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Back to work, dreaming of houses

January 8th, 2009 at 04:04 am

Updated sidebar. I'm within $400 of fully funding my Car Fund! Woo hoo!
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I pulled into my parking space around 7 p.m. last night. It was so good to be home. I had a really good trip, and was really really spoiled . . but it was so good to be home. Smile

I didn't sleep very well at all last night, even though I was really tired. Even so, I managed to make it to work this morning on time.

Most people seemed happy to see me back, and I was happy to see most of them. Smile

There was a good stack of work waiting for me on my desk, and more was added to it through the day. Yay! Smile

I seem to be missing my toll tag. I noticed it this morning just after I breezed through the first toll station. Ugh. It's not in my car - it has a habit of dropping off the sticky tape and falling on the floor. I need to do a through search of my apartment in case I for some reason decided to put it in here for 'safe' keeping.

After work today I stopped by the library and dropped off about 10 items, and picked up 7 new ones. Smile Most of the new items are part of a series I started reading out in CA and wanted to finish, the others are by the same author.

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Of the 5 applications I submitted in CA, 3 of them have already been filled, and the two others I have not heard about yet.

My dad and grandma *really* want me out there in CA with them.

While I was out there we stumbled across a really great deal on a mobile home. It was in the same mobile home park as another home they really wanted me to see. (I think they get that I'm not too excited about sharing living space with them.)

The Mobile Home park itself is *very* nice and very well kept. They are in the process of remodeling their Social Club building and swimming pool area.

The lot fees are $600/mo (may possibly be less). (For comparison sake -- a cheap/very trashy mobile home park in the same city has a $350/mo lot fee -- another slightly more upscale mh park w/smaller lot spaces has a $1200/mo lot fee.) The lot fee includes sewer, water and garbage, plus community upkeep.

I fell in love with this home. The land around it is mostly covered with gravel = minimal outside upkeep. There is a fully grown and producing orange tree. There is a roomy covered porch (where I could place a porch swing!) There are two good-sized storage sheds, plus a covered parking area on one side of the house. In the backyard, behind the storage sheds, there is enough space where I could put in a veggie garden if I wanted to.

The house is over 1500sq. It has 3 bedrooms and 2 bathrooms. The dining room/family area has a gas powered fireplace. The kitchen has a really good sized pantry. The laundry area is more spacious than at my mom's house! The master bath has a double sink with a curved counter (very pretty) and a spa tub. The appliances (fridge, stove, washer/dryer, dishwasher, etc) go with the house. They would also be willing to sell me their dining set (mine is falling apart.)

The roof is less than 4 years old. The AC unit is less than 4 years old. The flooring is parquet (sp?) throughout, and ceramic tile in the bathrooms, less than six-months old.

It is very well kept inside and out.

The family who is living there right now, is wanting to move back to Argentina to be near the husbands mother. They are an SDA family (I'm SDA as well.) The house is mortgage free. My dad broached the idea of them possibly carrying the note . . . they sounded very willing to discuss that idea.

My grandma has stated that she'd be happy to help me out with a loan. I'm not sure if that means she'd match the loan she gave my brother (which he's already paid back) or possibly more.

I haven't totally played with the numbers . . . but here's what's kind of running in my head.

Homeowner is asking 55k.

I would offer 53K (including dining set) with a down payment of 30k. The remaining 23k would be paid in monthly installments plus 5% interest for 7 years. (I'll ask for 10, but be willing to settle for 7.)

The 30k down payment would break down like this:

$7500 - First time Homeowner Credit (have to check if I could get this for a mobile home where it is not a bank mortgage)

$5500 - From my savings - would have to use part of my emergency fund, plus housefund - but would still be left with at least 3 months expenses (with house).

$13,000 - I would borrow from my grandma with a payment term of 10 years at 5%.
(Depending on how the First Time Buyer Credit works, may have to initially borrow 20,500k.)

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Property taxes are $300/year. Average utilities for a family of 4 running a home based catering business $180/mo.

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I'm guessing it will run me around $1300 - 1400/mo for the first 7 years.

On what I make right now, that would not make ANY sense at all. (Be roughly 80% of my take home!)

BUT, the only way I'll even move out to CA is if I find a job where I make a good bit more than I make right now (and has comparable or better benefits.) So . . if I could get that amount to be more like, oh . . 60% or less . . I might bite.

Yes, I do know the wisdom of keeping housing to 30% or so of salary (is that take home or gross though?) *Remember, I have no debt - no car payments.*

I'm also aware that Mobile Homes aren't known for their appreciability. I'm willing to take the chance that in another 5 years if I wanted to sell, I'd be able to at least get my money back, plus possibly some more -- or at least get most of it back. To have a place of my own . . .

Needless to say, this all really is probably a huge pipe dream - because in order for it to have an iota of a possibility --- I have to find a job in CA while living in TX!

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You may have gathered that I don't have a strong belief that I will be able to find a job in CA. Smile My dad on the other hand strongly believes that I will. LOL

I have to tell my apartment management by January 30 whether or not I will be signing a new lease. My actual lease isn't up until March 30 - but they require a 60 day notice.

