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Buy a house now? Or trailer now, house later?

View Poll Results: Buy trailer now? Or house later
Buy trailer now, save up some, sell it, buy a house later 18 20.45%
Screw the trailerhood life, save up now, buy house sooner 65 73.86%
You tell me 5 5.68%
Voters: 88. You may not vote on this poll

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Old 04-21-2013, 09:22 PM   #41
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Buy the house.

Trust me, I went the trailer route and now All I have is a gutted in-progress airstream remodel and no house
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Old 04-22-2013, 06:09 PM   #42
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I'll bet you could list an Airstream on craigs list and sell it in less than a week. Getting out of rental sounds good, win win.
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Old 04-23-2013, 05:02 AM   #43
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Quote:
Originally Posted by Monster Coma View Post
@ $485 a month thats $4800 a year for Option B plus no money when selling trailer.
so you are
-$5820

OR

Option A you pay $5000 plus $225x12 (2700)
$7700

say you dont make a profit and sell the trailer for $5000
-$2700

So with option A you save $3120
We came up with just about the same numbers. I think I have made up my mind to buy this trailer, save up more, pay off the Taco, and put a 20%+ down payment on a house in a couple years!

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Originally Posted by Osugoose View Post
Buy the house.

Trust me, I went the trailer route and now All I have is a gutted in-progress airstream remodel and no house
Haha wow that sucks man. Lucky for me this trailer is already remodled, and I helped do it since its my parents' place!


Quote:
Originally Posted by hansdoward View Post
I'll bet you could list an Airstream on craigs list and sell it in less than a week. Getting out of rental sounds good, win win.
List it on Craigslit in the Charleston, WV area and I bet it goes quick. Even quicker if its around income tax season
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Old 04-24-2013, 10:33 PM   #44
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Sweet Jebus, is your current place 10sqft for $475/month???? I'm paying $1,100 a month for a one bedroom....I gotta move to the states

I have no idea about the housing market in the states but I do know that if someones says "dude I live in a trailer...etc" I tune out and instantly hear Banchoes while thinking of

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Old 04-24-2013, 10:40 PM   #45
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Neither, buy a hammer, go to construction projects and scrounge lumber. Half the shit they throw away you can build a house with. Go to Barnes and Noble and buy a book called "Tiny Homes, Simple Shelter by Lloyd Kahn" it will give you ideas.
Go find a piece of land (which is the most key factor) that suites you, in WV land is extremely cheap compared to where I live.
You have a truck, you will have land and you will have something you built. Nothing better than that. Only reason I havent done it is because I cant afford property here and I move to much.
Moving twice in one year is nothing, thats the least of your worries, if your doing it to better your quality of life then its not a hassle.
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Old 04-25-2013, 01:11 AM   #46
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Originally Posted by ChiveOn View Post
Sweet Jebus, is your current place 10sqft for $475/month???? I'm paying $1,100 a month for a one bedroom....I gotta move to the states

I have no idea about the housing market in the states but I do know that if someones says "dude I live in a trailer...etc" I tune out and instantly hear Banchoes while thinking of

LOL, yeah...shit's expensive in our neck of the woods dude.

You can't paint all trailer parks with the same brush though. There are a TON of very beautiful, properly managed parks in BC. I would assume it's the same pretty much anywhere you go.

...except Calgary. They're all turds there. XD
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Old 04-25-2013, 01:19 AM   #47
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Quote:
Originally Posted by Rardigo View Post
Neither, buy a hammer, go to construction projects and scrounge lumber. Half the shit they throw away you can build a house with. Go to Barnes and Noble and buy a book called "Tiny Homes, Simple Shelter by Lloyd Kahn" it will give you ideas.
Go find a piece of land (which is the most key factor) that suites you, in WV land is extremely cheap compared to where I live.
You have a truck, you will have land and you will have something you built. Nothing better than that. Only reason I havent done it is because I cant afford property here and I move to much.
Moving twice in one year is nothing, thats the least of your worries, if your doing it to better your quality of life then its not a hassle.
Can you mortgage land in the US? The wife and I were hoping to do that up here but our mortgage broker told us that mortgages aren't issued for properties without dwellings on them. We could get a "land loan", but that requires a 50% down payment, and we don't have $50,000+ in cash lying around. Also, you have to consider the cost of running utilities to the building and/or possibly building a septic field. I was quoted $10-20k for that kind of work. Maybe it's different/cheaper in your neck of the woods, OP.
Fuck it's expensive to live in Canada...lol.

I do agree with scrounging construction sites and lumber yards...there's so much needless waste coming out of there! It would be so simple to go the "tiny home" route.
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Old 04-25-2013, 08:20 AM   #48
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Quote:
Originally Posted by EricTheRed View Post
Can you mortgage land in the US? The wife and I were hoping to do that up here but our mortgage broker told us that mortgages aren't issued for properties without dwellings on them. We could get a "land loan", but that requires a 50% down payment, and we don't have $50,000+ in cash lying around. Also, you have to consider the cost of running utilities to the building and/or possibly building a septic field. I was quoted $10-20k for that kind of work. Maybe it's different/cheaper in your neck of the woods, OP.
Fuck it's expensive to live in Canada...lol.

