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Question, Looking to buy a mobile home...advice?
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tigercreekgifts



Posts: 6293

PostPosted: Tue Mar 25, 2014 5:42 pm    Post subject: Question, Looking to buy a mobile home...advice? Reply with quote

I'm looking into buying a mobile home for a few reasons.

1) This will be the first home that I personally own so I don't want to get into anything that's more than what I can handle.

2) Mobile homes are cheaper so it wouldn't take as long to pay one off than let's say, a $60,000 permanent structure home & I don't want to be paying a mortgage for the next 30 years! I would not be comfortable doing that in this current economy. Anything could happen over 30 years time. People get laid off unexpectedly all the time.

I checked out a few mobile home retailors & they either don't sell used homes or they do but you can only get financing on a new home. I don't object to buying a new mobile home it's just that the monthly payments would be higher than what I want to spend. The price for a new single-wide mobile home around here starts at $23,999 & goes up as high as $31,000 depending on what amenities you need. Are there places that actually do allow financing on used mobile homes? I just don't know where to look or what exactly to search for because I'm a "virgin" home buyer. Laughing

I also thought that if no one would let me finance a used mobile home that I could get a small bank loan but I heard that most banks will not give you a loan on a used mobile home & that many of them won't even give you a loan on a new mobile home. Is that true? I guess they see them as worthless since they depreciate in value over the years.

I would just buy a used one for sale by an owner, pay cash flat out & fix it up over time but, everything I've found for around $4,500 to $10,000 is a piece of junk not worth the time or money. All the plumbing & electrical wiring is missing, or half the walls or missing, or they have severe water damage & I also looked at one that someone had went through & spray painted profanity & indecent pictures all over the walls. So I'm not really sure where to start.
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theartsandlettersofmaggiethecat



Posts: 2097

PostPosted: Tue Mar 25, 2014 6:04 pm    Post subject: Reply with quote

Mobile homes are full of chemicals and artificial materials. If you have allergies or asthma they are not places you should call home.

If you live alone consider that you will have to do the renovations yourself or rely on people who may know or not know what they are doing.

Are you planning on having the trailer in a trailer park or buy a lot with city services you can hook up to? Sometimes well maintained trailer parks have used trailers for sale or they are selling them for the owners who have passed on etc.

If you have a good relationship with your bank, you should go talk to them and see what they will do or not do before you spend a lot of time going down a dead end road.
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cosmicray



Posts: 7025

PostPosted: Wed Mar 26, 2014 9:02 am    Post subject: Reply with quote

One word ... maintenance.
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tigercreekgifts



Posts: 6293

PostPosted: Wed Mar 26, 2014 5:52 pm    Post subject: Reply with quote

I know they require a lot of maintenance, I have lived in a mobile home before. My dad & brother are both skilled mechanics, electricians, expert plumbers, my dad is also excellent at carpentry & farming so, I was taught quite a few things growing up as far as maintenance goes. I love learning new things so I found myself constantly watching my dad work & asking him for pointers while growing up. So maintenance will not be an issue.

The trailer I lived in for a few years with one of my friends, hardly needed any repairs (if any at all). We had to have coolant added to the AC once but that was about it & that trailer was 23 years old. I'm young, still kind of starting out on my own so you have to begin somewhere right? I only have 6 years worth of credit history, my rating is great, but not having a long enough credit history limits me on what kind of financing I can get since I have never financed anything before, so I have to start small & work my way up.
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maggiethehousecat



Posts: 2401

PostPosted: Wed Mar 26, 2014 6:02 pm    Post subject: Reply with quote

Again I say visit with your bank and ask what kind of mortgage you would qualify for. If you are young and employed and have 6 years of good credit, you might be surprised. However if you are living off your internet earnings, since those are variable, you might not qualify for anything.
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tigercreekgifts



Posts: 6293

PostPosted: Thu Mar 27, 2014 11:33 am    Post subject: Reply with quote

I do make other income in addition to my online earnings & my employer allows me to work from my home office (well, it's not my home. I'm staying at my mom's until I can find something of my own but I have a small office set up here). I'm also getting ready to set up at the local flea market again only this time I am on the list for an inside booth so I can have a little brick & mortar set up. The inside operates year round on the weekends so eventually I will have extra income from that source as well.

I always pulled in an extra $600-$650 while working at the flea market before & I only worked 4 days each month, my inventory wasn't that good back then, plus I had an outside booth so my selling months were limited each year. I figure if I have a permanent inside set up this time & work 8 days a month plus I have a better inventory now, that I should be able to pull in a decent amount of extra income plus, I can work year round & just before Christmas too which is a bonus, it gets so packed in December that there's hardly a place to park!
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cosmicray



Posts: 7025

PostPosted: Thu Mar 27, 2014 6:03 pm    Post subject: Reply with quote

I would suggest you investigate Habitat for Humanity. They have plans where you help to build homes for other people, and eventually you can get one built as well. I believe the payment numbers are quite attractive.
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tigercreekgifts



Posts: 6293

PostPosted: Thu Mar 27, 2014 7:18 pm    Post subject: Reply with quote

cosmicray wrote:
I would suggest you investigate Habitat for Humanity. They have plans where you help to build homes for other people, and eventually you can get one built as well. I believe the payment numbers are quite attractive.


