alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
A $50k mortgage is less than what a new mobile home and a sliver of park land costs.
How much has that mobile home appreciated though and can you build anything you want on that property?
I can understand buying a nice acreage and placing a trailer on it to pay off the land and then use that as equity to buy a modest home (if the community allows that, many do not)...if you does that there should be no reason they couldn't pay off in 15 years and be sitting on a nice asset.
The current home market is a bit of a fluke. Most people aren't screwed if they can wait it out another few years. These things are cyclic and everytime the new peak is more than the old one. The people that got really screwed are those that were trying to play Trump and bought in too high at the tail end, or held on to property too long thinking it was going to still rise. The big problem was it was like musical chairs, all the homes being built were being flipped back and forth by those that never intended to live in them...when the music stopped those without chairs were left holding the bag.
Svnla
Lifer
- Nov 10, 2003
- 17,986
- 1,388
- 126
You can get a decent brand new house in a nice neighborhood in North Dallas surb such as Plano/Frisco for around $100/sq ft from an established builder like Centex.
http://www.realestatebook.com/...ce=-1&CMaxPrice=200000
Houston is even cheaper, around $95. I think Austin is a bit higher than DFW and Houston.
http://www.realestatebook.com/...ce=-1&CMaxPrice=200000
Houston is even cheaper, around $95. I think Austin is a bit higher than DFW and Houston.
SlickSnake
Diamond Member
- May 29, 2007
- 5,235
- 2
- 0
LikeAnus said:
So what if I have a TV charged at Sears with no payments or interest for 2 years? Are you jealous? Your credit too bad to get a charge card of your own? The TV will be paid off before it comes due. Can most people say that of their house? You can't be sane and possibly compare a $1600 TV to a house worth 100xs that or more paid off in 30 years. And my CAR is also paid off. I posted here to give someone some good housing advice, as per the topic.
You are a pointless, thread flaming troglobite who stalks other ATOT users. Once a moderator wises up and realizes this, you are history.
So what if I have a TV charged at Sears with no payments or interest for 2 years? Are you jealous? Your credit too bad to get a charge card of your own? The TV will be paid off before it comes due. Can most people say that of their house? You can't be sane and possibly compare a $1600 TV to a house worth 100xs that or more paid off in 30 years. And my CAR is also paid off. I posted here to give someone some good housing advice, as per the topic.
You are a pointless, thread flaming troglobite who stalks other ATOT users. Once a moderator wises up and realizes this, you are history.
I'm a bit confused. Exactly how do you know my credit history? You also state I live in an RV. I've never made any statement like that. You're the one is sitting here telling everyone who owns their own home their stupid and what a great deal your mobile home is...lol.
No, I'm not jealous. I paid cash for the Plasma/LCD tvs in my HOME. You know, the one without the white walls?
SlickSnake
Diamond Member
- May 29, 2007
- 5,235
- 2
- 0
alkemyst said:
This is a city composed of about 60% mobile homes. The rest are houses. Houses can be built on the lots. Most lots are about 1/3 of an acre or more. Mine is about 1/2 acre. The city sits in the middle of a lake, on a peninsula. The property values are going up, along with the land values, since this is near a major city. I could have spent 3 or 4xs what I spent here and bought a nice mobile home already set up. Or I could have spent about 7 or 8xs what I spent and bought a small house. Obviously, I chose the cheaper path.
This is a city composed of about 60% mobile homes. The rest are houses. Houses can be built on the lots. Most lots are about 1/3 of an acre or more. Mine is about 1/2 acre. The city sits in the middle of a lake, on a peninsula. The property values are going up, along with the land values, since this is near a major city. I could have spent 3 or 4xs what I spent here and bought a nice mobile home already set up. Or I could have spent about 7 or 8xs what I spent and bought a small house. Obviously, I chose the cheaper path.
AgaBoogaBoo
Lifer
- Feb 16, 2003
- 26,108
- 5
- 81
For people who didn't purchase during the recent bubble, their homes are still probably worth more than they started with. If you bought a home for 300k in California 8 years ago and it went up to 1 million, but now the bubble burst bringing it down to 500k, they're still ahead by 200k compared to what they started with.l
Investing in a home is generally a secure option unless you get caught in a bubble like that.
If purchasing a mobile is what worked best for you, I'm glad you found that option and it all worked out, however, it isn't the option that's best for everyone.
ultimatebob
Lifer
- Jul 1, 2001
- 25,134
- 2,450
- 126
I'm not sure if you can even find a trailer park in Connecticut! I can't recall seeing one, anyway. Must be more of a Southern thing, I guess.
