# Real estate picking up?



## jiggin is livin (Jan 7, 2011)

blgoose44 said:


> There is always some that like manufactured housing, but not the general buying public, if there was then lending wouldn't be such a hassle.
> 
> Had one and sold it years ago, had I had a stick built on the same property I would have made a lot more money, as it was I was happy to be able to sell it before the financing became more difficult


Yeah I know the financing is a pain anymore. I'm just saying for the money they aren't bad at all. Just my opinion but I don't have an issue with them. I know they don't hold value the same but it beats a cardboard box.


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## syonker (May 7, 2004)

Just closed on our Newaygo County house 2 weeks ago that we built in 1997.

Cape Cod, 4 bedroom, 2.5 baths, 1 acre lot.

We built the house for $170k & sold it for $130k to the only bidder we had.

House was on the market since August 2013.


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## jiggin is livin (Jan 7, 2011)

syonker said:


> Just closed on our Newaygo County house 2 weeks ago that we built in 1997.
> 
> Cape Cod, 4 bedroom, 2.5 baths, 1 acre lot.
> 
> ...


Congrats!


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## Jovich (Aug 22, 2014)

syonker said:


> Just closed on our Newaygo County house 2 weeks ago that we built in 1997.
> 
> Cape Cod, 4 bedroom, 2.5 baths, 1 acre lot.
> 
> ...



Oh yeah, congrats indeed!

We had an offer this week on ours, but the guy backed out at the last minute...1st time home buyer jitters. Cost him $500, but we are still waiting now. I'd tell you about it for comparative purposes, as we aren't far from Newaygo, but I am new and don't want to cross any lines regarding posting ads in non-ad threads. Some boards are sticklers for stuff like that, and I don't want to step on any toes unintentionally. I think I can reasonably say however, that we are in the same price range, a little closer to GR, twice the land, but surrounded by state game area, and have only been on the market since June. Hopefully that is vague enough not to be considered an ad. 

Anyway, we had a lowballer early on and have had a pretty steady stream of "lookers". Mostly people who aren't really looking to move, just looking for something better than what they have while the interest rates are low. It takes the right kind of person to live in the country, and it takes longer to sell a house out here than it does in the city for just that reason. I hope you are happy with your sale, Steve!


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## Downriver Tackle (Dec 24, 2004)

jiggin is livin said:


> There is so much hate for manufactured homes. There are some VERY nice "double wides" for sale and generally they are nicer than the older stick built. Modular is the cats rear end!! Quality in a controlled environment. That's my opinion anyway. Anyway manufactured over a basement takes care of the steel frame issue.
> 
> I don't mind them personally. Nice house for a reasonable price. Can't complain to much about that.



Lots of real nice ones around here. The trend for a few years, during the bust, was to acquire one downstate from auction. Usually the Monroe area(mfg home city) for $10,000-15,000, then buy a chunk of land around here for a few hundred $$$ per acre and set it up there. My neighbor was in the business of moving them and was doing 1 or 2 per week for 2 or 3 years straight. Booming business! 

For less than $40,000, the lady across the road picked up that 5 acres, bought a huge mfg home from downstate($9,000, really nice, 3 beds, 2 fireplaces, etc), moved it from Monroe, new well, new septic, new electrical service run, and foundation poured. I think everything came in around $39,000.


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## Oger (Aug 28, 2008)

Is there an actual place in monroe that sells these? If so I would be interested in calling them so as to put one on my land. Anyone with a phone number or website please post.

Sent from my DROIDX using Ohub Campfire mobile app


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## jiggin is livin (Jan 7, 2011)

Downriver Tackle said:


> Lots of real nice ones around here. The trend for a few years, during the bust, was to acquire one downstate from auction. Usually the Monroe area(mfg home city) for $10,000-15,000, then buy a chunk of land around here for a few hundred $$$ per acre and set it up there. My neighbor was in the business of moving them and was doing 1 or 2 per week for 2 or 3 years straight. Booming business!
> 
> For less than $40,000, the lady across the road picked up that 5 acres, bought a huge mfg home from downstate($9,000, really nice, 3 beds, 2 fireplaces, etc), moved it from Monroe, new well, new septic, new electrical service run, and foundation poured. I think everything came in around $39,000.


Yeah that's my point. There are some very nice ones. And for the financially minded it makes a boat load of sense. Especially in this day where houses aren't with squat and it cost more to build than buy.