Didn't know that. Might be worth a look. I thought that was only for people who homes were destroyed in disasters or for really impoverished people.
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thelivesandlovesofmaggiethecat



Posts: 9891

PostPosted: Thu Mar 27, 2014 11:28 pm    Post subject: Reply with quote

Habitat for Humanity is for people who do not qualify for mortgages. You do volunteer work for them for a time and then they get to work on a house for you. The wait is long in some areas and single people are probably not at the top of the list but it is a good organization if you qualify.
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TyreeTrading



Posts: 1608

PostPosted: Sun Mar 30, 2014 6:30 am    Post subject: Reply with quote

Tiger,
Most Habitat for Humanity chapters run seminars on home buying and maintenance. You should look and see if the one near you has classes open to the public and take them. They teach budgeting etc as well.

You do not have to get a 30 year mortgage when you purchase a home. There are 15 years mortgages available, as well as 20 year mortgages.

Your first purchase will probably not be your first purchase. We are actually on our third house in 40+ years. Each one had a 30 year mortgage.

Now is the time to start saving that down payment. The more you have, the less the mortgage/loan amount. You also need to be working on your credit score and credit usage. Pay attention to the income to debt ratios.

Trailers are depreciating assets - the value goes down as they age. And you are at the mercy of the lot owner. And the town, should they decide to close the trailer park.
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tigercreekgifts



Posts: 6293

PostPosted: Mon Mar 31, 2014 3:58 pm    Post subject: Reply with quote

TyreeTrading wrote:
And you are at the mercy of the lot owner. And the town, should they decide to close the trailer park.


That won't be a problem. My mom owns an 89 acre black angus farm & she is going to deed me out a small piece of her property. She did that for one of my siblings also so, If I got something like a mobile home or maybe even built a small home, it would be sitting right next to all of my immediate family members. But I don't know what I'll do yet, gotta look into all of my options.

Thanks for all the tips ladies & gentleman (did any men even post in this thread?). Anyway, like I said I'm young, still learning about all this stuff, still slowly but surely building up a good credit history.

One more thing, I heard that some people try to take advantage of you if they know you're a clueless first time home buyer. Is there anything I need to know to avoid getting sucked into something I can't get out of?
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maggiethehousecat



Posts: 2401

PostPosted: Mon Mar 31, 2014 5:36 pm    Post subject: Reply with quote

Have a professional appraiser go over the place with a fine tooth comb before you sign or buy anything. But you are no where near ready for that. Surf the internet, hit the library and read about buying your first home, buying trailers, etc.
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thecheapskirt



Posts: 2123

PostPosted: Tue Apr 01, 2014 7:38 pm    Post subject: Reply with quote

The best advice I can give anyone buying a home is do not commit to more than 30% of your income for housing. That includes payment, interest, taxes, insurance, and a fund set aside for maintenance/repairs.

Banks will approve you for much higher amounts than you should reasonably borrow. I was approved for a $300,000 home and that was ridiculous. I paid just under $100,000 for mine (sold it for a tidy profit too right before the market collapsed). If I'd have taken a $300,000 loan I wouldn't have paid much of the principal (I always paid a little more than what was due on each payment) and I could have even been one of those homeowners struggling to make payments who lost their home.

My fiancé owns the house we are currently living in and he is upside down on his mortgage as the property values declined here as much as 50% due to all of the fracking wells they have put in, the crime, and just the decline of the housing market in general (half the homes in our neighborhood were foreclosed on and are now being rented out by the banks to questionable people--drug dealers, etc, and not being maintained). You really don't want that to happen because then you are stuck.
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TyreeTrading



Posts: 1608

PostPosted: Wed Apr 02, 2014 5:38 am    Post subject: Reply with quote

Tiger,

That's why I recommended the homeowner classes. There is so much to learn about how to get ready to purchase, even before you start looking.
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MoonwishesStore



Posts: 16588

PostPosted: Fri May 02, 2014 4:10 pm    Post subject: Reply with quote

Years ago following my divorce I bought a new double wide and had it go into a park. It was financed via a company that finances mobile homes, but you have more problems than just getting financing. Insurance companies aren't happy to sell you fire insurance and you know how fast a fire can wipe out a mobile home. If you are in a park you also have to deal with the crazies. Some kid across the street came over once and jumped on and smashed down all the mums I had planted only a week or two before. When I went to speak with his mom about it her excuse was he had leukemia and couldn't help it!!!!!!!!!!!!!!!!!!!!!!!! then there was the guy and his son playing football on my yard near MY windows and when I told them to leave, they didn't think they had to as apparently they figured their lot rent entitled them to use any ones property at any time. Very frustrating to live so jammed in with other people. When the kids next door wear running around in their house I could feel the vibrations in my floor.

The double wide itself I loved, but I hated being in that park and to have it on my own lot would have cost way more than I could have afforded.

It sounds like you really need to save some more and to be able to buy a stick built house. There are even programs depending on your income to help with that. The woman that bought our home before we moved here got it through Section 8 and until that time I only thought they dealt with rents. Pain the back for us as sellers, but she apparently got a good deal and had work done that we couldn't afford to have down while we lived there.
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