evan9381 Posted April 17, 2006 Report Share Posted April 17, 2006 so im almost 21, looking for my own place. id rather not rent if i dont have to. buying a house is going to be out of my price range, so ive been thinking of maybe trying to find a mobile home. not one of the broke down trashy ones, but something thats a bit newer (say 10 years or less) and still in good conditon. i was talkin to my dad and he was saying when you own your own place, the payments you make towards it are tax deductible, and of course, at the end, its yours. does anyone here own a mobile home? can you reflect on your experience(s)? costs i may not be expecting, what i should be looking to pay for the home itself plus lot rent, etc. im looking at about a 1250$/mo budget as it is now, and the way i figure things, with my bills now, wether i rent or try to buy a place of my own, im going to have to get a second part time job, which i dont mind. just trying to figure out if this is something that could fall into my searching Quote Link to comment Share on other sites More sharing options...
evan9381 Posted April 17, 2006 Author Report Share Posted April 17, 2006 sorry...my post came across wrong... as of right now, my income is about 1250/month after taxes. after my bills for the month, im looking at about 800$/mo left over. with other expenses (food, gas, car maintenence, cat) if i were to get a 500$/mo appt and utilities, it would be cutting it way too close. if i could find a place for 20-25k, get a loan for 10-12 years, maybe a couple more, i could probably buy a place for 300$/mo, and then figure lot rent at 200-250/mo, its almost the same as renting, but i would own the place in 12 years. Quote Link to comment Share on other sites More sharing options...
copperhead Posted April 17, 2006 Report Share Posted April 17, 2006 I looked at realtor.com a while back out of boredom, seems like a good site to find a place and it even has a payment calculator. However, the amount that you are willing to spend isn't going to get you much of anything. Low price houses don't seem to exist even in the towns that are a little ways out. If you are considering a mobile home (usually called "modular homes" now) then you would be best off going new. The quality of them has been really going up, to the point where even a 5 - 10 year old one can't compare to a new one. You may even be able to get better financing, but that's only a guess. As for where to put it, if it were me I would MUCH rather have my own land to put it on, but for your budget thats just not going to happen. Land is too expensive around here. I know nothing about the prices of lots. Quote Link to comment Share on other sites More sharing options...
Balian Posted April 17, 2006 Report Share Posted April 17, 2006 Yea, I have heard that lot prices can be just as much as the mobile home. That is the scary part..Not to mention all of the insurance..lol Don't take this the wrong way, but seeing as I have a background in this, I would stay at home as long as possible, stay in school and then after you get a degree or a really good job, then consider getting a house,condo, or MH. Just a suggestion though. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted April 17, 2006 Report Share Posted April 17, 2006 I dont believe the payments are tax deductable, however for some time the taxes are. I believe this is how it works. Quote Link to comment Share on other sites More sharing options...
CJINOHIO03 Posted April 17, 2006 Report Share Posted April 17, 2006 Usually the interes rates are normally high too comparable to a credit cards etc Quote Link to comment Share on other sites More sharing options...
Lustalbert Posted April 17, 2006 Report Share Posted April 17, 2006 ONly the part of the payment that goes to the intrest is deductable. The portion of the patment that aplies to the principal is not deductable. I am sure there is a loophole for this, so it is not set in stone. If you really want to, get a shit hole cheap ass apartment, bank the rest for down payment in a few years. Quote Link to comment Share on other sites More sharing options...
Guest powers Posted April 17, 2006 Report Share Posted April 17, 2006 there are two types of homes that are often confused Manufactured and Modular. A single or double wide home is manufactured. They come with an ohio green title like a car becasue they are a steel chassis trailer with a house built on top. This allows them to be drug down the hwy as a trailer. A modular house is built on a permanant foundation everytime and comes in sections and is wood framed. It comes to the building site ON a trailer it is not the trailer like a manufactured home and becomes as permanent as any house today. manufactured homes are a very poor investment. They depreciate just like a car because they are a car. They are a fancy camper. The lending on them is stupid. You will get a loan from the home center on a new one around 10% for a term no longer than 20 yrs unless you have spot on credit and income and in that case you can go 30 yrs. That is for a fancy double wide though. Those cost around 50-80K plus land. For a home that is not permanantly attached and converted to realestate that is used good luck gettind financed. Out of 200+ investors I sell loans to I know if 1 that would CONSIDER IT. The taxes are not deductable until you convert it to real estate because until you do it is still a green titled DOT approved road trailer with axles. You can fine homes in the 30-40K range and will they will be easier to buy, but you are goning to have a hard time getting financed if your bidget is that tight unless you have a nice downpayment or 720+scores. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted April 17, 2006 Report Share Posted April 17, 2006 dude, from what I'm gathering, you probably have a mediocre credit score and not much money... get an appt and a roomate for a few years... pay off your car, finish school, find a rich woman... get married, then consider it. trust me, home ownership is NOT cheap... things come up a lot that have to be fixed. Quote Link to comment Share on other sites More sharing options...
