Author Topic: Housing.  (Read 45468 times)

Zoe

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Housing.
« on: June 04, 2013, 08:50:01 AM »
Alright Mustachians, I need opinions!

I am in contact with the owners of a property that is right next door to my parent's place. It is an older model (1980!) mobile home on a tad less than an acre. It has been vacant for 3 years while it's been in probate. The adult children are now the owners. I have contacted them and they are wanting to sell it. We met out there this past Sunday and checked it out. Needs a thorough cleaning, some minor repairs (from what I can see), but nothing too bad. They aren't sure how much they want to ask, so they are having an appraiser come out sometime (not sure when) to tell them about what it's worth.

Now, we are debt free, and have about $4K in savings along with around $11K in Roth IRA's. I really want to jump on this property as we actually like the much smaller house (2 bed 2 bath) as opposed to our monster 4 bed, 2.5 bath. And my parent's watch my son when my husband and I's work schedule over lap. I currently drive half an hour out of my way to drop him off about 1 week every month.

Moving here would reduce our expenses from $2,039 per month to around $1,200 per month. Our monthly take home is approx $2,988/month. It is also much closer to my husband's job.

My question is, should we use the Roth money to make this cash purchase*? I realize we would pay a tax penalty since the accounts have not been open for 5 years.

*We are estimating the property to be worth between $10K and $20K. My mom still has money left from her mom's passing and she offered to be a bank on any remaining money we needed. I also just got a message from the owner stating that the appraiser will be out sometime this week.

mlipps

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Re: Housing.
« Reply #1 on: June 04, 2013, 09:00:27 AM »
Unless the money is in your Roth from a conversion, there's no penalty for the withdrawal of contributions at any time.. It sounds like via the reduced expenses, the withdrawal could be worthwhile from a financial perspective.

bevathome

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Re: Housing.
« Reply #2 on: June 04, 2013, 09:02:02 AM »
While you can take out your Roth IRA contributions (not gains) tax-free at any time, you will lose the tax benefit of putting the money there in the first place.  I'd seek other options first.

Do you own or rent your current house?  If you own it, will you be selling it or renting it out?

Would you consider getting a loan to buy the new home?  I don't advocate debt, but if you can get a low rate and pay it off quickly, it might be better than taking money out of the Roth IRA.

mlipps

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Re: Housing.
« Reply #3 on: June 04, 2013, 09:04:53 AM »
While you can take out your Roth IRA contributions (not gains) tax-free at any time, you will lose the tax benefit of putting the money there in the first place.  I'd seek other options first.

Do you own or rent your current house?  If you own it, will you be selling it or renting it out?

Would you consider getting a loan to buy the new home?  I don't advocate debt, but if you can get a low rate and pay it off quickly, it might be better than taking money out of the Roth IRA.

Yes but they're saving $900/month. Zoe, if you didn't make this change, could you afford to fund your Roths for 2013? If you do make the change, can you then afford to fund the Roths for 2013? Remember, you have until April 2014 to do so. If so, it seems pretty clear cut to me, the only cost related to the withdrawal is a few months worth of gains from being out of the market.

Zoe

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Re: Housing.
« Reply #4 on: June 04, 2013, 09:21:43 AM »
While you can take out your Roth IRA contributions (not gains) tax-free at any time, you will lose the tax benefit of putting the money there in the first place.  I'd seek other options first.

Do you own or rent your current house?  If you own it, will you be selling it or renting it out?

Would you consider getting a loan to buy the new home?  I don't advocate debt, but if you can get a low rate and pay it off quickly, it might be better than taking money out of the Roth IRA.

We currently rent. I would consider a loan, except my husband is still a temp (he's been there 2 years, so it might be possible to get a loan) and getting a loan on a trailer is really hard to do.

Zoe

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Re: Housing.
« Reply #5 on: June 04, 2013, 09:25:23 AM »
While you can take out your Roth IRA contributions (not gains) tax-free at any time, you will lose the tax benefit of putting the money there in the first place.  I'd seek other options first.

Do you own or rent your current house?  If you own it, will you be selling it or renting it out?

Would you consider getting a loan to buy the new home?  I don't advocate debt, but if you can get a low rate and pay it off quickly, it might be better than taking money out of the Roth IRA.

