The American Dream, while encompassing several aspects of success, has traditionally boiled down to one thing: owning your own home. The recent housing bubble made this dream a reality for millions of people as mortgage lenders became willing to lend to almost anyone who could sign the documents. But then the housing bubble burst, and many of these same people found themselves in over their head, while new buyers discovered that lenders have reverted to more traditional requirements for down payments and credit worthiness. Even though home prices have dropped a bit from their highs, they still leave millions feeling priced out of the market, with little hope of ever affording the American Dream. Thankfully, there is a near-forgotten solution that is the most over-looked corner of the real-estate world: mobile homes.
For most of my adult life, I have rented one sleazy apartment after another, always with the expectation that, with discipline, I could save up enough money for a down payment, keep my credit clean enough to get a home loan, and someday buy my own place. Over the years, I did manage to save up some money, but home prices kept going up faster and faster and I felt there was no way I could ever keep up. Of course, a big reason home prices kept going up so fast was because lenders kept reducing their requirements. So at one point I realized I could get approved for a loan, but I couldn't stomach the idea of such a huge mortgage payment. What if I got laid off? What if mortgage rates went higher? Or BOTH??? I was back to square one.
Then one day, a friend told me I should look into mobile homes. I had always thought mobile homes were poor-quality, depreciating assets that should be avoided at all costs. But when I started looking into them, I discovered that the opposite was true. And because mobile homes are so much more affordable than traditional homes, I could buy one right away. No more throwing money away every month for rent! Of course, there would still be a monthly space rent payment, but at the same time I would be building up equity in my mobile home. The American Dream would be mine! And there's lots more privacy and peace and quiet in a mobile home since they are separate units with no shared walls or floors. That's better than both condos and townhouses. So I began looking around some local mobile home parks, and before long I found a nice used double-wide in a nice big park with lots of amenities, and I kissed my sleazy apartment goodbye. If you're hoping to buy your own home someday, or downgrade from your overpriced home to something you can afford, then mobile homes may be the solution for you too!
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