SFH or Trailer... PLEASE HELP!

[Curtis York Jr]

I have a dilema and felt like this was the best place to turn for advice please do not disappoint!

I am currently a teacher making around 30,000 a year on salary.  My credit score is fairly low but not terrible... Anyways I came across some real estate investors who are willing to seller finance a 2 bd 1.5 bathroom home in a not so quality neighborhood which is also about 45 minutes away from the town I work in.  The house goes for 66,000, but they offered me to place a down payment of 1,500 and Ill pay 650 a month in rent until I'm able to secure a proper mortgage through the bank once my credit score gets a little higher ( I have a 611, need a 620 to secure a loan).  They also offered to build a working relationship and mentorship with me in which I can become partner in their investment business and begin to see profits with them since I told them I was interested in investing.  However, while we were finalizing the deal I came across a 4 bed 3 bath trailer which is closer to my job literally 10 minutes away on more space and more land.  The trailer rents for 500 a month.  I am 23 years old with a family and I am trying to make sure I take the best deal because my decision doesn't only affect me but my family as well.  My biggest hesitation about the home is that the payments are fairly high and the risk of being locked into a long term mortgage that I may or may not be able to pay

Please help!

[Jean Bolger]

Lots of variables here, you'll have to sort out which ones are important to you- there's no obvious right/wrong answer.

1) 2 bd/1.5 bath vs 4 bd/3 bath... how big is your family? What kind of space do you need?

2) many people say that a shorter commute is worth a LOT for your quality of life. You're talking about a difference of almost 3 hours of your life every week.

3) What is the upside of the community farther away? Is it growing? Are values rising? Is this a property where you feel confident about appreciation? IMO, there is no sense in buying just to buy. You need a compelling exit strategy. If it looks like a slam dunk to get in to this town at this time then it may possibly be worth the inconvenience. 

4) Consider the rest of your financial situation. Do you have outstanding debts? Paying them down before taking on a mortgage may be a good idea. Developing a safety net/emergency fund is a good idea for anyone, but especially if you have kids. Think of the long picture and don't feel pressured to "get in the game" - at your age, you have plenty of time