Yes but they're saving $900/month. Zoe, if you didn't make this change, could you afford to fund your Roths for 2013? If you do make the change, can you then afford to fund the Roths for 2013? Remember, you have until April 2014 to do so. If so, it seems pretty clear cut to me, the only cost related to the withdrawal is a few months worth of gains from being out of the market.

If we didn't make this change, then we more than likely could not fully fund our Roths for 2013. If we do make the change, then we could absolutely fully fund them!

My husband is next in line to get hired which would bring around a $6/hr raise. I am in the running for a promotion which would bring about a $2.50/hr raise. Our savings rate would be awesome if we make this change and get promotions.

Megatron

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Re: Housing.
« Reply #6 on: June 04, 2013, 10:35:48 AM »
it seems to make sense for me to purchase it. with the amount of money and time (driving your child to grandma) you will be able to save a lot more and pay back Bank of Mom in no time. I would ask your mom to see how much she would be comfortable loaning you, that way you will take the minimum out of your Roth. with that saving rate you can pay back Mom within a year.

Zoe

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Re: Housing.
« Reply #7 on: June 04, 2013, 10:41:41 AM »
it seems to make sense for me to purchase it. with the amount of money and time (driving your child to grandma) you will be able to save a lot more and pay back Bank of Mom in no time. I would ask your mom to see how much she would be comfortable loaning you, that way you will take the minimum out of your Roth. with that saving rate you can pay back Mom within a year.

I agree. I HATE borrowing money from family, but at such a low price, we'd be able to pay her back without her realizing the money was ever gone. As soon as the appraisal comes back I'll have a better starting point.
« Last Edit: June 04, 2013, 12:40:06 PM by Zoe »

Rural

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Re: Housing.
« Reply #8 on: June 04, 2013, 04:07:02 PM »
We've just moved out of an older (1971) trailer that had sat empty for quite some time before we moved in four years ago. Check the floors carefully - if it's carpeted, poke around for soft spots.

. If you didn't look underneath, the trailer, do. You're looking for holes in the floor and for standing water or extensive mud. Holes and soft spots you can fix. If you have a swamp under there, consider carefully, and think about mold and your health.

Fortunately, 1980 is too new for aluminum wiring, so there's a worry you don't have. The trailer will likely have virtually no insulation, though, and odds are much of what it once had has been wet and isn't insulating any longer. Be sure you budget for much higher heating and cooling bills.

I don't mean to scare you off. An older trailer can be perfectly fine, and we did pretty well in one ten years older than the one you're looking at. Just be sure you think it through.

Oh, look into Kool Seal for the roof, even if its not leaking now. It will make a difference in the summer sun, and if it hasn't had it in three years, it's probably due in order to be sure the rain stays out.

Edited to clarify that I meant to look under the trailer, not to pull up carpets.

MountainFlower

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Re: Housing.
« Reply #9 on: June 04, 2013, 09:06:28 PM »
Having your son grow up next to grandma is so priceless.   What a blessing to him and her.  This seems like a win.  Would you eventually be able to build a house there? 

The loan from her could be win/win too.  If she's like my mom, her money is sitting in an account earning virtually nothing.  A loan from you at 3% or something would be much better. 

jamccain

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Re: Housing.
« Reply #10 on: June 04, 2013, 10:19:57 PM »
Mobile homes are  much cheaper and easier to repair (compared to stick built homes) so even if needed work I wouldn't be scared of it.  You could rip out the entire floor and put in a new one for just a couple K max.  Roof leaks, no worries, get the Kool Seal.  Windows...1/4 the cost of a stick built.  I don't think you'll get financing so you need a plan to get the cash together.  Family is probably your best bet.  You could also use private money if you knew somebody who had the cash to loan on it. 

I have two friends who keep rentals and they moved away from single family homes for mobile homes because they are so easy and cheap to maintain...not to mention cheap on the front end.

Zoe, what city/state are you in?

Zoe

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Re: Housing.
« Reply #11 on: June 04, 2013, 11:37:40 PM »
Rural, thank you so much for that info! I didn't notice any soft spots in the floor when we were "touring" it. We'll look underneath and whatnot next time we're over there.

I'm in Greenville, SC.

AlexK

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Re: Housing.
« Reply #12 on: June 05, 2013, 01:14:19 AM »
I would find a way to buy the place even if it means draining the Roth. I moved from a big house to a 1988 mobile back in 2008 and it turned out to be a great decision. Your negotiations could be tough though since the seller knows you really want the place. Let them know there are a few other nearby properties you are looking at as well.

