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Home/Land purchase question #6672654 02/13/17 09:07 AM
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BossHawg2012 Offline OP
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Have a question for yall. My wife and I are playing with the Idea of purchasing a small piece of land (Approximately 8 acres) and are wanting to just put a small manufactured home on it. Property needs well and sceptic and a the hook ups but honestly that's as far as Ive got. I want to know if it would be better to but the land first then the home or do it all I one foul swoop. Would love to hear any feedback on this, or if someone has had the same thing happen. We aren't looking to build right now, maybe further down the road, but we don't need to much. Used to post on here alot and always had great advice given! Appreciate any input we can receive.


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Re: Home/Land purchase question [Re: BossHawg2012] #6672655 02/13/17 09:51 AM
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hopalong Offline
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if this is a retirement deal then wait on the dbl wide till you are ready to live in it.

if a future move then do it all at once if you are going to finance it, beware the lenders for dbl wides are few and far between and interest can be high.

one thing I recommend is order the dbl wide, 2x6 walls, actual plywood instead of osb, upgrade the shingles as well/metal roof maybe. when doing a dbl wide have a 12" w x 12" deep concrete footer poured for your anchor system, this should go around the perimeter of the home.

you may want to look at having a metal "shop" built, finish out the interior and live in it till you get to build the house you want then convert it to shop space/mancave.



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Re: Home/Land purchase question [Re: BossHawg2012] #6672658 02/13/17 10:07 AM
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You can do it either way. It will be more expensive to have multiple closings. In Texas the land has to be paid off to finance a home. So if you finance the land now then finance the home well and septic later your land will be closed on again.

Re: Home/Land purchase question [Re: BossHawg2012] #6672760 02/13/17 01:37 PM
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Land first.


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Re: Home/Land purchase question [Re: BossHawg2012] #6672807 02/13/17 02:10 PM
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Since you said "small manufactured home" I would suggest a so-called tiny house vs. the manufactured home. There are some around Lake Fork that are anything but tiny. They are better built manufactured homes. Then when the time comes to do something different hopefully the craze on these "tiny homes" will still be there and you should come out better financially.

Right now the "tiny homes" aren't even taxed as real estate. They are "park model" travel trailers that you don't really travel with. One of those will be much less costly to move out later as well. There are a couple of different builders of the tiny homes at Lake Fork. One is http://www.diamondparkhomes.com/ I forgot the other one.

It is very difficult to sell a manufactured home, especially one to be moved. Financing is difficult. Permits and all the other associated costs are higher than years ago.

The even better deal is the shop and living quarters. Just finish out the living quarters in OSB or LP SmartSide and save some money there.

Re: Home/Land purchase question [Re: BossHawg2012] #6672811 02/13/17 02:14 PM
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Mike W Offline
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Originally Posted By: BossHawg2012
Have a question for yall. My wife and I are playing with the Idea of purchasing a small piece of land (Approximately 8 acres) and are wanting to just put a small manufactured home on it. Property needs well and sceptic and a the hook ups but honestly that's as far as Ive got. I want to know if it would be better to but the land first then the home or do it all I one foul swoop. Would love to hear any feedback on this, or if someone has had the same thing happen. We aren't looking to build right now, maybe further down the road, but we don't need to much. Used to post on here alot and always had great advice given! Appreciate any input we can receive.


If you are planning on a new mobile, there are dealers out there who will finance some of your utilities into the home note. I don't think they would finance the well, but rolling the septic and electric into the deal could save you $6-8k in up-front out of pocket expense.


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Re: Home/Land purchase question [Re: BossHawg2012] #6672878 02/13/17 03:10 PM
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buy the most acreage you can afford
build later

Re: Home/Land purchase question [Re: DannyB] #6673010 02/13/17 04:35 PM
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BossHawg2012 Offline OP
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Thanks for the input. Has anyone ever heard of a mortgage company who would finance both as a single closing or is that even possible? I figure the well, sceptic and electricity would be separate. And to answer someone else's question this would be our first purchase.

Originally Posted By: DannyB
Since you said "small manufactured home" I would suggest a so-called tiny house vs. the manufactured home.


As much as my Wife would love this i find it hard to picture my 6'5" almost 300lbs self fitting inside one of these roflmao .


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Re: Home/Land purchase question [Re: BossHawg2012] #6673040 02/13/17 04:52 PM
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It is possible, but hard to find.
Originally Posted By: BossHawg2012
Thanks for the input. Has anyone ever heard of a mortgage company who would finance both as a single closing or is that even possible? I figure the well, sceptic and electricity would be separate. And to answer someone else's question this would be our first purchase.

Originally Posted By: DannyB
Since you said "small manufactured home" I would suggest a so-called tiny house vs. the manufactured home.


As much as my Wife would love this i find it hard to picture my 6'5" almost 300lbs self fitting inside one of these roflmao .


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Re: Home/Land purchase question [Re: BossHawg2012] #6673081 02/13/17 05:15 PM
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Land first. My land included installed water, septic, power, and a driveway. Check Solitaire homes and Shult homes. Ignore the rest.


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Re: Home/Land purchase question [Re: BossHawg2012] #6673089 02/13/17 05:21 PM
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You could probably get a awesome metal shop/home for not much more than at trailer.


