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I want to bump this off some of you guys...

Discussion in 'The Lounge' started by Jagged, Apr 12, 2007.

  1. Jagged

    Jagged 1 ton status

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    Going back to school at Virginia Tech, I was figuring out my budget for renting an apartment. I got to looking at some of the real estate listings, and for the price of a decent apartment, I could make payments for a double-wide or small house. For instance, there's a 4 bedroom modular home on an acre, about 10 minutes away from VT that's listed a little under 60,000. It would be almost a no brainer I think. Buy a house outside the city/town, use my 3-4 years in school to build up equity, and then I'll have something to show when I'm done with school instead of giving some landlord over $19k in rent money.
     
  2. CDA 455

    CDA 455 3/4 ton status

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    Am I suppose to assume there is a question in your paragraph somewhere or what :dunno: ?
     
  3. Russell

    Russell LB7 Tahoe Status Premium Member GMOTM Winner

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    I'd go for it!

    Money you give to landlords is about the same as throwing it into the wind -- We certainly like it, but in the long run, you haven't really gained anything. Lots of people who have been with us for like 10 - 15 years could have paid off a house at 800 bones a month for a cheap suite...
     
  4. SkulzNBonz

    SkulzNBonz 1/2 ton status

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    The bad thing about manufactured homes is they aren't as likely to retain or go up in value as much. I still do that before paying rent.

    John
     
  5. cbbr

    cbbr 1 ton status GMOTM Winner

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    Buy a house. Modular homes tend to decrease in value and never increase like a house. Unless the market drops out completely (never in college towns with a smaller house) or you do absolutely no maintenance, you will make your money back plus some. That means that you can live 4 years rent free if nothing else.

    Even better is to buy a house and get a roommate to pay you rent. 1/2 of the note and the equity is still yours. Just don't buy anything that you cannot pay for yourself if the roommate thing does not work or they leave for the summer.

    But make sure that you are calculating the cost with things like property tax and insurance that you don't pay in an apartment..
     
  6. Col_Sanders

    Col_Sanders 3/4 ton status

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    If you can, get a house instead of a mobile home. Also you could take in roommates and use their rent money to fix up the place so you can make more $$ when you sell it.


    Edit: Jeez, 10 seconds of typing wasted. CBBR beat me to it.
     
  7. CDA 455

    CDA 455 3/4 ton status

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    There are many directions to go and I didn't want to assume.


    My apologies 4xcrazy, I didn't know you were on your period :rolleyes: :D .
     
  8. CDA 455

    CDA 455 3/4 ton status

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    No prob.

    I'm glad you recognize your own best attribute in other people :wink1: .
     
  9. chalet2506

    chalet2506 1/2 ton status Premium Member

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    Don't forget to figure closing cost on the buy end and real estate commision on the sell end. If your only going to be in it for 4 years, it's more of a speculation type scenario than an investment one. However, you could keep it after you move as a rental/income property. That to me would make more sense. In that case, I would definetely go with a house as apposed to manufactured housing.
     
  10. smalltruckbigcid

    smalltruckbigcid 1/2 ton status

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    My experience is that a mobile on land goes up the slowest. A modular on land is faster and the stick built on land is fastest. The worst is a mobile on a rented lot, its only going down.
    George
     

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