Zoe

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Re: Housing.
« Reply #13 on: June 05, 2013, 08:34:57 AM »
Having your son grow up next to grandma is so priceless.   What a blessing to him and her.  This seems like a win.  Would you eventually be able to build a house there? 

The loan from her could be win/win too.  If she's like my mom, her money is sitting in an account earning virtually nothing.  A loan from you at 3% or something would be much better.

I "could" build a house there, but I don't want to stay in that location long term.

Rural

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Re: Housing.
« Reply #14 on: June 05, 2013, 09:00:30 AM »
Having your son grow up next to grandma is so priceless.   What a blessing to him and her.  This seems like a win.  Would you eventually be able to build a house there? 

The loan from her could be win/win too.  If she's like my mom, her money is sitting in an account earning virtually nothing.  A loan from you at 3% or something would be much better.

I "could" build a house there, but I don't want to stay in that location long term.

How long, then? You should factor that in as you consider the purchase.

I'd suggest assuming you can probably get ten to fifteen years out of the trailer if it's in good shape now, but not much more. They just aren't built to last forever.

Since you said you're in SC, I'll say again that you want to do the Kool Seal. If it's been three years since it was done, a new coat will be much more reflective than what's there already, and the place will stay cooler this summer. It's not hard to do. You'll likely need two five gallon cans and some deep pile paint rollers, which don't need to be the best quality you can find. This is a single use application. Get a very long extension pole. You don't want to walk on the roof of an older mobile home at all if you can help it.

Rural

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Re: Housing.
« Reply #15 on: June 05, 2013, 09:04:11 AM »
Oh, and there are cheaper store brand versions of Kool Seal, which work perfectly well as far as we could tell.

Zoe

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Re: Housing.
« Reply #16 on: June 05, 2013, 09:54:54 AM »
Having your son grow up next to grandma is so priceless.   What a blessing to him and her.  This seems like a win.  Would you eventually be able to build a house there? 

The loan from her could be win/win too.  If she's like my mom, her money is sitting in an account earning virtually nothing.  A loan from you at 3% or something would be much better.

I "could" build a house there, but I don't want to stay in that location long term.

How long, then? You should factor that in as you consider the purchase.

I'd suggest assuming you can probably get ten to fifteen years out of the trailer if it's in good shape now, but not much more. They just aren't built to last forever.

Since you said you're in SC, I'll say again that you want to do the Kool Seal. If it's been three years since it was done, a new coat will be much more reflective than what's there already, and the place will stay cooler this summer. It's not hard to do. You'll likely need two five gallon cans and some deep pile paint rollers, which don't need to be the best quality you can find. This is a single use application. Get a very long extension pole. You don't want to walk on the roof of an older mobile home at all if you can help it.

It's not the trailer or property that would influence my decision on how long to stay. It's the neighbors. We've had problems with them in the past. Well, one girl in particular. She's actually my cousin by marriage, heh. She's been in and out of jail. Drugs and whatnot. She is currently in jail for breaking into this trailer trying to steal stuff to sell for drugs. Her mom says she is exactly where she needs to be. I'd be willing to say I'd stay there for 5+ years.

Thanks for the tip about the Kool Seal. I'll definitely look into doing that. I'd also like to eventually gut the interior, insulate better and put up sheet rock.

jamccain

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Re: Housing.
« Reply #17 on: June 05, 2013, 08:30:52 PM »
When you are looking for soft spots concentrate on areas where water might have come into the home, like under a window.  Like I said before, even if they are there it's a fairly easy and cheap fix.

Rural

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Re: Housing.
« Reply #18 on: June 06, 2013, 04:25:50 AM »
When you are looking for soft spots concentrate on areas where water might have come into the home, like under a window.  Like I said before, even if they are there it's a fairly easy and cheap fix.

Agreed. Holes in the floor wouldn't (and didn't) give me pause about an old mobile home, just fix and stop the leak that's likely the root cause.

Zoe

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Re: Housing.
« Reply #19 on: June 08, 2013, 03:11:34 PM »
Thanks for all the info everyone! The appraiser has been out there. He's still putting together a price. Should know something by the beginning of the week, I would think. I've been looking at mobile home remodeling jobs online. Some of them are awesome! Completely gutted and redone.