99ta Posted April 17, 2006 Report Share Posted April 17, 2006 live at home till your done with school......save so much money.... Quote Link to comment Share on other sites More sharing options...
Kevin R. Posted April 17, 2006 Report Share Posted April 17, 2006 live at home till your done with school......save so much money.... I agree. It doesn't sound like you are in a position right now financially to purchase anything that high in value, without leaving yourself in huge debt and struggling in the near future. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted April 17, 2006 Author Report Share Posted April 17, 2006 i cant live at home currently, parents are going thru a divorce. mom has already moved out, the house ive lived in most of my life will be sold within a couple months. at that time, my dad will be moving in with his girlfriend, which im not thrilled about. my mom drives me nuts and even i were to move into her little 2 bedroom appartment (which, both rooms are full between her and my sister) it would last about a week. she is crazy. my dad on the other hand would charge me rent. so my reasoning is, why live with my dad and pay him rent and still have to live in a house with my little brother, him, and his g/f, or pay a little bit more monthly and get my own place while i dont think of a mobile home as my dream home by any means, i think its something i can afford. currently im not in school because i f-ed up (i'll admit it) after high school and never got myself enrolled. at this point, being forced out of my house within the next month or two and then having to find a second job is going to make school something that will be hard to do im not sure about my credit score to be honest. i know i dont have MUCH credit, but the couple lines i do have are perfect. i dont have any problems paying things on a monthly basis. i was talking with my dad and he said if its something i did want to do, theres a chance he may be able to cosign on some sort of loan for me. thanks for the good info that's been contributed Quote Link to comment Share on other sites More sharing options...
Balian Posted April 17, 2006 Report Share Posted April 17, 2006 Well in your case you are kinda on the bad side..You gotta do what you gotta do.. If I was in your situation, I would live with your father and pay him rent for the only fact that I am sure he wouldn't try and kick you out if you missed a payment. But then again, I don't know him, nor you so that is a generic family statement. But you gotta do what you gotta do, end of story. Quote Link to comment Share on other sites More sharing options...
Kevin R. Posted April 17, 2006 Report Share Posted April 17, 2006 Right now, even though you said you do not want to rent, I think that would be your best option. Why not grab a couple buddys and go in on an apartment together? Sure, you won't own it any time, but it will give you a chance to get things sorted out with your life and current situation. Like stated, I do not know you, but it sounds to me like if you buy a mobile home, work 2 jobs, where is this going to lead you? I personally think you should get something more affordable that will lead you to be able to SAVE money, and not fight to make payments. My 2 cents. Quote Link to comment Share on other sites More sharing options...
GRN96WS6 Posted April 17, 2006 Report Share Posted April 17, 2006 Rent a house for now buy later. Quote Link to comment Share on other sites More sharing options...
smokin5s Posted April 17, 2006 Report Share Posted April 17, 2006 Tommy, renting ahouse is still going to be around a grand for a cheap one. Quote Link to comment Share on other sites More sharing options...
ICEMAN1647545504 Posted April 17, 2006 Report Share Posted April 17, 2006 Just like Powers said... stay away from moble homes... $800/month will get you a nice 2 bedroom townhome/condo with a garage in most areas in Columbus... rent now and try to buy something later when you are more financialy capable... Quote Link to comment Share on other sites More sharing options...
