I concur about the money pit - it may have charm but along with charm comes a big repair bill. Years ago when I had cable I remember a bunch of these fix and flip shows that all seemed to start with $500,000 over priced houses that people would get interest only loans then sink $100,000+ into them, I believe they all work for McDonald's at night to help pay for them now that they are only worth $250,000.
I bought this place 5 years ago as a foreclosure and was on the market for a year, I went back and forth with the bank (owner) and finally got them to accept $24,000 only if they agreed to have the lot cleared of all the damaged out buildings and completely clean the interior of all previous belongings and junk. see my other thread if you don't remember. http://www.sufficientself.com/forum/viewtopic.php?id=6190
I bought it not so much for the house but more so for the lands location along with existing water, septic, and electricity which is actually worth more then the land.
I no longer keep track of the remodeling cost but believe it is around $20,000 cash and probably needs another $5000 to finish it. I did everything myself including gutting all the rooms to rewire, re-plumb, insulate, new roof, siding, windows, and floor - basically I rebuilt it from the inside out. My unfinished list is a new heating and cooling system, vinyl kitchen floor and carpeting. If I had to pay someone to do this it would of cost more than twice that. The only thing I would of did different was to only hang the drywall and hire the taping and mud finishing out.
I believe your mother is right about moving the mobile home and best to check with the DOT for regulations and permits as this can be a highly costly endeavor if it can be done at all. I do not and neither do banks consider a mobile home an investment but rather a endless depreciating obligation. I only considered buying an older mobile home if it was cheap enough on improved land so I could live in it while building a real house that will increase in value, then turn the mobile into a storage shed or workshop. Your double-wide seems in a little better shape but still is 25 years old.
This house was built in the 1940s and like most country homes of the time did not have plumbing or electricity and was added several years later - and not very well done at that. When I rewired I shuddered at all the burned and charred wiring I found in the walls and ceiling and wondered how it never burned down as the electrical loads increased over the years with all our new gadgets.
Older homes were (usually) unequivocally built much better then modern ones, the structure and carpentry were above par in design and strength. There were many decades during the housing boom where codes didn't exist and everything was skimped on to where you could actually punch your way through a wall from the outside in, many houses built from the 70s-90s are just like that and only have fiber sheathing for walls.
You are in a pickle and unless large sums of cash is available best to stay in the mobile home doing only the bare minimum of work to make it habitable with the least amount of cash as I would not borrow against land or property. Religiously saving what you would normally be paying for rent and build something new later when money and labor is available. Start all you kids on a trade so they can help build it, a carpenter, plumber, and electrician is nice to have in the family - Then again having a doctor lawyer or rock star could just buy you a new house too.
I bought this place 5 years ago as a foreclosure and was on the market for a year, I went back and forth with the bank (owner) and finally got them to accept $24,000 only if they agreed to have the lot cleared of all the damaged out buildings and completely clean the interior of all previous belongings and junk. see my other thread if you don't remember. http://www.sufficientself.com/forum/viewtopic.php?id=6190
I bought it not so much for the house but more so for the lands location along with existing water, septic, and electricity which is actually worth more then the land.
I no longer keep track of the remodeling cost but believe it is around $20,000 cash and probably needs another $5000 to finish it. I did everything myself including gutting all the rooms to rewire, re-plumb, insulate, new roof, siding, windows, and floor - basically I rebuilt it from the inside out. My unfinished list is a new heating and cooling system, vinyl kitchen floor and carpeting. If I had to pay someone to do this it would of cost more than twice that. The only thing I would of did different was to only hang the drywall and hire the taping and mud finishing out.
I believe your mother is right about moving the mobile home and best to check with the DOT for regulations and permits as this can be a highly costly endeavor if it can be done at all. I do not and neither do banks consider a mobile home an investment but rather a endless depreciating obligation. I only considered buying an older mobile home if it was cheap enough on improved land so I could live in it while building a real house that will increase in value, then turn the mobile into a storage shed or workshop. Your double-wide seems in a little better shape but still is 25 years old.
This house was built in the 1940s and like most country homes of the time did not have plumbing or electricity and was added several years later - and not very well done at that. When I rewired I shuddered at all the burned and charred wiring I found in the walls and ceiling and wondered how it never burned down as the electrical loads increased over the years with all our new gadgets.
Older homes were (usually) unequivocally built much better then modern ones, the structure and carpentry were above par in design and strength. There were many decades during the housing boom where codes didn't exist and everything was skimped on to where you could actually punch your way through a wall from the outside in, many houses built from the 70s-90s are just like that and only have fiber sheathing for walls.
You are in a pickle and unless large sums of cash is available best to stay in the mobile home doing only the bare minimum of work to make it habitable with the least amount of cash as I would not borrow against land or property. Religiously saving what you would normally be paying for rent and build something new later when money and labor is available. Start all you kids on a trade so they can help build it, a carpenter, plumber, and electrician is nice to have in the family - Then again having a doctor lawyer or rock star could just buy you a new house too.