Rural

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Re: Housing.
« Reply #20 on: June 08, 2013, 03:25:22 PM »
As you negotiate with the seller, remember they probably know you want the place, but also remember that probably no one else does. You're in a position of strength here because if you walk, they're stuck, and that mobile home is going to look like a liability, not an improvement, to most people.

Zoe

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Re: Housing.
« Reply #21 on: June 08, 2013, 06:05:16 PM »
As you negotiate with the seller, remember they probably know you want the place, but also remember that probably no one else does. You're in a position of strength here because if you walk, they're stuck, and that mobile home is going to look like a liability, not an improvement, to most people.

So true.

meadow lark

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Re: Housing.
« Reply #22 on: June 08, 2013, 06:57:57 PM »
Just a different perspective: We bought a 1976 double wide a few years ago.  Planned to save lots of money with it.  Didn't turn out that way.  Some was our stupidity, some was bad luck, changing desires, etc.  We bought a property, confirmed with the zoning office in person, with the address prior to buying that we could put a mobile on it, had the pad and driveway put in, bought the mobile in cash ($12,000) went to get the moving permit, were denied by the city.  Turns out our whole subdivision allowed mobiles, except our street, which did not have a "zone"' so it reverted back to R1, which allowed mobiles if they were 1983 or newer.    Then we decided it was easier to sell the property than the mobile, so we bought a new property in an area we liked better, on and on.  Did I mention it was 2007 - 2008...  Huge money wasting adventure.  Was an immense remodel, we over-improved and will never get our money back.  It's paid off, and if it wasn't a 30 mile commute each way I would happily live in it now.  Because we did a complete gut, and it is lovely.
  So I know many of our issues (placing utilities cost a fortune) won't affect you, but if you do this know you can waste a lot of money improving this house and never get it back.  And where I live, mobile home "parts" are more expensive than the equivalent in a stix and brix.  And no one you hire may know what to do in a mobile home.  Just remember, this is a depreciating asset.  Figure out what the vacant lot would sell for, and don't pay much more than that.

Rebecca Stapler

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Re: Housing.
« Reply #23 on: June 08, 2013, 07:30:19 PM »
Will you also get the land with your purchase? I have seen many mobile home owners face some really tough problems when they fell out of favor with their landlord. If the home is too old to move, they had to sell it to someone the landlord approved, which was difficult when all the landlord wanted to do was kick them off the property and tear down the mobile home to make room for a newer-looking one. Or, rent out the home themselves after buying it for dirt cheap from a homeowner who had no other options.

I'm not trying to scare you off, just to point out one of the big down sides to owning a mobile home and not the land.

I would also have the home inspected by someone you trust (who is not working for the seller), to check for mold and other pricey issues.

In your big plan, also remember (as meadowlark pointed out) that mobile homes are depreciating assets. Any money you put into it should be considered "rent," in the sense that you are unlikely to get it back when it comes time to sell it.

Zoe

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Re: Housing.
« Reply #24 on: June 08, 2013, 09:01:05 PM »
Meadow Lark, that sounds like a nightmare!

Yes, the land will come with the trailer. A 1980 trailer really has no value. So, I'm betting that the appraisal will be mostly land value. Around here an acre goes for between 10-20k give or take a bit. This already has utilities, but it's more out in the country. So, I'm really estimating 15K on the high side.

I realize any money I put into the trailer I won't get back. I get that. I won't dump thousands and thousands in it. Just enough to make it more like a "house" on the inside and some updates that can be done on the cheap. My family will help with repairs/updates so I won't have to hire any contractors. Of course, electrical will be done by an electrician if anything needs to be done.

I plan on someone doing a thorough inspection so I don't end up with a huge money pit.

Whenever I decide to move out, I was thinking of potentially renting it out. Real estate is my long term goal, so this would be a good starter property to get my feet wet.

Zoe

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Re: Housing.
« Reply #25 on: June 09, 2013, 08:04:50 AM »
I got a message from the owner this morning. She said the appraisal came back as "being close to $25K". Hmm. I had a realtor friend pull some comps but there was nothing sold in the last year in that area. What he did find was an average of $24K, but all those mobile homes were much newer. And one was on a river, lol. I think I'm about to ask him to take over negotiations. I'll get too emotionally involved. And $25K is too much. It's .89 acres and a 1980 trailer.