Guest powers Posted April 17, 2006 Report Share Posted April 17, 2006 i cant live at home currently, parents are going thru a divorce. mom has already moved out, the house ive lived in most of my life will be sold within a couple months. at that time, my dad will be moving in with his girlfriend, which im not thrilled about. my mom drives me nuts and even i were to move into her little 2 bedroom appartment (which, both rooms are full between her and my sister) it would last about a week. she is crazy. my dad on the other hand would charge me rent. so my reasoning is, why live with my dad and pay him rent and still have to live in a house with my little brother, him, and his g/f, or pay a little bit more monthly and get my own place while i dont think of a mobile home as my dream home by any means, i think its something i can afford. currently im not in school because i f-ed up (i'll admit it) after high school and never got myself enrolled. at this point, being forced out of my house within the next month or two and then having to find a second job is going to make school something that will be hard to do im not sure about my credit score to be honest. i know i dont have MUCH credit, but the couple lines i do have are perfect. i dont have any problems paying things on a monthly basis. i was talking with my dad and he said if its something i did want to do, theres a chance he may be able to cosign on some sort of loan for me. thanks for the good info that's been contributed I don't know anything about your dad but if he was the one who gave you the advice to do this perhaps he is not the best person to go to for financial advice. There are always people looking for folks to room mate with them for 300-400. Do that until you are not so tight on income. You will be renting a lot so that is rent you will have a loan on a mobile home that depreciates as fast as you pay it down so that is a watse, you get no tax advantages becasue you live in a home that is not real estate as I said before fancy camper, it is the same as renting. So why go into a long term obligation. I know your situation will change quite a bit in the next few years. Selling a mobile home is harder than a conventional one and that is not easy nowadays. So be smart use your head, this idea is a bad one. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted April 17, 2006 Author Report Share Posted April 17, 2006 no, my dad didnt give me the idea. i was actually talking to someone else who was thinking about it im not set in stone on any ideas yet, i just know i would like to be moved out before i turn 21 in june....we'll see what happens Quote Link to comment Share on other sites More sharing options...
1veryfastvr4 Posted April 17, 2006 Report Share Posted April 17, 2006 if you cant afford it dont buy anywhere.........owning a home is more costly than most think.......appliances go bad, roof leaks, pipes freeze, so on and so on.....i bought my house just right after i turned 20....im 22 now going on 23 and it has been a stress factor from day one cause shit happens.....im glad i bought it but sometimes it would have been way easier to rent, would have more play money too......think about it first dont make a decision you will regret...... Quote Link to comment Share on other sites More sharing options...
LJ Posted April 18, 2006 Report Share Posted April 18, 2006 Don't buy a mobile home!!!! Worst investment ever like Powers said. You definitely need to rent with that kind of budget. I can get you a nice 700 sq ft apartment in north columbus for $425/month plus a month of free rent.... If you get a mobile home you will just be getting yourself into debt that has no payback.... You do realize the biggest reason people buy houses isn't because they own it, but it is an appreciating investment that you will make money off of when you sell it. Why stress yourself to put money into something where you will be lucky to get half of it back when you try to sell it, where as you could rent for a few years, save up, buy a house and have an investment that you are going to make money off of Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted April 18, 2006 Report Share Posted April 18, 2006 This is definitely one of the cases in which renting is the best bet. You should make a post about finding a roomate ASAP. Be proactive and dont wait till June to "see what happens".... and get a new job. Quote Link to comment Share on other sites More sharing options...
HotCarl Posted April 18, 2006 Report Share Posted April 18, 2006 ...and get a new job. Best advice so far. i will be getting my own place in dublin soon, my roomate MAY need someone. i'll contact you if it happens in a timely manner that it might benefit you. Really no matter how you crunch the number's i have found that you will pay on average 450-550 for rent and util. when living with a roomate. i currently pay between 400-440/monthly for everything. As other's have said, this sounds like the best route for you. Goodluck. Quote Link to comment Share on other sites More sharing options...
Bam Posted April 18, 2006 Report Share Posted April 18, 2006 Yeah, defintiely rent man, I wanted to buy too, but it just wasn't worth the risk for me right now. I'm renting a 1400sq ft, 2bed/2bath apartment in dublin off sawmill/270 for $600/month, split between us its only $300/month plus utilities and its a big place, and great location. good luck man, my parents are going through a divorce now, no fun. Quote Link to comment Share on other sites More sharing options...
GRN96WS6 Posted April 18, 2006 Report Share Posted April 18, 2006 Tommy, renting ahouse is still going to be around a grand for a cheap one. He said he would be living with his brother and his g/f so it wouldn't be that much per person. Quote Link to comment Share on other sites More sharing options...
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