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rdlangston13
10-10-2012, 01:19 AM
We spend so much time on the water why not buy a place 30 seconds from it instead of 2 hours?? That is what we are considering. The neighborhood that Heidi's families lake house is in has a place for sale, it belonged to an older couple who died (not in it i don't think) and they had it donated to the Houston Livestock Show and Rodeo. So the place is not waterfront but probably 200-300 yards from Heidis folks place and we would have access to their new fancy shmancy boat house, it has a huge storage building/carport with three walls that would easily hold the boat and I would enclose the front with a door. The place is nothing spectacular but they are only asking $53,000. Single wide trailer 3 bed 2 bath. Here are some pictures.

http://i1130.photobucket.com/albums/m523/rdlangston13/house1.jpg

http://i1130.photobucket.com/albums/m523/rdlangston13/house2.jpg

http://i1130.photobucket.com/albums/m523/rdlangston13/house3.jpg

http://i1130.photobucket.com/albums/m523/rdlangston13/house4.jpg

C.Hern5972
10-10-2012, 06:25 AM
Where is this at

moombadaze
10-10-2012, 06:54 AM
I'd be all over that.

chawk610
10-10-2012, 07:19 AM
Agreed... no shame in that place. If nothing else, consider it a lake house.

BensonWdby
10-10-2012, 07:43 AM
Cheaper than a new boat and sleeps six.

Just make sure you know how old it is and what the local ordinances are regarding selling a mobile home. A couple of urban legends I thought I had heard: 1. Mobile home only depreciate; 2. There is a fixed number of times a mobile home can be resold. Both are probably false - but worth checking into.

Thoroughly inspect the roof and cieling for water intrusion. Look for soft spots in the floor along the walls - especially around the doors.

Good luck

mmandley
10-10-2012, 08:57 AM
Not bad Dave, id talk to a bank first. I know in OR and i assume this is most places you cant pull financing on land with a home like that unless you have a HUGE down payment.

In OR they wont lend money on land unless you have 30% down. If its a home like that then its 50% down.
Me and Claudia were looking into something like that originally thinking we could get 5 acres and a big shop already on it, then in a couple years move the trailer and have a custom home built. The down payments were killing the deal. This is why we went to build a custom home where we did. Trailer homes are a lot harder to finiance.

kevkev
10-10-2012, 09:53 AM
I agree with Benson about the fact that the home will likely only depreciate. However the property shouldn't, so as long as you look at it as an investment on only the property (and having a place so close to the water which is awesome) then you should be fine. If you do it you can just have everyone camp at your place for the Jam next year.

KG's Supra24
10-10-2012, 10:16 AM
Benson, possibly what you heard was you cannot move a trailer more than so many times? I believe when we did something similar it was recommended that a mobile home not be moved more than 3 or 4 times. There may be laws regarding the number of times it switches owners but that would surprise me.

Financing will be a little tougher. However, shop around, there are banks that specialize in those loans.

Trailers, for the most part, do depreciate but that doesn't mean its a bad investment. Separate the values and see how good of a deal you are really getting. You can get a brand new single wide for 30k'ish and trailers have come a LONG ways since then. So can you buy a lot around there for 25k? Are there even lots available (typically the case around lakes)?

sandm
10-10-2012, 10:17 AM
as mentioned. consider on the price of the land and outbuildings as the home will depreciate to the point that it's worth a few k's.
just from the pics you posted, it doesn't look to be in bad condition and would have a lot of life left in the mobile. if the land/buildings appraise out for within 10k of the asking price, I'd be all over it.
you also can't put a price on proximity to family and the good times you will have..
looks like a very nice place to hang a hat for a while..

jmvotto
10-10-2012, 10:32 AM
traditional financing is unlikely so be careful.

wolfeman131
10-10-2012, 10:35 AM
David,

You've already gotten some great advice above. I agree, check into financing options before getting too excited. That mobile home looks a bit older and you might have difficulty getting a conventional loan. In most cases, mobile homes are like cars, trucks, boats, etc in that they are depreciating assets. You may find that's a cash deal.

But, looks like a great place & location, so hope to hear that you can get it all worked out. Keep us posted.

tarheelskier
10-10-2012, 10:56 AM
Agree with all said above. Personally, being that close to the water, but not having a boat house would kill me. Is there any option to keep your boat in Heidi's family boathouse, or expand it (within local ordinances, of course). That's the one thing I could see regretting if you are that close to the water...just my .02

rdlangston13
10-10-2012, 11:45 AM
Chris, the location will remain top secret haha. The mobile home I believe is just a few years old. Financing is the one road block that we can think of but there are a bunch of banks in the local town that deal with mobile homes so they would most likely be our best bet


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jpetty3023
10-10-2012, 02:52 PM
I'd be all over it considering all the above mentioned advise. place looks great, it's only you and Heidi for the time
being so no kids to finance. shoot, 53k home means new boat to!!!