Zoe

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Re: Housing.
« Reply #26 on: June 09, 2013, 04:05:29 PM »
I offered $15K, as is. (I will get a home inspector out to make sure there aren't any huge problems.) Waiting to hear back.

Rural

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Re: Housing.
« Reply #27 on: June 09, 2013, 07:38:14 PM »
I thought 15k was what you wanted to pay? If you meet in the middle between your $15k and their $25k, that's $20k. Are you going to be okay with that?

You can see the appraisal, by the way. Just ask for a copy and say your bank needs it. Thats reeaonable and has the advantage of bing true, most likely. That will give you a better idea of what "close to 25k" means.

Also, yes on the inspector, and drop your offer if/ when he finds problems.

Best of luck!

Zoe

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Re: Housing.
« Reply #28 on: June 09, 2013, 08:20:55 PM »
$15K would have been ideal. She shot it down though without a counter. So, I asked what her counter was. I haven't heard back. $20K would be absolute tops.

Rebecca Stapler

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Re: Housing.
« Reply #29 on: June 10, 2013, 02:11:03 PM »
I'm sorry it's not working out for the price you want to pay. If that's your top limit, keep that in mind and don't budge. I wouldn't be surprised if they came back to you in 2 months, ready to agree to your offer.

Zoe

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Re: Housing.
« Reply #30 on: June 11, 2013, 09:37:16 AM »
She messaged me last night saying that she has talked with her brothers but they haven't agreed upon a counter. And one of the brother's is actually wanting to list it with a realtor. My top price (my mom has agreed to) is $20K. She would even be willing to go to $22K just to have us next door (she is still dealing with the side effects of leukemia treatment). $22K is too much in my opinion. $20K is the absolute tops I feel it is worth.

Rollin

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Re: Housing.
« Reply #31 on: June 11, 2013, 10:19:55 AM »
I realize any money I put into the trailer I won't get back.

Except for improvements that lower your energy and other utility costs.  These can be significant savings.  These can definately be "investments."  Just prioritize best bang for the buck type things first.  Also, with an acre of land you can do some great vegetable growing and chicken raising, but that's for another post!

Also, if they hire a Realtor their costs go up.  They should work with you now, but often when you have multiple owners (siblings) they all want a certain amount that add up to higher than the property is worth.  I see that often.  Make up your mind to walk away at a certain price point - no attachment to it either way - and that may help remove the emotion from this.  I love emotions, but not when purchasing a property.  They tend to cloud things up a lot (not thinking clearly in other words).

Good luck.
« Last Edit: June 11, 2013, 10:24:07 AM by Rollin »

Rollin

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Re: Housing.
« Reply #32 on: June 11, 2013, 10:25:47 AM »
On more thing (my other post wouldn't let me edit again).  Can you buy a used trailer and move onto mom's property?  Or add on to her home/add an apartment, etc.

Zoe

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Re: Housing.
« Reply #33 on: June 11, 2013, 10:49:20 AM »
I realize any money I put into the trailer I won't get back.

Except for improvements that lower your energy and other utility costs.  These can be significant savings.  These can definately be "investments."  Just prioritize best bang for the buck type things first.  Also, with an acre of land you can do some great vegetable growing and chicken raising, but that's for another post!

Also, if they hire a Realtor their costs go up.  They should work with you now, but often when you have multiple owners (siblings) they all want a certain amount that add up to higher than the property is worth.  I see that often.  Make up your mind to walk away at a certain price point - no attachment to it either way - and that may help remove the emotion from this.  I love emotions, but not when purchasing a property.  They tend to cloud things up a lot (not thinking clearly in other words).

Good luck.

We have a garden now and would definitely have one if we moved there! My mom has a much larger garden and has chickens :)

Yeah, that was my first thought about them hiring a Realtor. Surely they know that. I was really hoping that they would just want to hurry up and offload this property since they have been dealing with it for the past 3 years, probate and all. And it's just not worth a whole lot.

On more thing (my other post wouldn't let me edit again).  Can you buy a used trailer and move onto mom's property?  Or add on to her home/add an apartment, etc.

Moving a trailer onto their land was actually offered to us by them, if this property doesn't work out. It would be significantly cheaper, but my husband is kind of against it. See, we live in a house that was bought by his parents for us to live in (we do pay rent. Although we pay probably 1/3 of the market value). And he feels that if we put a trailer on my parents property, that we'd still be dependent on a set of parents. But, I guess my mom loaning us several thousand dollars to get the other property is okay, lol. Irony.

