Mobile homes are financial traps

[charby]

A cheap mobile can be a useful thing to live in when money is tight- I spent years in one, saving to pay off property. Kept the rain off.

Where I live you can buy a decent used mobile home for $18-30k and lot rent is around $300/month. If it wasn't for my wife, I'd probably be living in one.

[French G.]

I'm thinking wall tent or Airstream if I ever go off the reservation...again. MH comes with all the home infrastructure and bills and few of the benefits.

When I was a kid I knew a couple who lived in a teepee for 4-5 years while they built their own log cabin. As in cut the trees, prepped and treated the logs, everything. Total loons but the teepee was on a deck, had wood heat and a TV. What's for a kid not to like?

[Balog]

I remember reading a book about the British .mil in the 80's where it was mentioned that part of boot camp was detailed in depth instructions on things such as how to properly wash yourself and brush your teeth. This was needed, because a significant number of recruits had literally never had anyone to teach them to pull their foreskin back and clean under it, or the necessity of brushing all sides of one's teeth not just the front etc. On this very forum we've seen first hand accounts of teens who have never been taught how to read a clock. Moreover, it is (sometimes/often/nearly always) the case that the culture which spawns such people is not merely apathetic to bettering oneself, but actively antagonistic to it.

Things like payday loans or the scam mentioned in the OP could indeed be easily avoided by some basic internet research and etc. But the folks who are being preyed on in this way don't know that such things are possible, let alone how to do them. And they are taught from a young age that attempts to learn more and better yourself carry harsh negative repercussions.

[tokugawa]

I remember reading a book about the British .mil in the 80's where it was mentioned that part of boot camp was detailed in depth instructions on things such as how to properly wash yourself and brush your teeth. This was needed, because a significant number of recruits had literally never had anyone to teach them to pull their foreskin back and clean under it, or the necessity of brushing all sides of one's teeth not just the front etc. On this very forum we've seen first hand accounts of teens who have never been taught how to read a clock. Moreover, it is (sometimes/often/nearly always) the case that the culture which spawns such people is not merely apathetic to bettering oneself, but actively antagonistic to it.

 "bravo two zero", IIRC.

[Balog]

"bravo two zero", IIRC.

Good memory! I believe you are correct. I enjoyed those books, a very down to earth look at the SAS of the time.

[just Warren]

MY mobile home is certainly not a trap! Never mind this cattleprod, I keep it handy for defense against....things. And those shackles hanging from the walls are merely innocent decorations.

Please do step in! I have cookies!

[roo_ster]

Where I live you can buy a decent used mobile home for $18-30k and lot rent is around $300/month. If it wasn't for my wife, I'd probably be living in one.

Same here.  Kids would happily trade stick built habitation for a more rural existence. 

[230RN]

bluestarlizzard mentioned,

Weirdly enough, the ones built in the 70s are not as crappy as you'd think.

After reading this thread, just for grins I google-mapped and street-viewed where my 1969 single-wide Schulte that I mentioned in Reply #2 was.  It's still there, looking good.

Served me well for 4 years, and despite the ~$1000 hit over four years on "depreciation," it was a good deal. 

[Ben]

Same here.  Kids would happily trade stick built habitation for a more rural existence. 

I think a lot of people think "big travel trailer" when they think "mobile home". Modern modulars are actually pretty nice (and often nearly as much as a stick built):

https://www.google.com/search?q=modular+homes&tbm=isch&tbo=u&source=univ&sa=X&ei=R4EmVZvYKMmzoQS-2oC4Cg&ved=0CE0QsAQ&biw=1536&bih=742

[Brad Johnson]

A modular home and a mobile home are different. Modular homes are made to be put on a permanent foundation (it's a home built in portable modules, thus the name). A mobile home is designed to remain on it's frame & axles.

Brad

[Ben]

A modular home and a mobile home are different. Modular homes are made to be put on a permanent foundation (it's a home built in portable modules, thus the name). A mobile home is designed to remain on it's frame & axles.

