Rent or Purchase with My Situation...

[Wayne Yates]

I'm unsure if I should rent again or try purchasing. In my area, I'm able to rent for around $1,200/mo. If I were to purcahse it would be for a mobile home. Yes, I know mobile homes are a bad investment to a lot of people, but I was considering buying decent bit of land with a small one bedroom mobile home. I can get these for about $20,000. The land would be about $30,000. I'd eventually convert that into an office building to run my real estate business when I decide to build a home on the same land. My only concern is I have a bankruptcy on file from a year ago. I have about $10,000 in the bank. No debts to my name. Credit between 620-650.

So should I try to finance ~ $60,000 for a mobile home and some land that I'd eventually build a home on, or rent for another year and save up a more hefty bank account before pulling the trigger n my first house purchase?