Re: Re: We will NEVER be able to buy house The Answer is 42!! Hedwig ================ And the Question is? The END ************************* LB 59
Re: Re: We will NEVER be able to buy house I'm getting in here late and don't know if this has been mentioned. Why not buy something for the $30,000 ceiling and pay off as much as you can each month. Try to pay as much extra payments on the principal and use your tax return to pay down the principal. After a few years of building equity sell it and move into a better home. The amount of principal you paid down is what you down payment is for your next home. It's like putting money in the bank.
Re: Re: We will NEVER be able to buy house Since we are snowed in this weekend (Spring Break?? Hah.), I thought I'd post a quick update on this situation. We did some asking around on this place and it turns out the the original owner (before the foreclosed owner) was a relative of a friend of Pop's. She was just distraught over what happened and said that the house was practically condemned now. Aside from the mold, electric, and plumbing issues,t here is an extreme amount of cosmetic damage, a huge hole in the roof, and the septic system is actually condemned and must be replaced. This house is in the flood zone and with all this damage the property really isn't even worth the cost. We did do something else interesting though. A neighbor of ours was selling his trailer, so we bought it for $1500 and will be having a rental as soon as it is all fixed up! I just wish it would stop SNOWING so that we could get to work. We can't even SEE the bed of our truck for all the snow...
Re: Re: Re: We will NEVER be able to buy house I hope you checked out the title to the trailer BEFORE you paid for it.
Re: Re: Re: We will NEVER be able to buy house We have the title in hand now and spoke to the bank to ensure that no lein exists before buying. We also have current property tax payment information, and the TTL could find no record of a duplicate title issuance. We will be transferring on Monday so I guess we will know for sure then! Anything else we should have done?
Re: Re: Re: Re: We will NEVER be able to buy house Are you putting it in a park or on private land? Either way MAKE SURE the size and age of the trailer are permitted wherever you are placing it.
Re: Re: Re: Re: We will NEVER be able to buy house Excellent point, luckily it will be staying right where it is. Most parks around here will not take in additional mobiles more than 10 years old, but allows a mobile already in place to stay.
Re: Re: Re: Re: We will NEVER be able to buy house Lucky Mom Not a bad idea on the neighbors trailer. One good thing is that it is close by so its easier for you guys to fix up and keep an eye on when you have it rented. Don't let it sit empty for too long as the lot rent will eat a whole in your budget. Also don't fall into the trap of spending too much time on fixing it up or over improving it. I made that mistake once when I over improved a rental and put too much money into it, only to have the tenant mess it up. good luck pb
Re: Re: Re: Re: We will NEVER be able to buy house Luckymom, this may not be a good suggestion and certainly I can understand why you might not want to consider it. Please don't be offended by it but have you considered moving to a different part of the country? I have a sister in law in Cal. who wants to buy a house and has looked at quiet a few. $100,000 gets her one that has boarded up windows and is not in the best neighborhood. This is not even considering taxes and insurance. I'm in the midwest, a town of about 15,000 people. $85,000 will get you a nice new construction home and lot. The job market in the area could be better but is still fair. As I said, I can understand why you might not want to leave the area you are in now, it's home, but maybe this is something to consider.
Re: Re: Re: Re: Re: We will NEVER be able to buy house Hey I agree, look at this, this is about 5 miles from my house and look at what you get for the price! http://cgi.aol.ebay.com/ws/eBayISAPI.dll?ViewItem&item=1793032811&category=12605
Re: Re: Re: Re: Re: We will NEVER be able to buy house Where in Cali can you get a house for $100k?!?! I live in SoCal, and there is nothing, and I mean NOTHING to be found for under $150k, and those are beat-up HUD repos in the slums! The median home price here is $250k, and for that you get a lot so small you can touch the neighbors house from your bedroom!!! I've actually been looking at manufactured homes, which are beautiful and very reasonable. My favorites are on www.palmharbor.com Of course to afford land out here, I'd have to move further into the desert, but that's okay. Luckymom, have you checked those types of homes out? Some of them start at $30k. I've been in some models, and they are STUNNING! At least in my market, you definitely get more for your money with a manufactured home. I've got a lot more websites for manufaturers if you're interested in looking. Don't give up, something will work out!
