Money Pit

[Mort]

Some decent advice, I just emailed an appraiser to get things going, I need that info first I guess, then I go the next step once I know (have) the value of my place in hand for said bankers.

 

[Bfishn]

Those shop/homes would be pretty sweet. I just know that as soon as i sold my normal house and went full on bachelor pad, it would be Murphy's law that some lucky lady would finally sink her claws into me and id have to sell it to go back to a normal home. I would be pretty happy with 1,500 sq ft living quarters with another 1500 sq ft garage space.

 

[WormWiggler]

Does a shop with living quarters have issues with financing & insurance? I assume zoning could be an issue, not specifically you Mort. I recall some news about shops providing housing during the boom and the fire department worried about whether a building had an occupant.

 

[Taylorman55]

Kitchen

Living Room

This is one of the (2) Bedrooms, also has 1 bathroom

40x40 main shop. 9 Foot sidewall with scissor truss


This is going up currently at the parents place. Right around 1200 square feet of living quarters. 1600 square foot shop area. Center garage door is 10 ft high and 12 wide. Side garage doors are 8 high and 10 wide. 2x6 main walls. Interior walls are 2x4. Laundry room, mud room, and multiple big closets, along with closests in each bedroom. It's not huge, but for a simple, easy retirement home it is the cat's ass. And it ran about 1/3 the price of what new homes cost to build. Actually quite affordable even for the average joe. Throw me a pm if you have specific questions.

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Does a shop with living quarters have issues with financing & insurance? I assume zoning could be an issue, not specifically you Mort. I recall some news about shops providing housing during the boom and the fire department worried about whether a building had an occupant.

Pole building type shops with living quarters are for surely harder to get financing and insurance for. We've been looking to build a pole building with a living quarters inside for years now, and its been absolutely brutal dealing with banks on it.

 

[Lungdeflator]

Getting out of race cars would probably help....

 

[Downrigger]

Some decent advice, I just emailed an appraiser to get things going, I need that info first I guess, then I go the next step once I know (have) the value of my place in hand for said bankers.

I would wait on an appraisal. If you get one assigned to your name as an individual it becomes difficult to have that appraisal assigned to a bank and therefore you would pay for 2 appraisals.

 

[Mort]

Getting out of race cars would probably help....

Yup, it does...sadly my last driving gig was 2011, so I'm out of that, I do miss it, but not the BS with the club.

 

[Captain Ahab]

Does a shop with living quarters have issues with financing & insurance? I assume zoning could be an issue, not specifically you Mort. I recall some news about shops providing housing during the boom and the fire department worried about whether a building had an occupant.

They are tough to finance with a traditional mortgage.

 

[Kurtr]

Yup, it does...sadly my last driving gig was 2011, so I'm out of that, I do miss it, but not the BS with the club.

forget the house buy a hauler and go racing they are so nice you can just live in it

 

[WormWiggler]

So for the sake of discussion, if Mort built a shop on the property, assuming zoning is not an issue. What kind of loan does that take? I'm thinking, if I was him, build a shop while living in trailer. Shop has a bachelor pad, sell off trailer to some lake bound enthusiast. Seems like some pitfalls in the plan, but I don't know...

 

[MarbleEyez]

A bank cannot use a certified appraisal unless it is ordered by them, due to banking regulations. FDIC requires a certified appraisal on residential real estate at $250K+. So if you are going to borrowing under $250K for your home, a simple "in house" appraisal will be what they do.

 

[Petras]

Honestly, if I were a bachelor I'd be looking long and hard at a 40x60 stick built shop with a living quarters in the back. If you want it to look more like a home, make the living quarters portion 2 stories. Shouldn't be any harder to get a loan than it would be to get a loan for a traditional home because it's essentially the same thing. If you own the land free and clear the bank should use the equity in the land to help with the loan.

 

[Mort]

forget the house buy a hauler and go racing they are so nice you can just live in it

That's what a lot of the guys that travel to race a lot do now a days, they have a toter hauler, instead of booking motels at tracks, they just stay in the hauler. Even seen some with RV pulling a double stacker pull behind trailer. Lots of dough in those racing outfits these days, its insane.

 

[Ristorapper]

David W. at E- Lending Now is a close friend of mine. He's also a fisherman. Give him a jingle. 701 355 4172 Bismarck or minot.
https://www.elendingnow.com/

I thought for sure by the topic name here, this would be about boats.

 

[CatDaddy]

I thought for sure by the topic name here, this would be about boats.

B.O.A.T.......Break Out Another Thousand.....Yep. Unless you have a sparkly boat, then it's B.O.A.5.T.

 

[Kurtr]

That's what a lot of the guys that travel to race a lot do now a days, they have a toter hauler, instead of booking motels at tracks, they just stay in the hauler. Even seen some with RV pulling a double stacker pull behind trailer. Lots of dough in those racing outfits these days, its insane.

i don’t think my brother has stayed in a hotel the last ten years those toters are so nice. They all have them licensed in Montana to. They are good at finding loopholes and saving some cash. I think after this winter next year I am going to Arizona with him for a week

 

[Mort]

Guess the second phase of this thread will be..type of home....manufactured, modular or stick built...gooooo

 

[BrokenBackJack]

Stick built = end of story.

 

[bucksnbears]

Modulars are still biult like shit!

 

[Petras]

Stick Built.