I'd like to use it as a rental, or sell it together with the lot it will sit on as a rent to own or lease option. Nestea ================= There are 2 ways you can make money on these homes
lb.... I read the rule of 72. Interesting. What kinds of investing yield a return of 19%? 15%?? Shelley ================ Rate of return can very greately on investments. Your goal is to shoot for a decent return over the long term. """""""""```~~~```'"""""""""
qualify for a manufactured home in the community we were hoping for. cre8ivegrl =============== What year is it ? What is the length and width? What make is it?
Re: Re: Woohoo!! We got a home!! cre8ivegrl It's a 98 Guerrdon Shelley =============== We live in a 1972 Oakbrook. 24x60 built by Liberty Homes we bought new in the fall of 1971. Paid 9800 bucks for it which works out to only $306.25 per year for the 32 years we've lived in it. I was so impressed and intrigued by manufactured homes as a result of buying my home that I opened up my own dealership in 1973. After 30 years I've gained a great deal of experience in both factory and stick built housing. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: Re: Woohoo!! We got a home!! I have to say we are highly impressed with this home. I was a little worried about buying a repo (it was really dirty). But we looked at it yesterday and it's all cleaned up, new carpet, everything is fixed. It looks brand new.
Re: Re: Re: Woohoo!! We got a home!! I've had stick builders standing in my homes tell me there was no way they could ever offer their customers a home any where near like mine for any where near my price! I once saw a Guy who thought because he owned a lumber company and a concrete plant he could build a home identical to a factory home at less cost to him than what it cost the factory. Well, by the time he got his framed and the roof on it he was way over the factories cost and still had a long way to go to finish it. Keep in mind that this guy pays less for building and concrete products than the stick builders do and couldn't beat the factory cost so how is a builder going to do it?
Re: Re: Re: Woohoo!! We got a home!! I believe it. It's funny, we've already heard "it's still a trailer" and similar comments. Yet our sq. footage is similar to my in-laws stick built house. Their house cost them $240,000 and is falling apart...continuous repairs. Now, don't get me wrong, I love the home improvement shows, but I'd rather be painting and building decks with hot tubs rather than putting that money into old windows that need to be replaced. And when we buy the land and have instant equity, the guy down the street who paid $156,000 for his stick built house that is smaller won't be quite so smug. I can't wait.
Re: Re: Re: Woohoo!! We got a home!! I'm impressed. They did not build them in 1972 like they build them today. We are looking at an Oakcreek home. 32 x 76 Its called the Eliminator. Awesome home, with more than anyone needs.
It's funny, we've already heard "it's still a trailer" and similar comments. cre8ivegrl ========================== After 30 years in the business I've heard this and every other myth there is about them. When I hear such comments it just shows how uninformed the person making it is. Thanks to my experience in both site and factory housing I could place a factory home on a lot and build a stick bit right beside it that looked exactly like the factory home inside and out. I could then price the site built $20000 more then the factory home and people would buy the site built before they would buy the factory built? Why? Because People are so fooled due to the myths surrounding both types of homes. I could also tell folks the factory home was site built and price it $20000 more the stick built and people would buy it over the stick built because I told them the stick built was a factory home. Interesting isn't it how folks are making their biggest buying decision based on the wrong comparisons rather than relying on getting the greatest value per dollar spent. No wonder Manufactured Housing is Housings best kept Secret. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I'm impressed. They did not build them in 1972 like they build them today. jlynn ============== One of the myths you hear is they will fall apart in a few short years. Mines 32 years old. Guess I proved that one wrong didn't I? Same way with the others! THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Oh, I know, in 1976 my parents bought a 28 x 72, at the time it was the largest made. Its still there today. Don't know if the avocado green carpet is still in it. Was yours avocado green, harvest gold, or rust inside? In fact my parents owned the MHP where it is located. Some of the homes I still recognize - they were originally parked there in the early 60's, when I was just a twinkle in my parents eyes. They really have made milestones in the quality over the years. It really helped that HUD came into the picture. Many people still do not believe that they can and do appreciate in value.