I do agree with scrounging construction sites and lumber yards...there's so much needless waste coming out of there! It would be so simple to go the "tiny home" route.
50% downpayment is probably your borrowing circumstance , it is not the standard , that is 25%
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Old 04-25-2013, 08:42 AM   #49
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Old 04-25-2013, 08:41 PM   #50
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You guys have the cheapest real estate in the developed world. If your long term goal is to get into a house, then do it....but only if you can do 20% down and can afford rates at 12%.


A lot of the reasons I've read here are also the reasons why you guys tanked your economy 5 years ago. Everyone seems to think of their home as a 'safe, appreciating asset' which it is completely not, and assign some sort of stigma to rentals; I can't help but laugh a little when I hear people say "you're throwing your money away" when you tell them you're renting for just slightly less than a mortgage payment. The reality is that the majority of new buyers are still renters; they’ve just gone from renting space to renting money.
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Old 04-25-2013, 08:47 PM   #51
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Quote:
Originally Posted by EricTheRed View Post
Can you mortgage land in the US? The wife and I were hoping to do that up here but our mortgage broker told us that mortgages aren't issued for properties without dwellings on them. We could get a "land loan", but that requires a 50% down payment, and we don't have $50,000+ in cash lying around. Also, you have to consider the cost of running utilities to the building and/or possibly building a septic field. I was quoted $10-20k for that kind of work. Maybe it's different/cheaper in your neck of the woods, OP.
Fuck it's expensive to live in Canada...lol.

I do agree with scrounging construction sites and lumber yards...there's so much needless waste coming out of there! It would be so simple to go the "tiny home" route.
Yes you can mortgage land, but like OZ said they want more down, not sure what the % is though, 30-40% I have been hearing.
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Old 04-25-2013, 09:13 PM   #52
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Quote:
Originally Posted by Twatwaffles View Post
You guys have the cheapest real estate in the developed world. If your long term goal is to get into a house, then do it....but only if you can do 20% down and can afford rates at 12%.


A lot of the reasons I've read here are also the reasons why you guys tanked your economy 5 years ago. Everyone seems to think of their home as a 'safe, appreciating asset' which it is completely not, and assign some sort of stigma to rentals; I can't help but laugh a little when I hear people say "you're throwing your money away" when you tell them you're renting for just slightly less than a mortgage payment. The reality is that the majority of new buyers are still renters; they’ve just gone from renting space to renting money.
Yes and no. Obviously people were way over leveraged. But reasonable debt isn't a terrible thing. Am housing prices aren't likely to decrease further for you guys.

I agree with the renting money comment to a point. It's more like buying money at a premium..

Think I it this way. You rent a place for 10 years for 5000 a year.

For those same 10 years you buy a house worth 50000 and it cost you 25000 in interest.

At the end of the ten years in the first situation a you have nothing left. But we will say you set aside the money you would have spent on interest. So you have 25000 dollars from 75000

At the end of the second scenario you have a house ( assume no appreciation or depreciation) worth 50k. So you are 25k ahead...
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Old 04-25-2013, 09:55 PM   #53
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Quote:
Originally Posted by Tacomada View Post
Think I it this way. You rent a place for 10 years for 5000 a year.

For those same 10 years you buy a house worth 50000 and it cost you 25000 in interest.

At the end of the ten years in the first situation a you have nothing left. But we will say you set aside the money you would have spent on interest. So you have 25000 dollars from 75000

At the end of the second scenario you have a house ( assume no appreciation or depreciation) worth 50k. So you are 25k ahead...

That's a very simplistic calculation. And you're missing lost opportunity costs, like the return you could have earned by investing your money instead of spending it on a down payment. In your example, and paying a more reasonable amount of interest (5.5% fixed on a 10 year amortization) and earning a modest 4.5% ROI, buying is only "better" after year 11, and very modestly so, and even by year 30, your savings are still fixed in the 3-4 digit level. Assume a more reasonable/aggressive ROI on your investments (5%) and home ownership in this example makes no sense whatsoever.


