Money Pit

[eyexer]

How soon you want to start? I'm taking out a contractors license again and going to build one in Williston for my best buddy's sister.

 

[SDMF]

How soon you want to start? I'm taking out a contractors license again and going to build one in Williston for my best buddy's sister.

Are you asking Mort how soon he wants to move in with your best buddies sister?

 

[eyexer]

Are you asking Mort how soon he wants to move in with your best buddies sister?

Lol

 

[Mort]

@SDMF Ok, watch it smart ass.....

 

[SDMF]

@SDMF Ok, watch it smart ass.....

I was just trying to clarify for you. You shouldn't be chastising me, you should be asking Eyexer for pics.

 

[Kurtr]

I bought a stick built home from Steinmetz in Watertown sd and built the foundation my self with icf and it was a seamless process and the house is top notch.

 

[Fishmission]

I am looking at a sweet Shouse (shed house) right now
1500 ft.² . livable and over 2000 ft.² heated/ac, shop with four garage doors... Three in front and one on the back side. One of the doors is a 12 foot high deal I believe. Didn’t measure yet
My dream retirement home if I can get it
My loan officer told me I can do it quite easily with 5% down on a 15 year loan at around 3.8 - 3.9%. She told me it may be tough to get a VA loan for this one. I should add that this would be a second home in Missouri but there are comparables all over the place compared to just a few short years ago when it was much harder to compare value

 

[Mort]

Update: Finding out some interesting things along the way. Had a chat with a former class mate of mine, as he was looking for a trailer to put out on his farm for his hand. Come to find out, my trailer is too old to be moved to another location, it has to be sold with the property. Apparently, there's an ordinance in williams county that anything older than 20 yrs old cannot be moved to new location and lived in. Not even for lake property. what da fudge? Now I'm screwed out of selling around here.

 

[TFX 186]

Mort,
Are you sure this isn't just a Williams County ordinance? I can't see that they can prevent you from selling your trailer to someone who is going to move it off and relocate it to someplace other than your county? As long as the county it will be moved to will except it. It wouldn't be your problem anyway, just sell it and the purchaser will find out what he can or can't do with it.

Fish On!!

 

[Riverbottoms]

Trailer house is 40 years old! I would be happy to give it away. Just having it moved could be a big bill.

 

[pluckem]

Been down some similar investigations and topics in the lastcouple years.

First thing, is each lending institution/bank will have differentrequirements and loans available. So you really need to call around and discuss options with more than one. Also, I have found the smaller or more local banks or credit unions typically will take a more practical approach and offer a bit more flexibility in what they offer.

Many places will not require 20% down on a loan for primary residence. Especially if you have decent credit and recent steady history of employment and income.

You can definitely use the equity you have in the lot you own for part or all of the required payment. For example, say your lot is worth $50k and the house you want to build is quoted at $200K. What the bank will do is give you a $200k construction loan that when the build is complete will be rolled into a mortgage on your home (building and land). Your newly completed house will be appraised for $250k. Your current equity of $50k in your lot is 20% of the $250k appraisal. You will apply that to your mortgage loan and in that case wouldn’t require any additional cash for the down payment.

Pick or decide on the lender before you start down this process. If you piece meal it you will likely end up paying more.Lenders need to do their own appraisals so every appraisal you have done will cost you money. If you hire one, that appraisal is just for you. If lender “A” does one that will just be for them and if future lender “B” needs one you will have to pay again for that.The same goes for costs and fees related to the closing. If you choose a lender to handle both the construction loan and the final mortgage, most will only charge you a single time for closing fees. That usually equates to a $1-$4k savings.

From what I have found, modular type of homes will not save you any $. The labor savings that are realized by building it at a single location in an environmentally controlled building is usually offset by the transportation costs needed to get it to site. It can save you time if you need something right now or help out if the build location is in the middle ofnowhere and it’s very difficult to find any contractors will to do the work.

 

[5575]

Had our stick built home built up in Canada back when their dollar was only worth 62 cents so it was a hell of a discount. They call them RTM "ready to move" homes. Ours was 1800 sq ft main floor, came down the road with an oversized 3 stall garage as well. My buddy had them build one and his came down the road with a 30x40 garage! I wanted them to do the same for me but they politely said they'd never move one that size again ha ha.
Anyways that's an option, I think the exchange rate is at 75 cents these days still not a bad deal. We put ours on a full basement, a little over 10 years ago and it appraised well when I refinanced "the appraiser knew it was a Penner home the minute he walked in" said he was always impressed with their build quality so that made me feel good. We had Penner builders right across the border in Manitoba build our home. Mennonites, and great craftsman that were super easy to deal with.
It's another option anyways, they have brought down many homes to Western ND .
It's no giant expensive house but it's home and I'll own it free and clear soon. :;:cheers

Here is their website.
https://pennerbuilders.com/

Some pics





They are usually building 4-5 homes at a time on site.





Setting it on the basement

Sent our stairs with as well.

 

[Whisky]

5575 what was the price/sq ft. Including garage and moving.

 

[Sum1]

Here’s what you do, build a big ass shop and park one of those mini houses in it. You can thank me with a case of buttwieser!!

 

[5575]

5575 what was the price/sq ft. Including garage and moving.

$66 Whisky and we upgraded allot of things in the house "more insulation, solid doors and wood on the ceiling, the garage was insulated and sheetrocked for that price as well. $80.50 with the basement, garage and driveway concrete. Both prices included the 12k for moving.
But that was over 10 years ago already and a great exchange rate on the dollar. They banked here in ND also so that made things really easy.

 

[Whisky]

That is fricken nuts!! I need to explore more options north of the border I think.
Thanks for the info I have their contact info saved.

 

[5575]

Yea if you would just get a basic home plan and no garage you could be into one darn reasonable even now days I'm sure.
Ask for John, super nice soft spoke guy that you can 100% trust. You can build it however you want, hell I'm sure they could do a shouse "shop/house as well.

 

[eyexer]

There is no way Williams county can prevent you from moving that trailer house if the taxes are current on it. I don’t give a shit how old it is

 

[Lungdeflator]

Older mobile homes have been known to burn down every once in awhile...