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rdlangston13
10-10-2012, 04:30 PM
Oh and the home was built in 2008 so in theory it should be in good shape still


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rdlangston13
10-10-2012, 08:03 PM
Ok so now we have found an actual slab home in a neighboring subdivision that is a little nicer subdivision. This one was built in 2003 and is actually two lots, the house is on one and the other has not yet been cleared but I assume a shop could be placed there. Still a water front neighbor hood but no quick access to the in laws boats house


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rdlangston13
12-03-2012, 05:45 PM
So today we went and viewed three more homes in Katy and tonight we will be meeting with our realtor to put in an offer on one. We eliminated two just by the school they feed into. The one we plan on putting an offer in on feeds into Katy High School and anyone from Texas who knows anything about High School football knows who the Katy Tigers are.


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jpetty3023
12-03-2012, 08:18 PM
Pics?


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rdlangston13
12-03-2012, 09:27 PM
Here yah go Jason

http://i1130.photobucket.com/albums/m523/rdlangston13/2A359DBC-024C-4D61-B52E-E7349F0DC570-577-00000062878573E1.jpg

http://i1130.photobucket.com/albums/m523/rdlangston13/BD8FC549-7BE7-4F7B-961B-D342E6E8CE2E-577-000000628F86627F.jpg

http://i1130.photobucket.com/albums/m523/rdlangston13/3045BCB5-11F9-4C29-AC89-999BCADB5C85-577-000000628BA7B85B.jpg

http://i1130.photobucket.com/albums/m523/rdlangston13/76C2CD17-7646-4E18-9333-1E4761E37A60-577-0000006291A4F0D1.jpg


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rdlangston13
12-03-2012, 09:29 PM
And a few more

http://i1130.photobucket.com/albums/m523/rdlangston13/1F189B3B-5110-4A96-95C1-3314F3054390-577-0000006293843A0B.jpg

http://i1130.photobucket.com/albums/m523/rdlangston13/210CE214-EEDA-4DD4-B6D1-86CE7D9F2C94-577-00000062A04608E3.jpg

http://i1130.photobucket.com/albums/m523/rdlangston13/0A667927-93FD-4FB2-8FC4-2DAA81D2DD70-577-00000062A26AF2DD.jpg

http://i1130.photobucket.com/albums/m523/rdlangston13/31ACDE8F-F102-48A9-9601-C540D86486D0-577-00000062A8A45C47.jpg


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jpetty3023
12-03-2012, 09:46 PM
That's a great looking place David. Grass nice and green to, good sign that the prior owners took care of the place. Throw you a nice covered patio in the back yard and your all set. Fingers crossed y'all's offer gets accepted!


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rdlangston13
12-03-2012, 09:59 PM
Thanks man, yeah the landscaping is very nice, they did a good job with it. A covered patio is on our planned rennovation list as is stainless steel appliances and new light fixtures / ceiling fans


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deerfield
12-03-2012, 11:06 PM
David - Nice. Real nice. I'll be right over. - Deerfield

rdlangston13
12-03-2012, 11:22 PM
We put an offer in about 10% below their asking price and my dad is telling me we should have went 20%. Who knows I guess.


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bergermaister
12-04-2012, 12:55 AM
Sweet place. Would look even better with a bright blue boat in the driveway...

rdlangston13
12-04-2012, 01:38 AM
Sweet place. Would look even better with a bright blue boat in the driveway...

Think the HOA would throw a fit about that!


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bergermaister
12-04-2012, 01:49 AM
Perfect way to introduce yourself to the neighborhood. Pull the boat in, fire up the stereo for a little tower speaker tuning. Throw a few empties out of the boat into the yard. Classy stuff.

wolfeman131
12-04-2012, 09:47 AM
That's a great looking place David. Grass nice and green to, good sign that the prior owners took care of the place.

Agreed! Hope to hear good news on this.


Pull the boat in, fire up the stereo for a little tower speaker tuning. Throw a few empties out of the boat into the yard. Classy stuff.

Love it. Make sure the video is running.

kaneboats
12-04-2012, 10:25 AM
Looks like a very nice place to start a FAMILY!

sandm
12-04-2012, 11:51 AM
looks nice.. good luck..

mmandley
12-05-2012, 09:11 AM
Awesome Dave thats a great looking place man. I hope your getting a great price on it man.

