In the current market where owning a house can seem impossible, there are some creative ways to get started. Your first home may not be your “forever” home, but once you own something, it is MUCH easier to move up.

Mobile Homes

Mobile homes are not what they use to be. I grew up in mobile homes and apartments. Mobile homes rumbled anytime someone walked through them and they were made with the cheapest materials to save on money and make them light to move. Today’s mobile homes are NICE. They are built with quality materials and feel so solid.

When my oldest child got really tired of renting, and lack of control in the rent increases, we decided to try and help them find something for them to buy. We managed to find a mobile home park that was being converted from being age-restricted (55 years old and up) to being an “All Ages” park. They were also taking out older mobile homes and replacing them with brand new ones. We managed to help them get into a brand new home for very little money down, and now they own their own house. Even though they still pay for a space rental from the park, their monthly payments are WAY lower than rent now. You can sometimes find land where you can place a mobile home, but land-use restrictions can be an issue, and that can add significantly to the price.

House Hacking

This experience was one of many that encouraged me to get my real estate license, so I would have access to many more resources and therefore be able to help more. After meeting an awesome lender, I was introduced to the idea of House Hacking. Apparently, it is easier to get a loan for investment property where you share the house with others, and it can end up with you paying a lower payment as well. It is definitely worth looking into in areas where real estate is really expensive. Owning real estate is an easy way to escape the rent-increase trap.

Here is a great podcast I found on Real Estate Investing using this technique: FIbyREI

Down Payment Assistance

Whatever path you choose, the key is to buy real estate as soon as you can. The market may go up and down, but over time it seems to always appreciate. I have found that there are a lot of Down-Payment assistance programs that can help with that, offering grants or zero interest loans with deferred payments, that can help you get into a house a lot sooner. Saving up for a large down payment may work against you in a marker where every year you fall further behind. Depending on the price of the house, you may only need 3-5% and down payment programs can provide that allowing some folks to get into a house for little to no money down.

Let me help you

As I have tried to help my adult children find their place in the world, I have realized that they are not alone. I really feel that everyone should have access to these tools to find somewhere stable to live. Please reach out to me if you have any questions, no pressure, I just want to help.