Brad

My understanding from the article is that they're referring mostly to Buffet's company, which AFAIK, just does modular homes?

EDIT: Also, I guess my point was that "mobile home" kinda gets misused to apply to everything.

[Brad Johnson]

I have a different take on the original story, nothing to do with the type of home. My take is that it's trying to make victims out of people who created their own problem. They commited a bunch of time and money without having a fully approved loan. It's the homebuyer version of "Ready, Fire!, Aim."

I've seen it more times than I care to recall. People will spend weeks, sometimes months, looking at houses and preparing for a move (up to having movers contracted and home renovation companies scheduled) without having so much as called their lender. Or there's the dreaded "I got an approval on line!" routine.

I'm sorry they lost their money, but my sympathy ends there. The situation wasn't Buffet's fault, it was theirs. They failed to do the most basic of financial preparation before committing other money to the deal.

Brad

[roo_ster]

I think a lot of people think "big travel trailer" when they think "mobile home". Modern modulars are actually pretty nice (and often nearly as much as a stick built):

https://www.google.com/search?q=modular+homes&tbm=isch&tbo=u&source=univ&sa=X&ei=R4EmVZvYKMmzoQS-2oC4Cg&ved=0CE0QsAQ&biw=1536&bih=742

My step-grand-folks had a pre-built assembled on their land when they retired.  You could not tell the difference from a regular farm house.

[Ben]

I have a different take on the original story, nothing to do with the type of home. My take is that it's trying to make victims out of people who created their own problem. They commited a bunch of time and money without having a fully approved loan. It's the homebuyer version of "Ready, Fire!, Aim."

No I agree with you on what the story was about. I meant people here (and in general) seem to be mixing up what the actual structures were - at least those that Buffet has a stake in. That's kind of an aside. The story could have been about widgets regarding what people were going into debt over and making bad decisions about.

[RoadKingLarry]

Know what a tornado and a divorce in Oklahoma have in common?

Some old boy is gonna lose a trailer house.

When we bought our current home it was unfinished and uninhabitable. It came with a late '60s. early '70s vintage mobile home. It was a few steps up from living in a tent. We managed 2 winters in it before getting the house ready to move into.

We sold it "as-is" for $500. The young newlywed couple that bought it thought they were skinning us and we kind of felt we were screwing them a little so I guess everybody was happy.

I've told the story about moving it here before, 2 guys named bubba and a big truck.

 

[charby]

My step-grand-folks had a pre-built assembled on their land when they retired.  You could not tell the difference from a regular farm house.

I've been in quite a newer few modular homes, ones that were built in pieces in a factory, trucked in and assembled by crane on a basement foundation. They appear to be way more solid then the stick built new home construction. Like no squeaks when walking, or floors are bouncy, etc.

[cassandra and sara's daddy]

They are much better built. Incredibly so. I have had to do demo on them it sucks .


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[lupinus]

A good modular home tends to be very well built. The glorified trailers? Not so much.

[lee n. field]

Know what a tornado and a divorce in Oklahoma have in common?

Some old boy is gonna lose a trailer house.

When we bought our current home it was unfinished and uninhabitable. It came with a late '60s. early '70s vintage mobile home. It was a few steps up from living in a tent. We managed 2 winters in it before getting the house ready to move into.

Tallpine I think could relate.

We sold it "as-is" for $500. The young newlywed couple that bought it thought they were skinning us and we kind of felt we were screwing them a little so I guess everybody was happy.

Hey!  Y'all get a room!

[lee n. field]

bluestarlizzard mentioned,

After reading this thread, just for grins I google-mapped and street-viewed where my 1969 single-wide Schulte that I mentioned in Reply #2 was.  It's still there, looking good.

My old trailer park is completely gone.  When I took #1 son down to Carbondale for school, I drove through Champaign just to see stuff.  The whole place was scraped away and replaced by student apratments.  No loss, but I wonder what would have become of us had we stayed.