Re: Re: Re: Re: Re: We will NEVER be able to buy house Thanks y'all! I didn't want to copy & paste quotes so here goes... psbates: We have set a time & money deadline for this project. We actually want to fix the "new" trailer up and move into it (because it is easier to insulate and re-floor an unfurnished place) and then rent our current place out. I had a renter once before and I know *how bad* it can get I'm hoping the proximity will be a plus also. mike101: There is nothing I would like more than to move (lol) I am an East Texas native living in frigidly cold Montana. Pop is from Arizona and refuses to go back into the heat. Property costs ARE extremely inflated here and that is why I'd say that half the town (or more) live in trailers or modulars or just flat out rent. kismet_197: I agree, modulars are VERY nice. We actually have a dealer right down the road and we go poke around the lot when the weather is nice (3 days in June lol) and we found an absolutely beautiful "just right" home for about $40K there. We have decided to keep saving our money and building good credit and the like until we are very comfortable with the loan amount needed. Ah, another long post - goodnight CN!
Hey Mom, I'm from East TX too, and just moved back! In July when its 116 with 90% humidity, I will bottle it up, send you some memories of home, and let it melt the snow out of your truck! Kismet brought up a good point. There are still alot of misconceptions about mobile homes "modulars". Did you know that building standards for them are monitored by HUD, and are actually higher than stick built homes? Also, if you place them on owned land, on a concrete foundation, they do appreciate in value. (As long as you take care of them as you would a site built home). Just a little info for you to tuck away.
Well Luckmom and anyone else for that matter, if you would like a little info on the homes, jobs, and my area in general just let me know. You would probably like it here, we have Texas summers and Montana winters, lol By the way, the new construction I was referring to is not modular. Not that there is anything wrong with those type home. Being built in factory controlled conditions they do make them to some tight tolerances.
A rental can be a good idea, but don't think that proximity is necessarily a good thing. My ex-husband and I owned a rental trailer and managed it ourself. Calls in the middle of the night were a common experience. If you can swing it, it might be worth the commission to let someone manage it for you. They get the calls and the headaches, they'll tell the tenant when they're out of line. And they help find new tenants when there's a turnover. It's in their best interest to find someone as soon as possible, since if it's vacant they get no commission. And they'll do all the screening, credit checks, etc. When we later rented out the house we had been living in, we got an agent and never regretted it. I think I'd pay an agent to manage the other side of a duplex if I owned and lived in one!
Re: Re: We will NEVER be able to buy house 1*Kismet brought up a good point. There are still a lot of misconceptions about mobile homes "modulars". 2*Did you know that building standards for them are monitored by HUD, and are actually higher than stick built homes? 3*Also, if you place them on owned land, on a concrete foundation, they do appreciate in value. (As long as you take care of them as you would a site built home). jlynn | ===================== 1*I call them myths 2*Good point. Here in my county Factory housing complies with about 22 different codes whereas stick builds don't have to meet any code what so ever. 3*Very true: Some years ago stick builds were actually depreciating in value while manufactured homes were the only homes appreciating in value. I know a guy who bought a new a factory home and it burned sown about a year later. His insurance pay off on it was double what he paid for it. There is no way you can have a stick built home built and insure it for twice what you paid for it. The END ************************* LB 59
Re: Re: We will NEVER be able to buy house By the way, the new construction I was referring to is not modular. Not that there is anything wrong with those type home. 1*Being built in factory controlled conditions they do make them to some tight tolerances. mike101 ===================== 1*Inside construction has many advantages over building out side.
Re: Re: Re: We will NEVER be able to buy house RE: Insurance Some states have a replacement option on mobile home insurance where you pay a few dollars more, but if your mobile is destroyed you are paid the amount it would cost to replace it at that date! Which can be huge compared to your purchase cost if buying an older trailer. The downside is finding someone to insure an early 1970's trailer. There is only one agent in our area so not much rate shopping to be done!
Re: Re: Re: We will NEVER be able to buy house A rental can be a good idea, 1*but don't think that proximity is necessarily a good thing. My ex-husband and I owned a rental trailer and managed it ourselves. Calls in the middle of the night were a common experience. Hedwig ===================== 1*I know what you mean It can make you feel like a stranger in your own home or an intruder on your own property. The END ************************* LB 59
Re: Re: Re: We will NEVER be able to buy house 1*I've actually been looking at manufactured homes, which are beautiful and very reasonable. 2*to afford land out here, I'd have to move further into the desert, but that's okay. Luckymom, have you checked those types of homes out? Some of them start at $30k. I've been in some models, and they are STUNNING! 3*you definitely get more for your money with a kismet_197 ====================== 1*Rite you are. 2*Land for these homes don't cost any more than it does for stick built homes. 3*Manufactured Housing is Housings best kept secret. The END ************************* LB 59
