Do I have any equity in my mobile home ?

I purchased my home last august for $ 20k cash. No loans, no mortgage etc. I was wondering, if I ever needed to borrow some money using my home as collateral, how would I know how much I have? I’ve heard some people say that because I bought my house using cash that now I have $ 20k in equity right off the bat. I’ve also heard that’s not true…. anybody know the correct answer ?

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