Rollin

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Re: Housing.
« Reply #34 on: June 11, 2013, 07:21:51 PM »
...he feels that if we put a trailer on my parents property, that we'd still be dependent on a set of parents. But, I guess my mom loaning us several thousand dollars to get the other property is okay, lol. Irony.

A man's pride is a funny thing (assuming that is what you are referring to).  However, if it is offered (the trailer on mom's property) and you can save a lot of cash on the side it may get you to another (more private/independent) place quicker.  Also, being close to relatives can be a good thing if handled properly (if you don't get caught up in all the old family BS).  He can "repay" her by helping out on the property - being the "man" when it comes to stuff she can't do or has to pay someone else to do.  I guess I wouldn't have an issue with it if it were me - if I had an end point or goal to put aside all that would be saved for a better place or a better stash or financial independence, etc.

Zoe

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Re: Housing.
« Reply #35 on: June 12, 2013, 10:28:55 AM »
...he feels that if we put a trailer on my parents property, that we'd still be dependent on a set of parents. But, I guess my mom loaning us several thousand dollars to get the other property is okay, lol. Irony.

A man's pride is a funny thing (assuming that is what you are referring to).  However, if it is offered (the trailer on mom's property) and you can save a lot of cash on the side it may get you to another (more private/independent) place quicker.  Also, being close to relatives can be a good thing if handled properly (if you don't get caught up in all the old family BS).  He can "repay" her by helping out on the property - being the "man" when it comes to stuff she can't do or has to pay someone else to do.  I guess I wouldn't have an issue with it if it were me - if I had an end point or goal to put aside all that would be saved for a better place or a better stash or financial independence, etc.

Hell, a woman's pride (well, at least mine) is greater than his most of the time! But yes, I feel that taking my parents up on their offer would be financially quicker. And they watch our son most of the time. But there is usually some kind of drama that I'm trying to learn to handle/ignore.

I've been looking at free/nearly free trailers on craigslist that just have to be moved. We would also have to put a well and septic tank in.

Spork

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Re: Housing.
« Reply #36 on: June 12, 2013, 10:35:18 AM »
I've been looking at free/nearly free trailers on craigslist that just have to be moved. We would also have to put a well and septic tank in.

I don't mean to get you worried, but: have you asked neighbors about the expected cost of well/septic?  These can either be "not bad" or "holy crap" depending on your location.

Zoe

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Re: Housing.
« Reply #37 on: June 12, 2013, 11:16:41 AM »
I've been looking at free/nearly free trailers on craigslist that just have to be moved. We would also have to put a well and septic tank in.

I don't mean to get you worried, but: have you asked neighbors about the expected cost of well/septic?  These can either be "not bad" or "holy crap" depending on your location.

I haven't. My parents have a well & septic but it was there when they bought the house. I do figure that it would cost a fairly decent amount. If I feel that we're going to go this way, I'll definitely get some estimates before I commit to purchasing a trailer.

Zoe

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Re: Housing.
« Reply #38 on: June 17, 2013, 08:53:22 AM »
It looks like the owners are going to try to be greedy. She said they are asking $25K for the property. I told her good luck.

Rebecca Stapler

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Re: Housing.
« Reply #39 on: June 17, 2013, 09:32:37 AM »
It looks like the owners are going to try to be greedy. She said they are asking $25K for the property. I told her good luck.

Good for you for sticking to your goals! Maybe you will be able it for the price you want in a few months, after they realize they can't move it for that much.

Zoe

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Re: Housing.
« Reply #40 on: June 17, 2013, 09:48:37 AM »
It looks like the owners are going to try to be greedy. She said they are asking $25K for the property. I told her good luck.

Good for you for sticking to your goals! Maybe you will be able it for the price you want in a few months, after they realize they can't move it for that much.

Our top price is $20K. So, I just messaged her and offered that. She says she will ask her brothers. No way I'm going over that. Funny thing is that her son is in real estate...

I was in real estate myself a few years ago and $20K is the absolute tops. I hate even going that high. That's $10K we have to repay my parents. BUT we will be able to pay that off extremely fast.

Rural

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Re: Housing.
« Reply #41 on: June 17, 2013, 01:58:50 PM »
Good luck, and good for you for sticking to your guns.