If I don't sign a new lease, and am still here, I would have to go month to month. That would mean an increase of at least $120/mo (maybe more).

However, if a miracle were to happen, and I *did* find THE job in CA, then having the flexibility to move within a few weeks time would be very handy.

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Seriously, I wish I hadn't seen this place. I told my dad I thought it was really silly to go looking at housing (especially to be talking to homeowners!) before even having a job lined up! Talk about putting the cart before the horse.

Le sigh.

The damage is done though. I am besotted with the idea. Maybe though I'm so besotted with the idea that the reality of that much money going to housing isn't hitting as hard as it should.

Sure, I'd be more than doubling my living space (including yard/storage areas) -- but I'd also be nearly doubling my housing costs.

8 Responses to “Back to work, dreaming of houses”

  1. Blue Eyes Says:
    1231388668

    Glad you had a nice trip. I wouldn't recommend purchasing a mobile home. It seems that they depreciate really quickly. I owned one and learned the hard way that it is usually difficult to sell them also. I lost a lot of money when someone finally did buy it, and it was in great condition. Just my opinion. Good luck with whatever you decide.

  2. boomeyers Says:
    1231389859

    Wow! I don't have any good advice for you, but it sounds like your head is telling you the right things... it's just that darn dreamin' heart, right? Try the Craigslist in the local area in California and email them your application... but how to get there for the interview? Could be costly. Keep us posted!

  3. frugaltexan75 Says:
    1231391412

    Blue,

    I mentioned that to my dad - but he is SO sure that the home will hold it's value and that in 5 or 6 years the market will give me my money back or maybe more. His first home was a mobile home . . .

    Boo,
    Yep, my dreaming heart tends to get me in trouble sometimes. My logical side tells me this is SO not right, but my deep down heart side really hopes there's a way to make it happen.

    I haven't checked craigslist - that is a good idea.

    My brother mentioned that some companies are interviewing people via webcam . . . that could be a nice no-cost solution. Though I'm not sure how well my personality would shine through on a web cam - no way for them to judge if I've got the 'good' handshake, or the 'fish' handshake! LOL!

  4. CouponAddict Says:
    1231424455

    My question is this. Yes the homeowners are selling but did you check with the trailerpark?

    In our area IF you want to move into a trailer park you have to get approval, so if you buy a home in the park and they do not approve you; you have to move your trailer or not move in. (I have heard alot of stories from people who find they could not move the trailer without alot of cost and maybe having to buy land out of town so they had to sell it at a loss due to the fact that the trailerpark owner would not allow them to move in. Yes since the trailer was already there they had to pay the lot fee they just were not allowed to move in.

  5. gamecock43 Says:
    1231424778

    wow. that's a lot of thinking to do. I hope you don't buy near any fault lines! Are you sure you don't want to rent in CA know- its astronomical) because CA is such a huge state you just don't know where you will want to live and then will be stuck. Anyhows, I'm glad you love CA, everyone seems to love that state. Not sure how its on the verge of bankruptcy.

  6. monkeymama Says:
    1231425742

    Actually, California is one place where a mobile home is a pretty excellent investment. The housing is so expensive. & even with housing falling now, it is still crazy expensive, and it will bounce back. If you can wait out the downturn a bit, I could see it appreciating. (Not that I'd count on it - but making a point to the nay sayers). Anyway, I would totally do it. It's one of those things that could easily be WAY cheaper than renting anyway.

    Om the resume, one thing that would help is putting a California address on the resume. Employers get weird about out of towners. Not sure it would help if you have a Texas phone # and have to arrange to get out there, etc. But next time you vacation there I would send a million resumes with the address and phone # at your parent's house. Wink

  7. Koppur Says:
    1231433131

    Glad you had a good trip and are back safely. The house sounds beautiful, and it sounds like a decent deal, but there are a lot of things to think about. Le sigh indeed.

  8. frugaltexan75 Says:
    1231466989

    Coupon Addict,

    Hmm... I did not know that about having to be approved by the trailer park. If I end up going to CA, I will def. make sure all my i's are dotted and t's crossed. Smile
    Gamecock,

    I've lived in CA before (Turlock - Central CA.) I've also visited various family members in both Southern and Northern CA numerous times over the years. I don't *think* it's located near any fault lines - but that is a good point to consider. I really like the town because it is made up largely of people who share my faith, and has a small town feel to it, even though it's not a small town.

    Thanks MonkeyMama for your input on Mobile Homes in CA. It really is the only way I can see myself affording a place of my own - so even if I did end up losing money in the end - at least I'd still be somewhat further ahead than renting - plus I'd have my own home for however long.

    You may be right about the employers being nervous about an out of towner (no less, an out of stater!) I suppose I could put my grandma's address .. but I'm not sure if that would really be very forthright. Plus, this one employer I applied for several positions with has you fill out a background check form listing all previous addresses for the past 10 years. So, they'd figure it out fairly quickly.

    Koppur,

    Thanks! It really is a beautiful house. It all really depends on me getting a job out there . . . so who knows.

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