priority - you have a 7-year-old.

Your income is around $400/m.

You need to build up that credit score. Even vehicle insurance is based on your score.

You need to pay off debts.

You're fixated on a diesel and a L-shaped sofa. A small trailer or 5th wheel would be an excellent choice for you. Or a Class C gas motorhome.

Definitely sell one house but don't put all the money into a RV. You need to have savings before taking off.

Does the world really need another YouTube?

Forget about massage services as you travel. That's not going to work for many reasons.

You said you're an "impatient person".

You made a statement "I feel that nothing will make me happy". You need to work on that because if you take off now I can almost guarantee that you won't be happy.

I know you're getting answers that you really didn't want to hear but from those of us who were/are full-timers, trust us. It's not a vacation. It's a new lifestyle and you'll have bills and repairs, just like living in a house - only different kind.

I hope you can do it some day because it is awesome but you need to prepare for it better.

When you can afford it - get a small RV and take your son camping, fishing, hiking. Build memories for him.... and for you! You won't regret it. Best of luck to you!!

[Tyler6357]

First, let me say that you have my sympathy on the loss of your family members, you will never stop missing them. I would recommend that you first deal with the grieving process and settle your mon's estate before buying an RV. However, there are a few red flags that stick out at me:
(1) "I love to experience many different things and get bored fairly quick"
If this is really the case it might be a good idea to take a few grand and rent an RV and travel for a few months and see if you like it before you throw every penny you have into a "dream". This will give you some time to decide if you like it and if it's really for you and might even give you time to grieve, it could give you a new perspective.
(2) "When it comes to being a handyman, I'm far from it. Mechanically I can only change a flat tire and check oil. I always paid a professional when needed anything fixed."
If this is true you are not suited for the RV life! If you are not willing to learn how to fix things you will have difficultly enjoying and living the RV lifestyle. If you really want your dream to come true you are going to have to learn how to fix things. But there is good news! you have this forum, you have youtube videos, and you have the rest of the Internet to teach you how to do just about anything on an RV but you must be willing to learn because it doesn't sound like you have the kind of bankroll to just pay people every time something goes wrong. And let me say that things WILL go wrong no mater which RV you choose, in fact, the fancier and more complex the RV is the more things will break.
(3) Also, you said you are sold on a DP and that only a DP will due? A DP is one of the most expensive and nicest motorhomes you can get. My recommendation is to look for something less expensive than a 6 digit DP motorhome. There are many different options for RVs and I'm left wondering if you have explored them all. Don't forget that the newer the RV is, the more expensive it will be and the faster it will depreciate in value. Some people claim that you lose 25% of the value the day you drive it off the lot. You have limited funds, if you want to do this and not risk everything, you should consider getting an RV that represents a smaller fraction of your overall net worth. Therefore, based on what you have said above and only that, I have to somewhat agree with your father, it might be smart when you sell the house to first get another property that you can rent out then spend the rest of the money to pay back your loans and become debt free and then you can buy business equipment and a used RV to live in with what is left.

[bobbelcher]

Originally Posted by Tyler6357

First, let me say that you have my sympathy on the loss of your family members, you will never stop missing them. I would recommend that you first deal with the grieving process and settle your mon's estate before buying an RV. However, there are a few red flags that stick out at me:
(1) "I love to experience many different things and get bored fairly quick"
If this is really the case it might be a good idea to take a few grand and rent an RV and travel for a few months and see if you like it before you throw every penny you have into a "dream". This will give you some time to decide if you like it and if it's really for you and might even give you time to grieve, it could give you a new perspective.
(2) "When it comes to being a handyman, I'm far from it. Mechanically I can only change a flat tire and check oil. I always paid a professional when needed anything fixed."
If this is true you are not suited for the RV life! If you are not willing to learn how to fix things you will have difficultly enjoying and living the RV lifestyle. If you really want your dream to come true you are going to have to learn how to fix things. But there is good news! you have this forum, you have youtube videos, and you have the rest of the Internet to teach you how to do just about anything on an RV but you must be willing to learn because it doesn't sound like you have the kind of bankroll to just pay people every time something goes wrong. And let me say that things WILL go wrong no mater which RV you choose, in fact, the fancier and more complex the RV is the more things will break.
(3) Also, you said you are sold on a DP and that only a DP will due? A DP is one of the most expensive and nicest motorhomes you can get. My recommendation is to look for something less expensive than a 6 digit DP motorhome. There are many different options for RVs and I'm left wondering if you have explored them all. Don't forget that the newer the RV is, the more expensive it will be and the faster it will depreciate in value. Some people claim that you lose 25% of the value the day you drive it off the lot. You have limited funds, if you want to do this and not risk everything, you should consider getting an RV that represents a smaller fraction of your overall net worth. Therefore, based on what you have said above and only that, I have to somewhat agree with your father, it might be smart when you sell the house to first get another property that you can rent out then spend the rest of the money to pay back your loans and become debt free and then you can buy business equipment and a used RV to live in with what is left.

not to encourage this guy but imagine how far you would get if you have 200k in cash with 25k in debt and choose to spend 150k of that on just the RV. then maybe possibly pay that 25k off in debt and spend another 5k on hobby equipment that wont bring in steady income. leaving you with about 20k and 400 dollars a month to live on. this guy would be broke and trying to sell the RV within a couple months once hes spent the 20k in just fuel.

now if you bought a used unit or a truck and trailer unit for say 25k and paid off your 25k in debt, and banked the remaining 150k or maybe used some of that to buy more rental properties that can bring in sustainable income. you could travel a lot further and longer on that 150k versus 20k.

I have a coworker who owns 4 rental houses and his house and looking for more. the rent covers his costs for mortgage and what not plus. he banked enough to buy a brand new camaro with cash in 2016 and is now selling it for half what he paid for it and saying he should have invested his money into more rental properties and is now trying to do just that.

