I had seen that before and you still just made my day. Sales girl was hot until she was smoking a cig in the next scened_daffron said:This guy doesnt sell mansions but....
https://m.youtube.com/watch?v=q-RLqLx1iYI
Bank said rates should be 3.5 fixed for 5 years then possibly go up 2% a year but no higher than 8.5.lowbudgetjunk said:You asked. Don't buy one. The interest is too high as well. They go down in value, just like a car. I have found habitable houses for 20-30k. They will always go up in the long run. The only way you should ever buy a mobile home is if it is around 2k and is put on land before you build your house. I have lived in a mobile home in College. I paid 1500 bucks, it was a **** hole and I had to pay to have it removed when it was all said and done. Don't walk, but run away from this insanity.
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I'm all for saving up to get a house but for now he has to have a place to live. His rent has been 225 a month for the past 3-4 years and has not saved up much. Going from that to a 700-900 a month payment won't be in his best interest right now.jeeptj99 said:Tell him not to do it. I grew up in one and all I remember is us having nothing but problems from it. Plumbing, electrical, leaks in the roof, you name it. They aren't worth the hassel. Tell him to save up and get a house. I got mine for 100k and my payment is $700 a month.
socsmm6 said:I'm all for saving up to get a house but for now he has to have a place to live. His rent has been 225 a month for the past 3-4 years and has not saved up much. Going from that to a 700-900 a month payment won't be in his best interest right now.
Looking at it like buying a car, depreciation factor is understood.
Just looking for insight on getting the best price plus options that are needed like shingle roof, better insulation package, etc.
TacomaJD said:Are we talking about financing $35k-40k trailer loan on 30 years?
TBItoy said:Is that even an option?
socsmm6 said:Definitely needs to think over his spending habits, I have been telling him that. We are talking 7-10 years on the mobile home. Not doing 30 years on anything, not even a house.
socsmm6 said:70,000 for 15 years @5% is 553.00 plus insurance and property tax. 35000 for 7 years @5% is 494.00 plus insurance and no property tax as he has no land (family property). When he gets home paid for we will see about deeding an acre to him.
The question was not whether or not he should buy a house or mobile home. The question was is there anything we need to make sure the home has in it.
With a new mobile home he should not have to worry about any repairs for a while. Buy a 20-30 year old house and repair could pop up the next week. The short term loan will help him build his credit. If that goes well for him then take the plunge into home ownership.
I know what you are saying and if I knew for sure he could handle it I would tell him to go for it. In 3-4 years at his current job he will making pretty good money and might be able to handle more payment. For right now buy a mobile home and finance 7-10 years then build or buy a house when he is making more and finance for15 years and he just cut 5 years off your plan and also has a place to rent or sell.TacomaJD said:I didn't think so, but I was wondering what would be comparable to the $225 he was paying for rent prior.
This is what I see here.
Principal payment on $40k for 10 years at 3.5% is $395.
Principal payment on $80k for 30 years at 4% (which is the interest rate we are getting on our new house) is only $382.
Then there is homeowners and land tax of course.
So if he can afford a trailer on 10 years, he can 100% afford an $80k or less house. A lot of people frown on 30 year mortgages for good reason, but in my book a 30 year mortgage on an appreciable asset is a bit more wise than 10 year loan on a heavily depreciable asset that serves the same purpose. Like I said, my 11 year old 2 bed 2 full bath standard spec house on a half acre, hardwood/carpet, plain jane as it gets otherwise, but has been nice enough to suit me is only $413 a month.
I could sell it when we move in the new house and pocket a good chunk of money after satisfying the remainder of the loan, but I am going to rent it out and try to pay it off much sooner than the full term. If I had bought a trailer 8 years ago instead of a house, it probably would be worth less than half of what I'd have invested in it. Appreciable vs. Depreciable.
Just some food for thought.
Just east of Tupelolowbudgetjunk said:All if it is going to be wasted. Get the cheapest option available. Where do you guys live?
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