FrugalZony

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Re: Housing.
« Reply #42 on: June 17, 2013, 03:35:06 PM »
I hope they come to senses!!
I understand you probably want to move quickly and realize you offered 20K already,
but I would have even left it at the 15K for a couple of weeks to see what they are saying
and let them think it over, in the meantime spread rumors about prospecting options
on your Moms property
Let them list it and see that there will be little response....and then move in with like 17k

In any case good luck!!

Zoe

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Re: Housing.
« Reply #43 on: June 18, 2013, 08:30:31 AM »
I hope they come to senses!!
I understand you probably want to move quickly and realize you offered 20K already,
but I would have even left it at the 15K for a couple of weeks to see what they are saying
and let them think it over, in the meantime spread rumors about prospecting options
on your Moms property
Let them list it and see that there will be little response....and then move in with like 17k

In any case good luck!!

I like that! :D  BUT, they have accepted the $20K! I'm freaking out, lol. I expected them to hold to the $25K.

We will have to borrow about $10K from my mom, but with the lowered monthly expenses (barring any major repairs that need to be made to the trailer for safety reasons), we should have her paid back in 7ish months.

FrugalZony

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Re: Housing.
« Reply #44 on: June 18, 2013, 08:51:56 AM »
YAY! Congrats!
So you are paying a bit more, but moving quickly!
I would do thourough inspection and if there's ANYTHING major, I would renegotiate ;)
Good luck!!!

Zoe

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Re: Housing.
« Reply #45 on: June 18, 2013, 10:27:55 AM »
YAY! Congrats!
So you are paying a bit more, but moving quickly!
I would do thourough inspection and if there's ANYTHING major, I would renegotiate ;)
Good luck!!!

Thanks!! Yep, I'm going to get a trusted home inspector out there soon to see if there's anything major that needs to be done asap. If it's super major, then renegotiating will be done. But, from my amateur knowledge, so far, I didn't see/feel anything that was an immediate concern. Fingers crossed!

Rural

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Re: Housing.
« Reply #46 on: June 18, 2013, 10:32:16 AM »
Congratulations! I hope all goes well with the inspection.

They know no one else would buy! Good job calling their bluff.

Zoe

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Re: Housing.
« Reply #47 on: June 18, 2013, 11:47:09 AM »
Congratulations! I hope all goes well with the inspection.

They know no one else would buy! Good job calling their bluff.

Thanks! Us too!

Side note: My husband went ahead and called his mom to give her a heads up that we will be moving in a couple/few months so they could be prepared to re-rent this house out (remember, they are the owners). I told him to be prepared for snark. And snark there was! "Well, if that's how y'all want to live the rest of your life.." LOL. Well yeah. Financially independent is absolutely how I want to live my life. Tons and tons of snark. He's pretty upset about it right now. But HE knows this is the best path for us right now.

Zoe

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Re: Housing.
« Reply #48 on: June 19, 2013, 10:40:54 AM »
I have a little more ranting to do.

Now his 17 year old brother thinks he KNOWS EVERYTHING. "What if you lose your job?" Well, we would have significantly less monthly expenses, we will own the property (no rent or mortgage), and we could live off of my (part time) paycheck. How does his family not see this as a win? I don't get it at all.

And his brother is telling us to just "keep up with the chores". Yup. Sure thing. This house is 2100-2200 sq ft. My husband works 12 hour swing shifts. I chase a toddler all day then go to work for 5-6 hours 5 days a week (and cook dinner every night). Ugh. I want to throat punch him. He sits in front of the TV all day and plays video games. He always has something to say about everything. He doesn't have a job or responsibilities. Typical teenager, I know. It just irks me that they cannot see how awesome this is going to be for us.

And my husband is going for his pre-employment testing next week. FINALLY. After being a temp for over 2 years, he is finally starting the process to get hired. More win!

Thanks for letting me vent.

Zoe

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Re: Housing.
« Reply #49 on: June 21, 2013, 09:43:08 AM »
The seller's should have the contract ready today. I won't be able to meet them until tomorrow though. I'm going to see if they will at least email me a copy so I can go over it first and make sure everything is alright. I haven't moved money from our Roth's yet, just in case this doesn't go through. But I will need ample time to transfer everything and then get a certified check from the bank for closing. And I have the number for the home inspector I want to use.

*crosses fingers* Hoping everything is smooth from here on out. Well, as smooth as buying a house can go anyway.