3 ms·

Sure, mortgage on a house isn't good for these people, because they don't have the money for a down payment, or the money to pay for a regular house. Give them

by kedean 11y ago

Sure, mortgage on a house isn't good for these people, because they don't have the money for a down payment, or the money to pay for a regular house. Give them the opportunity to purchase a small house on a small plot of land, though, and it could work. Mortgage for a house is about equal to the average rent in many places, and people living in trailer parks usually don't have the problem of not intending to stay very long (like apartment dwelling often do).

morganvachon 11y ago
Exactly. I was raised poor, as were my parents, and my grandparents on both sides before them. I learned a lot of bad financial habits from them which screwed me up in my 20s, but I've unlearned most of that and I'm on the right track now. One thing I learned from them that turned out to be beneficial is to think small; don't buy something I can't afford. Six years ago I made my first house purchase at the age of 32, and while it's not a McMansion in an upper-middle-class subdivision, it's a practical and affordable home. My mortgage payment including taxes and insurance fees is less than $400/month for a three-bedroom farmhouse on half an acre of land. I'm not in a subdivision so I'm not subject to my neighbors' whims about curtain colors and such, and in five years I'll have it paid off (and our vehicles are already paid off). My health isn't the best, and if I end up having to retire early it will be comforting to know that my family will have a paid-for home and cars, and we won't have to choose between making a house payment or buying groceries in a given month.
- sliverstorm 11y ago
  A house and half an acre for 20k!? Where?
  - lotharbot 11y ago
    He appears to be from Paulding County, GA (based on his website). It's about 15 miles west of Atlanta. http://www.realtor.com/realestateandhomes-detail/147-Mill-Creek-Ln_Hiram_GA_30141_M58711-34241?row=1 http://www.realtor.com/realestateandhomes-detail/147-Mill-Cr... shows a mobile home on 0.49 acres in the area. Zillow shows several recently sold homes in the area for $25k and under. You can actually find similar deals in a lot of small towns. I picked a couple of small towns I happen to have family connections to -- Hillsboro, KS and El Dorado Springs, MO -- and found houses listed in both places for $20k or less.
  - morganvachon 11y ago
    Actually the property was $43k, it's a 30 year loan I plan on paying off extremely early. And the other reply is correct, it's in Paulding County, Georgia.
sliverstorm 11y ago
I would point out they can buy their own unit already if that works for them.
- kedean 11y ago
  Sure, but owning the entire property is a superior option because it means they are not paying anyone for the privilege of living there (minus taxes to the government).
  - sliverstorm 11y ago
    You can buy a little parcel of land to put your mobile home on too. Mobile home parks are not the only place they can be put.
    - kedean 11y ago
      Yeah, but the original idea was a social welfare plan. The target isn't those who will take initiative to find and buy a tiny parcel for their trailer (tiny parcels are a very hard thing to find), but the people stuck in a rut of trailer living. Its not about the opportunity already being there, it needs to be presented as a realistic option.

by kedean 11y ago

morganvachon 11y ago

Exactly. I was raised poor, as were my parents, and my grandparents on both sides before them. I learned a lot of bad financial habits from them which screwed me up in my 20s, but I've unlearned most of that and I'm on the right track now. One thing I learned from them that turned out to be beneficial is to think small; don't buy something I can't afford. Six years ago I made my first house purchase at the age of 32, and while it's not a McMansion in an upper-middle-class subdivision, it's a practical and affordable home. My mortgage payment including taxes and insurance fees is less than $400/month for a three-bedroom farmhouse on half an acre of land. I'm not in a subdivision so I'm not subject to my neighbors' whims about curtain colors and such, and in five years I'll have it paid off (and our vehicles are already paid off). My health isn't the best, and if I end up having to retire early it will be comforting to know that my family will have a paid-for home and cars, and we won't have to choose between making a house payment or buying groceries in a given month.

sliverstorm 11y ago
A house and half an acre for 20k!? Where?
- lotharbot 11y ago
  He appears to be from Paulding County, GA (based on his website). It's about 15 miles west of Atlanta. http://www.realtor.com/realestateandhomes-detail/147-Mill-Creek-Ln_Hiram_GA_30141_M58711-34241?row=1 http://www.realtor.com/realestateandhomes-detail/147-Mill-Cr... shows a mobile home on 0.49 acres in the area. Zillow shows several recently sold homes in the area for $25k and under. You can actually find similar deals in a lot of small towns. I picked a couple of small towns I happen to have family connections to -- Hillsboro, KS and El Dorado Springs, MO -- and found houses listed in both places for $20k or less.
- morganvachon 11y ago
  Actually the property was $43k, it's a 30 year loan I plan on paying off extremely early. And the other reply is correct, it's in Paulding County, Georgia.

sliverstorm 11y ago

I would point out they can buy their own unit already if that works for them.

kedean 11y ago
Sure, but owning the entire property is a superior option because it means they are not paying anyone for the privilege of living there (minus taxes to the government).
- sliverstorm 11y ago
  You can buy a little parcel of land to put your mobile home on too. Mobile home parks are not the only place they can be put.
  - kedean 11y ago
    Yeah, but the original idea was a social welfare plan. The target isn't those who will take initiative to find and buy a tiny parcel for their trailer (tiny parcels are a very hard thing to find), but the people stuck in a rut of trailer living. Its not about the opportunity already being there, it needs to be presented as a realistic option.