All Forum Posts by: Zane Landeck

Quote from @Tim J.:

Quote from @Theresa Harris:

I agree with Greg.  Run the numbers and see what they look like.  Typically mobile homes don't appreciate as much in value. 

Lol, that's an understatement - they go down!  :)

It depends on the market, but generally yes.  I bought one on its own lot about 7 years ago.  House prices sky rocketed and it is worth more than double what I paid for it.  I know that could be $20K to $40K, but it is now worth close to $500K (not a typo).  The land is half of that.

@Zane Landeck - Please take the following at face value. Some of this may apply, some of this may not, but hopefully something will prove helpful. You have $30k in savings, which is an awesome step in the right direction! 

- The biggest thing you can do is increase your income. Every decision has a trade off. When we talk about investing and goals, every person will have different targets and will be comfortable with different decisions. If your income is based on a 40 hour work week, can you find a part time job to pick up another 20-30 hours or can you pick up extra shifts where you already work? Work/life balance isn't something every person is supposed to have. Work/life balance is a choice with a trade off. Working more has a trade off and is right for some people. Working less has a trade off and is fine for other people. Each decision has a trade off. 

- Is there a certification you can work towards quickly or a position you could apply for to increase your income at your current job? 

- Start calling local banks to learn about their lending programs, what requirements they have, and if they have any first time home buyer grants available. As a first time home buyer usually there is an incentive out there somewhere for your to leverage. I found a bank last week in NC that was giving first time home buyers $7k at closing to either put towards closing costs or to use for purchasing a better rate. 

- Since you already have $30k stashed away, I would guess that you've already developed some great habits around creating a budget and sticking to it. If not, then I highly recommend planning your personal expenses a month in advance, refuse to exceed the expending limits unless absolutely nessisaryily, and then continue to build your downpayment fund. 

Starting off with a house hack is a fantastic strategy! I really wish I had been open to this type of move when I was 24. Whatever work and sacrifice you make right now, to start a house hack, will be something you are glad of in a decade. 

Keep us all posted on your success!