Does the boat at least fit in the garage?

That was the reason we had to go custom, we couldnt afford the homes in Oregon with a big enough garage and the ones we could afford the garage was too small.

So we have to go custom.

kaneboats
12-05-2012, 11:07 AM
Boat doesn't fit in the garage at my new house but I bought it anway cuz it's a 3 car and I can just turn her sideways. Got her tucked against the back wall across two bays now for the winter.

mmandley
12-05-2012, 12:35 PM
Boat doesn't fit in the garage at my new house but I bought it anway cuz it's a 3 car and I can just turn her sideways. Got her tucked against the back wall across two bays now for the winter.

Then see she fits. My point was that no way i was going to buy a new home and not store my boat at home in the garage.

E4NASH
12-05-2012, 04:30 PM
Then see she fits. My point was that no way i was going to buy a new home and not store my boat at home in the garage.

^THIS! When we are back in the market this and a basement are an ABSOLUTE must have!


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rdlangston13
12-05-2012, 11:37 PM
Well they are not coming off the price as much as we'd like so we will see what happens. The boat would not fit in the garage, it's too tall.


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mmandley
12-06-2012, 08:37 AM
Well they are not coming off the price as much as we'd like so we will see what happens. The boat would not fit in the garage, it's too tall.


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Then it would be a deal breaker for me man. I bet your paying 100 or so to store it off site? You could use that in the mortgage payment and find a better garage or RV pad for the boat yea?

kaneboats
12-06-2012, 09:09 AM
I am assuming you have your pre-approval and earnest money, etc. Sometimes you have to make them take you seriously before they will deal. Still, the fact the boat doesn't fit would make me keep shopping. Lots of houses out there. Don't be afraid to find the perfect location and a house that needs some work then make it your own just the way you want it.

rdlangston13
12-07-2012, 03:07 AM
Then it would be a deal breaker for me man. I bet your paying 100 or so to store it off site? You could use that in the mortgage payment and find a better garage or RV pad for the boat yea?

We ride 110 miles from where we live one way, I store the boat 2 miles from our lake house. If I had to tow back and forth everytime we went up there I would easily pay for more in fuel than I do on storage unit. My storage is around 38 bucks a month and I have yet to find a house in our area with a garage that would fit it. Sad to say.

In any case it's a false alarm, they won't come off as much as we want to make it worth our while. For how pretty the house is we would want to make some major changes to it that would cost big and we feel we can get something already set up how we want for for less than what it will cost us to purchase this place and make the changes.

This house backs up to major road that generates noise, has little to no back yard, and no covered patio area. The kitchen is dated white appliances, laminate counter tops, and single pane windows all around. The light fixtures are dated and need to be changed, and the bathroom sink is about 6 inches shorter than normal and will need to be changed. The kitchen cabinets are also low in quality and one or the doors is already broken.

This is all stuff that we can live with but we would like to change and would eventually but for a little more money we think we can find something with the above issues already addressed. So due to the seller not willing to come off as much as we'd hoped the search continues!


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kevkev
12-07-2012, 08:01 AM
Have you looked at any houses in lakes of Katy? Almost your own private lake.

rdlangston13
12-07-2012, 09:06 AM
Considering the lots in lakes of Katy are about what my entire budget is, no, I have not looked there.


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jpetty3023
12-07-2012, 09:25 AM
sounds like you don't really like the place David so it may be a good thing the sellers aren't budging. a home will be your biggest investment and you should instantly fall in love with it. don't wanna make a 100k + mistake


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mmandley
12-07-2012, 11:52 AM
sounds like you don't really like the place David so it may be a good thing the sellers aren't budging. a home will be your biggest investment and you should instantly fall in love with it. don't wanna make a 100k + mistake


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Sound advise man.

I know my first home i liked it but didnt love it. I had to look at it a couple times and then do a lot of bartering to get the deal that made me happy. In the end i was thinking Numbers the whole time.

After we moved in a did a lot of easy stuff, rewired the house, repainted everything ceiling to floor, new carpets in the entire house, new applinces, new hardware for the cabnets.

Later i removed the 2 single garage doors and had a custom built double garage door, then gutted the garage, rewired it, insulated all the walls, redrywalled it.

In the end i spend close to 30K on all the work i did.

I still never liked the house, the houseing market crashed and i lossed everything i invested. Sold the house at a loss just to get out of it.

The second house we had built im not IN LOVE with the house its self, but i was able to get all the things i wanted, huge garage, RV pad, nice front and back yard, nice colors, and a great floor plan for parties. My only real complaint is the bedrooms and bathrooms are smaller then i wanted.

Ill fix that with the next custom house.