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## Downriver Tackle (Dec 24, 2004)

Oger said:


> Is there an actual place in monroe that sells these? If so I would be interested in calling them so as to put one on my land. Anyone with a phone number or website please post.
> 
> Sent from my DROIDX using Ohub Campfire mobile app


 Most of them come from repo auctions. The guy my neighbor works for buys and flips them, along with providing the moving services. I'll see if I can get contact info.


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## Fishndude (Feb 22, 2003)

jiggin is livin said:


> Yeah that's my point. There are some very nice ones. And for the financially minded it makes a boat load of sense. Especially in this day where houses aren't with squat and it cost more to build than buy.


Investment strategy: Buy low, and sell high. Real estate in MI has been very depressed for the last 6 years. Now is a fantastic time to buy a home in MI, because you can buy when the market is low. I have friends who speculate in real estate, and they have expanded their businesses a lot in the last 5 - 6 years. 

I'm just telling you that manufactured (mobile) homes are basically a depreciating asset. Some people make the same argument for stick built homes, but they simply are more desirable (and durable) than manufactured homes. I've seen mobile homes that were decent. I've seen many that were horrible, and people still lived in them. I met a guy once, who bought three mobile homes, arranged them next to each other, fastened them together, and cut "doorways to pass between them," and then erected a sort of carport/awning over the whole thing. It was a fine home for him, but he wasn't going to be able to get finanincing on it anywhere. 

Find me a mobile home in Michigan that is over 50 years old, and still in very good condition. There are tons of stick built homes that are well over 100 years of age that are still in very good condition. Drive through Bay City sometime, if you want proof of that. 

When you said, "financially minded," did you mean to say, "budget conscious?" It is very true that you can buy mobile homes for a lot less than you would pay for stick built homes of the same size. And, as a bonus, if you decide you want to move, you can actually attach wheels, and take the home with you to a different property. That is a much more difficult, and expensive chore with a stick built home.


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## Nighthawk (Jan 8, 2010)

Listed my Moms 30 yr built House no updates SE MI Aug Thur and had 7 offers by Sun. Quiet street n clean ranch in est. sub. Waived inspection and diff between apprasial and sell price. Sold over asking. 
Loacation and condition. 

Vacant adjacent buildible lot. Let the bids begin. People have cash and lots of it....

Market doing good


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## jiggin is livin (Jan 7, 2011)

Fishndude said:


> Investment strategy: Buy low, and sell high. Real estate in MI has been very depressed for the last 6 years. Now is a fantastic time to buy a home in MI, because you can buy when the market is low. I have friends who speculate in real estate, and they have expanded their businesses a lot in the last 5 - 6 years.
> 
> I'm just telling you that manufactured (mobile) homes are basically a depreciating asset. Some people make the same argument for stick built homes, but they simply are more desirable (and durable) than manufactured homes. I've seen mobile homes that were decent. I've seen many that were horrible, and people still lived in them. I met a guy once, who bought three mobile homes, arranged them next to each other, fastened them together, and cut "doorways to pass between them," and then erected a sort of carport/awning over the whole thing. It was a fine home for him, but he wasn't going to be able to get finanincing on it anywhere.
> 
> ...


I agree with everything you said. Including my correction. My mom's house is in Pinconning. Built in 1898. Still standing and beautiful. Never ever ever a manufactured home. Never. I'm just saying they have their place.


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## Porkymoore (Jul 1, 2014)

the "auction, move the house to lot" idea intrigues me very much...don't know why the lenders would be unwilling to lend..there are a ton of mobile homes here in Florida and we have hurricanes..if it weren't for them i would be in one now. Inlaws had a wonderful double wide, plenty of room, very low utilities....i am not looking to resell and make money, i want it to live the rest of our lives in..seems they are easier to work on then stick.things easier to access,work on...quality is quality whether stick or modular,mobile..


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## Fishndude (Feb 22, 2003)

Porkymoore said:


> the "auction, move the house to lot" idea intrigues me very much...don't know why the lenders would be unwilling to lend..there are a ton of mobile homes here in Florida and we have hurricanes..if it weren't for them i would be in one now. Inlaws had a wonderful double wide, plenty of room, very low utilities....i am not looking to resell and make money, i want it to live the rest of our lives in..seems they are easier to work on then stick.things easier to access,work on...quality is quality whether stick or modular,mobile..