Re: Re: Woohoo!! We got a home!! 1*Was yours avocado green, harvest gold, or rust inside? 2*It really helped that HUD came into the picture. 3*Many people still do not believe that they can and do appreciate in value. jlynn ==================== 1*living room carpet gold Master BR blue. Main bath fixtures are lite blue other bath is yellow fixtures. We ordered ours special rather than taking what ever was on the dealers lot. BTW this is the best way because you get the home equipped how you want it. When buying off the lot you usually pay for options you don't necessarily want while at the same forfeiting options you prefer and you risk paying more for it than you would have paid for the one you really preferred 2*this became effective in 1976: The only homes built to a nation wide code across the board regardless of type of financing used to purchase. The only time you get this with a stick built is if you finance with a Gov. loan. 3*Some years back during an economic slump stick builts were actually going down in value while manufactured homes were going up in value. Actually the only depreciation I've ever seen on factory homes is what I call artificial depreciation. THE END ** *** ** LB 59
Re: Re: Woohoo!! We got a home!! It really paid for us to take our time and look at lots (and I mean LOTS) of repos. We finally found that very one that had all the amenities that we would have pre-ordered. The only thing we didn't care for was the carpet and it has already been replaced with the exact color we wanted. But I have to say, we lived in a double wide (can't remember the measurements) for a few months in Wyoming. It was a 72 that had been gutted, tape and textured and looked so sharp inside. All the doors were made to standard size rather than the smaller trailer size and other architectural enhances were added (island, coat closet/pantry). At the time we were going to move it onto our land, side it and put a new roof on it. I would have never guessed it was an older model from the inside. jlynn... I also lived in a 69 single wide for a couple of years. Gold living room shag. =+P Brown in the bedrooms but green shag in the closets and under the bathroom cabinets. Not just green... olive green with little threads of seamist green here and there.
I wonder if the original poster would care to share the interest rate and points charged on the mortgage???
Ok, I can think of Arson, but what's the other way? I cannot believe that the "experts" here are congratulating the original poster without first asking what the interest rate and points are on the mortgage. I guess you cannot go wrong at any interest rate. After all, you'll make it up on the depreciation, right?
Never understood "point" talk. Our interest rate is 11%. We were told that manufactured home lenders charge a higher percentage rate yet when we tried to pre-qualify for a stick built in May they told us they couldn't get us in for under 11.5%. Now we are being told that when the land becomes available and we roll everything into the land/home package we should actually qualify for closer to 7-8ish% with our current scores.
You might want to get everything in writing before you proceed. Mobile home lenders are notorious for lying to customers about their interest rate, points, closing costs, etc. Ask the lender for a 'Good Faith Estimate." They'll know what one is. If they won't give you one, RUN away from the deal. 'Points' are a fee that you pay up front to close the loan. One point reporesnts one percentage point of the home's value. In other words, if you have a $120,000 mortgage, and you paid one point, you would pay $1,200 (1% of $120,000). I have seen mobile home loans with 5 points. Some of the sleazy lenders will even bury the points in the loan, since most borrowers don't have the 5 points in cash up front. You are going to want to know these things before you commit yourself to buying the house, putting down a deposit, etc. The good faith estimate will spell everything out for you. Also, bring it to the closing. If the good faith estimate doesn't match your actual closing statement, refuse to sign the documents until it does.
too much.... with all due respect, butt out. I don't want to hear about how you think this is a mistake or that is a mistake. I am not an idiot who blindly walked into this situation. My DH is a seasoned investor and by the end of the summer we stand to make roughly $40,000 in equity. So take your "depreciation" crap and negativity and hijack another thread.
Everything is already done. Paperwork signed. We paid a straight 10% down. Our payments are already set. In light of the opportunity 10% down was a mighty good investment. We move in next weekend and already have the keys.
