Thinking about buying a home for the first time

[SouthernBelleInUtah]

I have known 3 sets of people who had the mobile home park close and they were told to move out. Two of them had older homes that could not be moved due to safety issues. They lost everything. Safer to buy a lot and put a mobile home on it if that is the only choice.

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[rational1]

Mobile homes almost always depreciate, while houses generally appreciate. (Not lately, but I mean on average).

A house that needs visible work can pretty much be expected to need invisible work. You need to have a cash buffer, expecially with an older house. If you can only barely afford a house it's probably best NOT to buy.

[RedZin]

Why not do a USDA 100% loan? I mean, would that not work on a cheaper property?

[khuntrevor]

Tell us what market you are in. I am sitting in a 18,500 house in a very good location in Phoenix. It will rent for 600 per month. Don't let people tell you a 45K house will need work and is not doable. It all depends on the market. Avoid mobiles and manufactured like a disease. Loans are tough right now. What's your credit score? People are saying in Phoenix, buying is half the monthly price of renting.

[WildnFree]

Thank you every one for you honest opinions and thoughts. I know I'm not in a position to buy just yet but I have been put between a rock and a hard place.

If I could go about buying the "right" way I would. Like getting my first apartment, saving money, and eventually buying, but unfortunately things don't always go according to plan. That is why I wanted other options and opinions to help with my decision.

I'm still going to look at the house, just to see how bad it is. Even if it is bad maybe the realtor can direct me to some other resources as well.

Also I had no idea about the mobile homes, they seemed like a good route but the more I looked into the park the more I wasn't too keen on them.

However what about modular homes? Are they any better? I saw one on bidselect for about the same price but "made" in 2002.

Khuntevor, I live in the Hampton Roads area, most places for rent start between 700 and up, these are just private LL. Anything in a complex starts at about 850 and up, with pet restrictions. My market right now is to buy a starter home for about 50k out in a rural area, yet still able to commute to my job in the city.

[WildnFree]

Well I just checked in on both homes, they sold. So it was not meant to be....Hopefully something will come along for me.