Apartment or Mobile Home-PLEASE HELP! Finincial situation?

Okay here is the situation:





There is a mobile home with 5 acres, needs about $2000 in work. I would be renting the land, and the mobile home is just thrown in if we make the repairs. It will be a nice home after we put the money into it. It needs electrical work $1100 and then after electricity is on THEN we will find out if the water tank works correctly and what needs done to that.





The owner just buys propertys/lands and won't put money towards it or fix anything since it is just the land.





Rent: $495 a month


Deposit-$0.00


Pet Deposit-$0.00


Doesnt run credit check


5 acres. 3 bed 2 bath


---





Apartment is really nice, two swimming pools, dog park close by, 1 bedroom only.


$600 a month


Deposit $199


first month is free


Dog deposit-$600 due within 90 days


Doesnt care about my credit





I have bad credit, two dogs, getting a good amount back in taxes








WHAT SHOULD I DO

Apartment or Mobile Home-PLEASE HELP! Finincial situation?
You should rent an apartment or house... don't rent land with a mobile home thrown in for free... You realize the reason he is saying that you are just renting the land and not the mobile home is because he would be required to maintain the mobile home to livable standards if he rented it.... In other words he is a crook.
Reply:If you go with the mobile home the land owner could possibly have you fix it up %26amp; then decide to sell it %26amp; to bad for you. You need to have an iron clad agreement before you do that. Maybe make it a rent to own deal? You could also find out that there is alot more wrong. Maybe ask a home inspector to check it out for you- but they need electricity to be able to do a good inspection. If you can afford the repairs you will end up with some land %26amp; more room. Does the mobile home have a block foundation all the way around? You don't want to be blown away. Good luck!
Reply:The ONLY drawback I see on the apartment is that you don't have a yard of your own for your dogs. But the rate, and the move-in incentive, is really good, even with a pet deposit (of which you'll get half or more back at the end.)





Mobile home, or POS for short. See, mobile homes do NOT appreciate in value. Actually, neither do homes; it's the LAND that appreciates, but in your case, you won't be owning the land, only renting it while it appreciates for SOMEONE else.





Meanwhile you're lookint at putting in repairs that may cost you more than buying a NEW mobile home, only you won't know until after you've spent it. And it still won't improve its value.





Then, even if you do fix it up better than new, what will you do with it when you decide to move off the land that you're renting? Costs like $10,000 to move a mobile home. And where? Are you buying land somewhere else to set it on? Does YOUR mobile home meet local zoning laws and code for that land?





From MY perspective, if you get rooked into that deal, next he'll be looking to sell you a bridge he just happens to own, and maybe real estate on Mars for when colonization begins.





To put it nicely, run. RUN. Right to the apartment. It's not the best of all worlds, but if you had that option, you would be looking at real estate, not a gyp deal from a salvage buyer.

broken teeth