[OlYeller]

A couple of concerns I haven't seen pointed out yet;

Health insurance, It is expensive for folks not on Medicare. If you plan to chance it and not have insurance, one illness could take everything you have.

Retirement. What are you doing now to make arrangements for your future when you're too old or too tired to work? Jobs under the table contribute nothing to Social Security as does rental income and self employment without proper taxes being filed.

Auto RV insurance is expensive with bad credit. Being on the road without insurance is a recipe for disaster.

Your family is giving you good advice as is everyone here. I know what you are going through with your losses. I recently lost my wife of 44 years. Make sure that grief isn't driving your decision processes.

[MidMichHunte]

Maybe I missed this, but will the OP be traveling solo? If so, why is a HM needed? He can't grab a sandwich, coffee, hit the head or take a nap at 60mph if he's the only driver.

I'm with the others that have said, NO, a DP is not a good idea for you. BUT, if you gotta just get away, a 5er or TT and a pickup will give you just as much freedom and at a lower financial risk. JMHO.

Good luck with whatever you decide to do.

[scooter 750]

the people you admire for 4 years have given you GREAT advice. I agree with them so you don't need mine. you asked them for it, so I hope you take it. stay in touch and let us know how you are faring. good luck

[pduggs]

Lots of good advice, but I will give you my two cents.

First, my DW and I retired last year sold our home and rental properties. Went full time in 11 year old DP. We love it, but we are fortunately financially independent and 62 and 61.

I am a believer in following ones dreams, but you need to consider your net worth and expenses. Buying an expensive DP is too much for right now. However I can tell you from first hand experience, you can find a very nice DP for around $50k if you look hard enough. Many are lightly used and well taken care of. This way you can get started on your dream and build your business.

I also think you should sell the Vegas house. The real estate market today is excellent for selling.

Take the money from your mom’s house and your house and get it invested. Research the 4% Rule.

You will have to keep your expenses very low, until you start making money with your business. If things take off, you might then consider a newer DP.

[TajMahal]

I'll just echo what others have said. Money may not buy happiness, but it sure buys peace of mind! You can't earn $1 and spend $2, it will never work! If you sell a property, don't spend it all on a RV, how about a 10-20K rig and pocket the rest for repairs and expenses on the road? The bigger my bank account is, the safer I feel from failure. Your plate is full of stuff to think about. Don't be stupid with money, you'll only regret it later. Good Luck

[Ljwt330]

I have never seen 100% agreement on any topic on any forum, but this thread has achieved that milestone. The OP got the same agreement from those who know him best, yet he chose to "go public", apparently looking for someone to support his proposal. He didn't get it. Many alternative scenarios were proposed that would allow some of what he wants, but always with caveats. No one supported his original plan.


My point: OP has one post. There have been 27 replies over 3 days, to date, all consistent in rejecting his idea. Many suggestions for alternatives.



Let's stop posting to this thread until we hear back from the OP. It's time to see if he seriously wants any advice that goes against his "wishes."

[PlanetJoe]

Forgive me my dear RV'ers, I am a little busy the last couple of days, but not only am I still here, I have read each and every one of your posts SEVRAL TIMES :-) words cant describe how much I appreciate you all for taking the time to read my long post and to reply with your honest and eye opening opinions. I didnt want to reply with a short reply and wanted to wait until I have time to reply to each and every one of you (would that be over doing it?). there were some good questions that I want to answer. I now have a few minutes, so I wanted to say that I am still here. I think over the weekend I'll have time to reply to everyone.
But the short version is this... you all did open my eyes and brought me to the point of saying "What the heck was I thinking". I have to admit though, I am bummed that I have to push the RV dream forward a few years. but after hearing your opinions, it seems like the smartest thing to do.
I dont know why, but a TT dose not appeal to me at all. if anything maybe a calss C. also I realized that I aproached this whole "dream" in a naive way mostly because after seeing all the full timers on Youtube, when they all said that their family and friends told them they were crazy before thay made that lifestyle change. I always thought maybe all of our family and friends talk like my family and friends. I also thougt it will be just like living in S&B, if I need to save/ make money to continue that lifestyle I could always put an ancor down somewhere and get a long term job, save for fule/repairs/maintenance etc. and continue.
The post that resonanted with me the most is from RVpioneer, who talked about how life is short and what is stability really? I've seen my sister and my mother save, work their behinds off and it all ended suddenly. I see people (my father) who save and know how to handle money but they dont really enjoy life, they are infatuated with "financial security". I always said I dont care about money, I dont want to be in my dying bed with millions in my bank. I'd rather be in my dying bed with wonderful memories. for me and for my son.
Real quick about my son (I applogize but I gotta run to work in a few) he currently lives abroad, in Israel. so as sad as the situation is, its my sad reality that he comes every summer for a month to be with me and if later when he grows hopefully he will want to stay in the US for college and to live.
there are a few things that make my situatiuon a little more sticky than usual, I left those out in my post only because it was very long and I didnt want to bore you with the situation with my son and a couple of other issues. I'll tell you all about it over the weekend.
Anyways, I gotta run. but just so you know, I read your posts over and over again on my phone and I really really appreciate each and every one of you for your opinions. I take them all to heart and actually I changed my dream because of your wonderful and honest posts. I am really glad I reached out to you! thank you, thank you, thank you. over the weekend I'll be free to write everything I'm thinking and answeing the question that were asked above.
Have a wonderful day, be safe and if you have anything to add I'd love to hear from you. my phone beeps to every new reply and I read it more than once. I apologize for not replying earlier and didnt mean to come across disrespectful. but I'm here. I hear you!
Ok I'm out. my detailed conclusion coming this weekend!
Joe