Finance the land on a non-financeable house?
Some lenders will make loans for vacant land, others will not. You have to discuss with local bank what are your plan for the land: live in the old mobile home; install a new mobile home; build a new house; Sell it to a developer; use it for camping... Is the property part of a development with other mobile homes? If so there may be complications regarding the use and rights of the property. Some local jurisdictions also want to eliminate mobile homes, so they may put limitations on the housing options.
(Also posted in r/FinancialCareers)  Hello all,  For the past few months I've been deciding on what I want to do with my career and how to progress in my chosen field. After a lot of thought, I want to get into Finance, most likely corporate finance with the end goal of Controller or CFO. Right now, I am an accounting analyst at a small company just a few years out of a B1G school with a BS in Economics. I feel that my work experience is relevant enough to land an entry level or lower level job as an analyst somewhere. My other option is to go back to school and get a MFin. I'm leaning towards focusing most of my effort on the job search option. So, I have a couple of questions:   1. Does it make sense to focus on the job search or should I add skills via grad school?   2. If you feel searching for jobs is the best route, how do I best position myself as a non business graduate to get a new role?  3. Any other advice is appreciated.  Thanks! "It really depends. I find it useful, but then again I'm the kid that went to professor's office hours just to learn more. Others that have the same degree from same school think it's useless, but these are the kids that didn't go to professor's office hours to learn more.   As far as public thought, it is generally seen as subpar, but if you have an entrepreneur spirit you don't have to worry about ""landing"" a job. Economics will equip you well for the right type of person. If you want to be a worker bee, I suggest accounting or finance." To answer your last question, yes I would strongly suspect that finance would be more lucrative than school counselling. But is that 46k starting?I'm non-US but that sounds pretty good to me. Also, you don't need an MBA to start getting experience in finance. If your degree is from a different discipline you just need some extra way of signalling that you're interested and capable. Even joining your college's Finance club would be a big help. "Yea but they might feel swindled and that you pulled a fast one on them, and not be as willing to give you good deals in the future.   Like, as a totally non mathematical example, they have a car for $50k. They lower the price to 40k with a financing that will bring total payment to 60k. Their break even on that car is let's say 45k. The financier cuts them a commission on expected profits, of maybe 7k? They made an expected 2k on the car. But if you pay it all off asap, they may lose that commission, be 5k in the hole on the sale, and pretty upset. Even more upset if they finance in house.   So when you go back to buy another car they'll say ""fuck this guy, we need to recoup past lost profits, don't go below 4K above break even.""   I'm not really 100% on how financing workings when it comes to cars but from my background in sales this is the bar I would set for a customer that made me take a loss by doing business with them if they tried to come back in the future.  This doesn't take into account how car dealerships don't own their inventory, finance all of their cars and actually ARE willing to take a loss on a car just to get it off the lot some times." "How can I use a house I own free and clear to purchase another home? Answer: walk in to any bank, that's any bank, or any lending institution. State that you own a house free and clear. This will happen: In all jurisdictions, it's incredibly easy to borrow large amounts of money at the lowest possible rate, once you own a house outright. On top of that, you want to spend the money on another house (as opposed to s sports car or the like), so you have even more equity.  Winner! Your main question will be this.  Say your current house (owned outright!) is worth $500,000.  Go to a bank or lender, and say to them, ""How much money will you give me to buy house B putting both the houses on the mortgage.""  One bank will say ""fantastic!  buy any house you want up to $400,000!""  Another will say ""$450,000!"" another will say ""$300,000!""  In a hot market another will say ""$650,000!"".  So shop around and see who will give you the most." "Not sure why the downvote - seems like a fair question to me. Who owns a house and in what proportions can be totally separate from who is named on the mortgage.  There are two ways to do this - one way would be for you loan them the money  first under a separate contract, which you should have a solicitor draw up; then they buy the house themselves. The contract would state the terms for repayment of the loan, which could be e.g. no repayment due until the sale of the house at which point the original amount is returned plus interest equivalent to the growth in value of the house between purchase and sale (or whatever). You'd need to be clear about what happened if the house lost value or they ended up in a negative equity situation. The other option is where you are directly a party to the purchase of the house and are named as part owners on the deeds. Again the solicitor who is handling the house purchase for them would help with the paperwork. In either case you would need to clear this arrangement with the mortgage company to make sure they were OK with it.  To answer your specific questions in order: - Yes, they would still be eligible for the Help To Buy ISAs (assuming that is what you are referring to) even though you would not be - I'm not sure what ""penalty"" you are referring to. You'd have to pay tax on any income or capital gain you made from the deal. - No-one can say whether this is a good deal for you without knowing a great deal more about your individual circumstances (and even then, any such advice you would get on here is worth as much as you pay for it.... if in doubt, consult an IFA.)" The basis of the home is the cost of land and material. That's it.  Your time isn't added to basis. No different than if you spend 1000 hours in a soup kitchen. You deduct miles for your car and expenses you can document but you can't deduct your time.  Over 2 years, you could have a gain up to $500K per married couple and pay no tax. If there is land for sale, you can buy it. The United States doesn't have many restrictions on the purchase of land. However, you need to be able to afford it. Dependent on where you are looking $20,000 can either be a lot or very little land, I suspect that the question you were looking to ask is 'can I afford it?'. Have a look around, there should be plenty of places for you to find land for sale. As for credit, it is more important that you don't build bad credit. With things like mortgages, your salary is likely to be more important than your credit score alone, but no one will give you a dime if you have a record of not paying your bills.