Online House Hunting

bought a trailer home should i move in it or sell it for a profit?

i bought a old trailer home in good shape, all it really needs is paint on the inside, the outside has a nice built on carport and deck, storage on the deck, and a storage shed on the side, i got a really great deal 3 grand cash, im 25 and have never owned a home just rented, im in the process of painting it and the plan was to move in it but after everybody telling me that i got a great deal im tempted to put it up for sale and see if I can double my money. i would say after being spruced up this trailer should be worth every bit of 6 grand but i dont know i dont really pay attention to what trailers got for. if i sell it i will be able to pay off my credit card debt enabling me to save up money to possibly get a real house and get the tax credit that is available before dec 1st. what should i do???? i need a educated answer on real estate.

Public Comments

1. "get the tax credit that is available before dec 1st" Won't work. You only get the first-time hombuyer tax credit on your FIRST home, which would be the trailer home in this case. IF you meet all requirements, then you would get 300 (10% of purchase price, up to 8K, whichever is lower). Now, if you'd sell the trailer home, then you would have to pay back all of the credit and your second home purchase wouldn't qualify for anything.
2. The first thing you need to figure out is were are you going to live if you sell it? If you honestly need a place to live then why not keep it?