I feel when you walk into a house that you want to buy it should WOW you in everyway. You should be willing to pay the full asking price. Just always start your offer 20% below the asking price and work it till your happy with the deal.

At your age, you will buy several homes, so get used to knowing exactly what you want and how to get it.

If the house doesnt have everything you want, write up a + - chart and give everything a value of 1-3 then use the end numbers to really see what house you want.

Also make the list of + - for you and Heidi and each fill them out seperatly without each others help.

This will also help you both understand whats really value added to each of you. You might be surprised what she thinks is really important to her and what you think is important to you.

I knew the garage and outside was to me, and i knew the dinning and kitchen were to Claudia. What i didnt relize is the bedrooms and bothrooms are important to me. I think she secretly figured out the garage and RV pad are important to her.

I know she loves parking in the garage, and she loves on boating days we come home back the boat onto the RV pad and we are done till the AM.

I love that too LOL

bergermaister
12-07-2012, 02:18 PM
Offering 20% under asking price? I think y'all are smokin crack. Unless your area is absolutely flooded with available properties. I'd be insulted with an offer like that if I were selling, distressed or otherwise.

mmandley
12-07-2012, 02:46 PM
Offering 20% under asking price? I think y'all are smokin crack. Unless your area is absolutely flooded with available properties. I'd be insulted with an offer like that if I were selling, distressed or otherwise.

OK maybe not 20% LOL. Guess im used to the amounts off i get for my vechicles and boats LOL

I know our new home was listed at 195K + 8K in closing costs.
We paid 180 and no closing costs.

Thats 23K off and thats 11% savings. When numbers get to the 100K range the percentages are biger then they sound LOL

wolfeman131
12-07-2012, 03:39 PM
Offering 20% under asking price? I think y'all are smokin crack. Unless your area is absolutely flooded with available properties. I'd be insulted with an offer like that if I were selling, distressed or otherwise.

Depends on the market, motivation level of owner, appraised value of home, etc. And, as a buyer, I could give a crap if you're insulted b/c had you said "yes," then I got the deal I wanted. It's a buyer's market, David. Offer low & counter until you hit your threshold, then walk away to the next one. If you've found the house that you absolutely have to have, then fight a bit harder.

To Mike's point, be sure you include eveything in the deal. If you were @ 20% less than asking, but going to pay closing costs and take the house "as is," then that may not be as a bad deal for the seller vs paying asking price and they have to cover/make repairs and cover closing costs.

Lots of things to negotiate. Play the game well and you'll win.

rdlangston13
12-08-2012, 01:48 PM
We keep getting told that by law the seller can only pay 3% of the homes value in closing??


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jpetty3023
12-08-2012, 02:00 PM
unless law has changed in last 3 years that's a flat out lie.


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rca
12-08-2012, 02:45 PM
David are you working with a real estate agent? Are they telling you the 3% law?

wolfeman131
12-08-2012, 03:53 PM
We keep getting told that by law the seller can only pay 3% of the homes value in closing??


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Might be in TX or with lender you are using, but on a home I bought in GA less than 2 yrs ago, i negotiated the seller (the bank in this case) to pay 100% of the closing costs. Check around as I think you're being fed a line of crap.

jpetty3023
12-08-2012, 06:02 PM
correct wolfey. I closed 3 years ago and paid no closing costs. seller took it all!


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rdlangston13
12-08-2012, 09:42 PM
David are you working with a real estate agent? Are they telling you the 3% law?

Yes, this is what our agent was telling us. Sounded odd to me as well.


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maxpower220
12-08-2012, 10:25 PM
I'm sure laws vary from state to state, but almost every new development in FL and OK advertise that the seller(the builder) pays all closing costs.

Ask to see any strange sounding law in written form.

rca
12-09-2012, 10:12 AM
I looked a bit and it looks like that is an FHA guideline implemented after the subprime issues. Looks like if you put less than 10% down the seller can pay up to 3% of the value of the home in closing costs. If you put down more than 10% they can cover up to 6%.

rdlangston13
12-09-2012, 05:02 PM
Is that on FHA loans only? We were going with the conventional mortgage.


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wolfeman131
12-09-2012, 08:54 PM
These may help to clear it up:

http://my.chicagotribune.com/#section/-1/article/p2p-71591773/

http://www.valeriespringer.com/2012/01/sales-concessions-and-seller-paid.html

kaneboats
12-10-2012, 01:16 PM
Good stuff in those articles. Lender guidelines are not "law" but often get quoted as such.

When someone gives you the "by law" or "under the law" BS, ask them for the citation to the statute or case and go look it up. PM me if you ever need any help.