And manufactured homes are a great option for someone in your shoes. What is the incentive for a lender to lend on it, though? Their business is to lend money, and collect it back with interest, under specific agreed-upon terms. And they owe it to their investors to make sound lending decisions. Manufactured homes are not great collateral for loans, for all sorts of reasons that I have already mentioned in this thread. 

Let me put it another way. If you wanted to save $100,000 to pay cash for a home, would you spend it on a manufactured home, or a stick built home? No financing involved. It would take you the same amount of time, and work to save the $100K either way. Where would you put your hard-earned dollars?


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## Downriver Tackle (Dec 24, 2004)

Fishndude said:


> And manufactured homes are a great option for someone in your shoes. What is the incentive for a lender to lend on it, though? Their business is to lend money, and collect it back with interest, under specific agreed-upon terms. And they owe it to their investors to make sound lending decisions. Manufactured homes are not great collateral for loans, for all sorts of reasons that I have already mentioned in this thread.
> 
> Let me put it another way. If you wanted to save $100,000 to pay cash for a home, would you spend it on a manufactured home, or a stick built home? No financing involved. It would take you the same amount of time, and work to save the $100K either way. Where would you put your hard-earned dollars?



Even in a good economy, they're not a good investment for a bank. When I bought my house in 99, my brother in law tried talking me into a new mfg home like they bought. I passed. They bought one for about $85k. When the mfg home fad was over around 2005, they tried to sell it. Even in that peak of the real estate market, they could only get offers in the 30's for it. Still owed twice that. Looking at a $50,000 loss in just 6 years. When the market busted, tons of people just walked away like houses and they were being auctioned off for $15,000 tops, some not even 10 years old. 

If you can still grab one for less than $15,000, they are a good investment to move onto a chunk of land up here. The lady across the road has close to $40k wrapped up in hers. Could make a little profit now, but once the market picks back up here, she could probably get $65k-75k for it. The key is to put it on a few acres minimum.


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## blgoose44 (Oct 10, 2008)

Remember, you may plan on living there forever, but situations change, I know plenty of people that never planned on moving, but things happen, so you have to be smart about your purchase.

The bank has to look at it like you may lose that house tomorrow, they need to know they can recoup their money if that happens


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## Midalake (Dec 7, 2009)

I have a cousin in San Antiono Tx. He called me and said he was going to sell because the average for a house on the market was 4 days. When he listed it sold on the first day!!:SHOCKED: 1 month ago.

Dave


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## Porkymoore (Jul 1, 2014)

I see your point on the $100k..but I don't want too over extend myself. I would rather have something that will last yet not too expensive..I would rather put down a large down payment and have a large reserve than buy what I consider a cheaper, less expensive? home.. I mean I can buy a better house with acrerage than have to settle for a smaller stick built in a neighborhood... Then I have a large cash reserve in case whatever happens... If I wanted a house on ten acres, I don't think I could afford it. But a manufactured or mobile on ten is doable. seems the stick built I am looking at
in my price range I would not want our require more work than I want or can do... I think they solve s great purpose for folks like me... hope that sounds right


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## jiggin is livin (Jan 7, 2011)

Porkymoore said:


> I see your point on the $100k..but I don't want too over extend myself. I would rather have something that will last yet not too expensive..I would rather put down a large down payment and have a large reserve than buy what I consider a cheaper, less expensive? home.. I mean I can buy a better house with acrerage than have to settle for a smaller stick built in a neighborhood... Then I have a large cash reserve in case whatever happens... If I wanted a house on ten acres, I don't think I could afford it. But a manufactured or mobile on ten is doable. seems the stick built I am looking at
> in my price range I would not want our require more work than I want or can do... I think they solve s great purpose for folks like me... hope that sounds right


I get what you're saying and totally agree.


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## TSS Caddis (Mar 15, 2002)

Here is an example of things picking up. Friends house just sold to another friend without putting the word out or ever listing. First person they told they were selling bought it. We heard the next day and would have also purchased it.

In our area, good houses are selling before they are ever listed.


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## NATTY BUMPO (May 12, 2001)

The only thing not selling "briskly" up here is houses listed for over 400K. But they are selling now too, it just takes longer.


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## Porkymoore (Jul 1, 2014)

they are also selling much faster here now also..guy at work missed out on a couple because they did not move fast enough..with the news of more space launches here at the cape,they are starting to move fast..


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