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Re: Home/Land purchase question [Re: BossHawg2012] #6673113 02/13/17 05:34 PM
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We built a 30x40 barn and had it finished out on one side, with workshop, small bedroom, Bathroom/shower, and small kitchen. Worked out great and really wasn't extremely expensive. Already had power and water, so we had a septic put in, and we were set. We use the other side as a barn. I wish the whole thing was bigger, but it's Ok as is.
We bought the land first, and paid it off.

Last edited by 603Country; 02/13/17 05:35 PM.

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Re: Home/Land purchase question [Re: BossHawg2012] #6673157 02/13/17 06:03 PM
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From what little I know about it, I think lenders like to finance mobile homes with land, so if they foreclose on it they have something they can sell without moving and relocating it etc. So they will probably want you to do it all at one time in one closing. If you pay land of first they will likely attach a lien to the land incase of default.

In my opinion the perk of a mobile home is time if your not in a big hurry I would go with a smaller house or a barndominium before a mobile every time.


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Re: Home/Land purchase question [Re: BossHawg2012] #6673166 02/13/17 06:09 PM
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Clayton Homes a manufacture'r of modular homes has their own finance dept. and at one time would do the financing you ask about.

Re: Home/Land purchase question [Re: DannyB] #6706558 03/16/17 02:22 AM
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Originally Posted By: DannyB
Since you said "small manufactured home" I would suggest a so-called tiny house vs. the manufactured home. There are some around Lake Fork that are anything but tiny. They are better built manufactured homes. Then when the time comes to do something different hopefully the craze on these "tiny homes" will still be there and you should come out better financially.

Right now the "tiny homes" aren't even taxed as real estate. They are "park model" travel trailers that you don't really travel with. One of those will be much less costly to move out later as well. There are a couple of different builders of the tiny homes at Lake Fork. One is http://www.diamondparkhomes.com/ I forgot the other one.

It is very difficult to sell a manufactured home, especially one to be moved. Financing is difficult. Permits and all the other associated costs are higher than years ago.

The even better deal is the shop and living quarters. Just finish out the living quarters in OSB or LP SmartSide and save some money there.
Bingo


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Re: Home/Land purchase question [Re: redchevy] #6706697 03/16/17 12:16 PM
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Originally Posted By: redchevy
From what little I know about it, I think lenders like to finance mobile homes with land, so if they foreclose on it they have something they can sell without moving and relocating it etc. So they will probably want you to do it all at one time in one closing. If you pay land of first they will likely attach a lien to the land incase of default.

In my opinion the perk of a mobile home is time if your not in a big hurry I would go with a smaller house or a barndominium before a mobile every time.


If I'm not wrong I think you have to add 1 acre of land in with the house when financing a mobile home even if the land is paid for.


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Re: Home/Land purchase question [Re: upsslim] #6706717 03/16/17 12:41 PM
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^^^correct


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Re: Home/Land purchase question [Re: BossHawg2012] #6706745 03/16/17 01:21 PM
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Focus on purchasing, and paying off the land. Use your imagination on what kind of dwelling you need, or could use. If it's just a weekend place, and not much needed, there are a ton of less expensive options available for a dwelling. Look thru this forum at various options folks have used, converted, finished out as deer camps. Some are pretty amazing weekend places.

Re: Home/Land purchase question [Re: BossHawg2012] #6706763 03/16/17 01:30 PM
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Barndominium or RV trailer, then build what you want down the road.


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Re: Home/Land purchase question [Re: BossHawg2012] #6706863 03/16/17 03:19 PM
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I'd think twice about a MH; like throwing money away:
1. They depreciate ~ 60% + the second they are parked on your land. totally worthless (to banks) after 5 years.
2. depending on how far you are from fire-hydrant and fire-station - insurance may be sky-high or not even available....
3. Loan difficulty; new MH at full price probably no problem, but just about any other situation (refinance some years later, selling before it's fully paid off, etc) you'll find yourself S.O.L. We looked at buying a property that had a DW MH on it, in great condition, but was over 5 years old; we have perfect credit, tons of $down, but NO bank would give us a 'mortgage' loan (4%), only a 'land' (10%) loan.... we had to walk away from that deal, and sellers are still stuck with it...

Re: Home/Land purchase question [Re: BossHawg2012] #6706867 03/16/17 03:24 PM
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Also, I would recommend finding a property with current agricultural valuation in place that you will be able to maintain. Will save you on your taxes forever.


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Re: Home/Land purchase question [Re: BossHawg2012] #6706919 03/16/17 04:16 PM
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I'd think you could find a lender for the land/improvements/barndo build all at one time... go 16' walls, build once side in 2 floors, have the rest for shop;

Then if you build a house later, you can have a great guest quarters/man cave/office/storage

I won't build another brick and mortar house

Re: Home/Land purchase question [Re: BossHawg2012] #6706988 03/16/17 05:47 PM
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Just a FYI for those out there that are looking for something like the OP is. When I have searched for real estate there were many times that I ran across a great property with a built out manufactured home that was a steal. Reason being is the demand for them is alot lower and they are hard to sell.


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