Manufactured Home Mortgage
Manufactured Home Mortgage

Are Manufactured Homes a decent way to get into a home?

I'm really wanting to get into a place of my own but HATE living in apartments since in my eyes its just throwing away money because rent is about as much as a mortgage payment. However, I don't make much money and houses in the North West are very expensive now. It's impossible to find anything within 20 miles thats within my price range. Even condos are outrageously priced!

I've noticed Manufactured Homes for sale thats within my price range and was thinking of getting one and living in it for a few years, after which I could use the money I get from selling it as a decent down payment on a cheap condo. Granted the manufactured home will depreciate a decent amount but I'm hoping I could get at least 75% of what I paid for it pricing it low enough to be attractive to the next buyer. I'll also rent out the other 1 or 2 bedrooms to help soften the payments.

My question, is this a viable method since I'm not a rich guy? Or just a waste of time/money?

I know many people who have lived in manufactured homes to be able to save for a better and larger place. My parents did it and so did my boyfriends parents. Both have been able to save enough during that time to be able to put down payments on brand new houses. So instead of growing up in a manufactured home, I spent a couple years in one and then moved into the new house. They really are money savers. It also helps you build your credit.

 
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