Now let's take a more reasonable example. Rent of $1000 a month versus an average $300,000 home. Keeping the same interest rates (averaged to 5% fixed) and an averaged 5% ROI for the market funds, by year 5 you're looking at a cumulative cost of $147,269 to own that home, versus $66,415 to rent. By year 25, home ownership will have cost you $997,514 versus renting at $525,572.
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Old 04-25-2013, 10:06 PM   #54
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Quote:
Originally Posted by OZ-T View Post
50% downpayment is probably your borrowing circumstance , it is not the standard , that is 25%
You might have missed the part where I said that our mortgage broker informed us that they don't mortgage land without a property on it. The "land loan" as he called it, requires a 50% down payment. Borrowing circumstances has nothing to do with it. His words, not mine.
Perhaps that's just the policy of my bank (RBC), but he made it sound like that was a Canada-wide requirement. We spoke with him only a couple of weeks ago and haven't had time to seek a second opinion.
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Old 04-25-2013, 10:11 PM   #55
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is that curt in that video?
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Old 04-25-2013, 11:59 PM   #56
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is that curt in that video?
no.
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Old 04-26-2013, 09:49 AM   #57
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Quote:
Originally Posted by Twatwaffles View Post
That's a very simplistic calculation. And you're missing lost opportunity costs, like the return you could have earned by investing your money instead of spending it on a down payment. In your example, and paying a more reasonable amount of interest (5.5% fixed on a 10 year amortization) and earning a modest 4.5% ROI, buying is only "better" after year 11, and very modestly so, and even by year 30, your savings are still fixed in the 3-4 digit level. Assume a more reasonable/aggressive ROI on your investments (5%) and home ownership in this example makes no sense whatsoever.


Now let's take a more reasonable example. Rent of $1000 a month versus an average $300,000 home. Keeping the same interest rates (averaged to 5% fixed) and an averaged 5% ROI for the market funds, by year 5 you're looking at a cumulative cost of $147,269 to own that home, versus $66,415 to rent. By year 25, home ownership will have cost you $997,514 versus renting at $525,572.
My calculation was definitely simplistic. I don't think that's an apples to apples comparison. If you can rent the 300k home for a thousand a month it's certainly a better plan. At 5% interest thts 1750 a month though. Presumably if you can afford that. You will be rentin a nicer place.. I'm probably renting that 300k house for 2000...

You've also ignored appreciation of the house. If 5% market return is reasonable. Then likely the home will see close to the same.

So at 5% mortgage after 25 years the home has cost 524k and is now worth 450,000

You invest the extra 750 payment in the rent situation for a 5% return. After 25 years thts 451k. So now the scenarios are essentially identical.

But there are still more factors.. Investment income is taxable.. Of that 451k, over 200k is investment income. Not 100% on us tax but in canada that would be taxed at a higher rate.. Say the government takes 25%. Now after renting you're only left with 401k. Furthermore. I believe mortgage interest is tax deductible in the US.

Then you have to factor in home ownership costs like insurance and repairs. It's a complicated question no doubt. But in my mind unless you are an absolute frugal renter. The house is a good way to 'force' savings... In canada our mortgages are much more restricted than yours bit the same logic applies
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Old 04-26-2013, 09:58 AM   #58
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Quote:
Originally Posted by EricTheRed View Post
You might have missed the part where I said that our mortgage broker informed us that they don't mortgage land without a property on it. The "land loan" as he called it, requires a 50% down payment. Borrowing circumstances has nothing to do with it. His words, not mine.
Perhaps that's just the policy of my bank (RBC), but he made it sound like that was a Canada-wide requirement. We spoke with him only a couple of weeks ago and haven't had time to seek a second opinion.
Long and short of it is , you don't need a 50% down payment on land sales

Raw lots here are between $300K and $500K and nobody is forking out half of that in a down payment
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Old 04-26-2013, 09:59 AM   #59
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Originally Posted by Rardigo View Post
Neither, buy a hammer, go to construction projects and scrounge lumber. Half the shit they throw away you can build a house with. Go to Barnes and Noble and buy a book called "Tiny Homes, Simple Shelter by Lloyd Kahn" it will give you ideas.
Go find a piece of land (which is the most key factor) that suites you, in WV land is extremely cheap compared to where I live.
You have a truck, you will have land and you will have something you built. Nothing better than that. Only reason I havent done it is because I cant afford property here and I move to much.
Moving twice in one year is nothing, thats the least of your worries, if your doing it to better your quality of life then its not a hassle.
Spot on.

My wife and I built our own tiny home and own it outright with no mortgage.
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Old 04-26-2013, 10:04 AM   #60
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Quote:
Originally Posted by EricTheRed View Post
You might have missed the part where I said that our mortgage broker informed us that they don't mortgage land without a property on it. The "land loan" as he called it, requires a 50% down payment. Borrowing circumstances has nothing to do with it. His words, not mine.
Perhaps that's just the policy of my bank (RBC), but he made it sound like that was a Canada-wide requirement. We spoke with him only a couple of weeks ago and haven't had time to seek a second opinion.
There will certainly be different options. RBC may have that policy. I bought land not to long ago. Given my circumstance I required 35% down and financed the remaining with a secured line of credit. (Secured by the land).

Lots of banks won't go to the minimum (25 %) in canada.

A possible route for land buyers is to buy Land with a trailer on it. Then you can rent the trailer or live in it until you are ready to buy. Sell the trailer and build when the time is right. Can be difficult to find the right piece o land with a trailer on it...
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