SlickSnake
Diamond Member
- May 29, 2007
- 5,235
- 2
- 0
BryanW1995 said:
Not entirely true. They can go up in value, depending on what the property is worth they are sitting on, and what improvements are made to the property and mobile home.
Also, the same tornado that would wipe out your house, like an F2-F5 would also take out my mobile home, obviously. Mobile homes in tornado zones in Texas are required to be secured by steel straps (which on newer homes go all around the mobile home, including the roof) and then secured into the ground with steel stakes about 1 yard long that are screwed into the ground or foundation at an angle. Mine has 22 of them securing it to the ground, 11 on each side. In a best guess, the frame would remain on the ground in a large tornado and the upper house would be wiped out, just like a regular slab house that is left with only a cement foundation after a tornado.
The only safe place in a tornado is in a tornado shelter.
Not entirely true. They can go up in value, depending on what the property is worth they are sitting on, and what improvements are made to the property and mobile home.
Also, the same tornado that would wipe out your house, like an F2-F5 would also take out my mobile home, obviously. Mobile homes in tornado zones in Texas are required to be secured by steel straps (which on newer homes go all around the mobile home, including the roof) and then secured into the ground with steel stakes about 1 yard long that are screwed into the ground or foundation at an angle. Mine has 22 of them securing it to the ground, 11 on each side. In a best guess, the frame would remain on the ground in a large tornado and the upper house would be wiped out, just like a regular slab house that is left with only a cement foundation after a tornado.
The only safe place in a tornado is in a tornado shelter.
Squisher
Lifer
- Aug 17, 2000
- 21,204
- 66
- 91
Although the term manufactured home is used to denote those homes moved on site via a trailer, some homes are manufactured in a factory and brought on site in modules.
An example of modular homes
These can be more reasonable than stick built.
An example of modular homes
These can be more reasonable than stick built.
That wasn't directed at you.
The people that made these comments are who it WAS directed at...
Who the fuck wants to live in a mobile home?
LMAO!!! You live in a mobile home.
He went with the Goodyear whitewall upgrade. Those all weather tires increase the price 3 fold!!!
Your house now being worth $38 isn't something I'd be bragging about!
compman25
Diamond Member
- Jan 12, 2006
- 3,767
- 2
- 81
1st, get the whole quote next time. I was joking with him.
2nd, my 1st house was a mobile home. Bought it for $48k. Worth over $100k now. Not because of the mobile home on the land, because of the land. Mobile homes don't appreciate in value, the land does.
3rd, paying off your home is stupid. Getting the tax breaks from the interest on a loan is much better than paying it off early.
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
Trust me the last thing the bank wants is your house. For most people paying of their house is the smart move. For those that could afford to buy it outright even if that meant liquidating other assets...it usually makes sense to keep it highly financed as the mortgage is the cheapest money you can usually 'buy' plus the added benefit of the tax shelter...even electing PMI makes sense now as it's all a write off unless you make too much money and some other restrictions.
Acutally, it started out more as "I'm better than you because I have a mobile home and you have a house".
OP, If you are dreaming of building your own custom home now is not the time. Most builders have not yet come to grips with the downward trend in home sales/values and still expect a large profit. Couple this with the same over inflated expected incomes of many of the subcontractors. This means that the custom house built today is not worth what it will cost you to build it.
Buy an existing house a few years old. Right now it is a buyers market so you should have your pick and may be able to negotiate a lower price. This may be easier from a builder who has a few prebuilts and needs to sell to pay his construction loans but you will mostlikely need to find one that is willing to sell with little or no profit. Also look for relocation companies looking to sell, they too may have more units to unload than they wish and pressures not to hold on to properties.
In about 5 years, the market should have swung so that builders expectations aren't unreasonable and values are rising.
Buy an existing house a few years old. Right now it is a buyers market so you should have your pick and may be able to negotiate a lower price. This may be easier from a builder who has a few prebuilts and needs to sell to pay his construction loans but you will mostlikely need to find one that is willing to sell with little or no profit. Also look for relocation companies looking to sell, they too may have more units to unload than they wish and pressures not to hold on to properties.
In about 5 years, the market should have swung so that builders expectations aren't unreasonable and values are rising.
Modular houses are the shit.... they make $1 million module homes now that are completely put together in 1 week with only a few weeks of wiring and plumbing. They go up so fast...
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