Long time reader, first post.
I currently live in Indiana in a manufactured home. I didn't really want to buy it but my wife did and not many homes were selling in 2011 in our price range. We were just starting out. We had about $31,000 in total debt from our first kid and two financed cars. Now we are debt free except the mortgage. We owe $76,500 and the house is worth about $80,000. We remodeled our second bathroom and are getting ready to remodel the master bath as it needs new tile and vanities. We would like to move into a nicer home closer to work but due to our previous lack of money sense, have very little equity. Plus it is manufactured, but the value seems to be tied well into our neighborhood of stick built homes. The guy across the street rents his same manufactured home for $1000/mo. So what should we do?
Remodel and pay down to about $50k, refinance, and rent?
Remodel and sell?
Pay it off and keep as rental then move?
We both work and save 50% of our income. I qualify for a VA loan which is on this house. We feel like we are in a good position financially, but the lack of certainty in this area is slowing down our progress. What say you?