1st time buying real estate STUDENT :)

**bholabhala** · 06-05-2008, 06:06 PM

ok, here's the deal. I dont have lots of money, and i am looking for buy some land and put a manufactured home on it. I think this is the best solution for a student. What i want to know is, if this is a good idea, should i consider other type of housings. My credit is bad, and my income is not that much. Will i be able to get manufactured home financed with bad credit? and if yeah, whats the best company or someone who can work with me, here in Dallas Texas

Any comments, any suggestions will help me...

**fractional-homes** · 06-06-2008, 05:04 PM

If your credit is bad and your income isn't very high, can you keep up with the mortgage payment? This is the question you need to ask before jump in. The mortgage market is tight, with a lot of lenders reluctant to lend money due to the mortgage crisis. You may want to wait a couple of years. Get your credit back on track first, save some money and learn a bit more about real estate. Real estate is not as liquid as other forms of investments like stocks or mutual funds. Only if you are into this for the long run.

**wchua24** · 06-07-2008, 05:14 AM

this is very tricky you know...i think you should save up first and don't be in a hurry about this...if you doesn't want your hair to go white at a very young age...

**Lor24** · 06-07-2008, 09:32 AM

How bad is your credit? 580 is a min right now, I would not suggest a manufactured house, I know realtors in Dallas so I am semi familiar with your market(im in south tx)...depending on the area,manufactured homes are often difficult to resell, financing is also difficult to attain for manufactured homes unless it is a doublewide and there are a lot of permits/conditions for them, in my experience at this point and time it is easier to purchase an actual foundation home. They will also be easier to resell if it's something you're buying on a "just for now" basis..Like others mentioned if you do not have enough saved for a good down payment and at least 4 months of reserves(monthly payments) I would not suggest purchasing until you have that and your credit is up to par, contact a good lender, find out your credit score and ask them for help on repairing your credit..good luck

**bholabhala** · 06-07-2008, 06:08 PM

Thankyou so much for all these answers. In Denton area, i am able to put about 4-5 thousand down for owner financed land, and with a good manufactured home, i am looking at a total of 10-12 thousand dollars upfront. I am looking to rent out 2 rooms after i have gotten everything setup, and with all my Financial aid and room mates, the total income is coming out to where i can pay about a thousand dollars per month on regular basis. After doing math, 4 years, and both the land and home is mine. Does this sound like attainable?
I understand manufactured homes cannot resell easily. I am not looking to sell this home anywhere in the near future. And after 8-10 years, even if i sell the land, i think i can recover the price of home.
My credit is being repaired right now. Also i am putting 10,000 collateral to pickup a CD loan, that will help me improve my credit.

**gjtrafl** · 06-08-2008, 08:30 AM

Since you are young and needing as much appreciation for the future... It may not be the best thing to go with a manufactored home. The land value will go up (although slowly) but the manufactored home will go down. In the end, you will not get the overall benefit that another form of housing may provide.

**gjtrafl** · 06-08-2008, 08:31 AM

Not to mention... If/when you go to re-sell in the future, financing will be difficult and interest rates may become cost prohibitive for a potential buyer.