Curious about buying homes in Salem/Marion county

[Larry Caldwell]

Originally Posted by Silverfall

At $150,000-$160,000 you will have few choices of homes. Just to give you an idea of how hard it will be...

Right now there are 389 homes for sale in all of Salem. Only 24 (that is 6% of total homes for sale) are under $160,000 that are financeable. The rest require cash due to condition. One is out west in the flats. Two are down south, and the rest are around the downtown core. You won't be able to be picky about where you live if you need to be in that price range. You definitely won't be able to enjoy the country feel of east Salem as that is acreage that is well above that price point.

My wife and I started with an uninhabitable home on 5 acres near Jefferson that was owner financed because of the condition of the property. We set up a used single wide mobile and gutted the house, installing all new wiring, plumbing and finish. Eight years later, with a lot of sweat equity, we came out of it very well. The mobile home was due to my previous experience of living in a construction project. It was very difficult to get any work done when I had to move everything and clean up the dust afterward. Being able to close the door and walk 50 feet to have dinner was worth its weight in gold.

The financial down side to buying on contract is that you don't have many rights. Miss a payment and theoretically you are out and lose your down payment. People need to go into a deal like that with their eyes wide open.

[Silverfall]

Originally Posted by Larry Caldwell

My wife and I started with an uninhabitable home on 5 acres near Jefferson that was owner financed because of the condition of the property. We set up a used single wide mobile and gutted the house, installing all new wiring, plumbing and finish. Eight years later, with a lot of sweat equity, we came out of it very well. The mobile home was due to my previous experience of living in a construction project. It was very difficult to get any work done when I had to move everything and clean up the dust afterward. Being able to close the door and walk 50 feet to have dinner was worth its weight in gold.

The financial down side to buying on contract is that you don't have many rights. Miss a payment and theoretically you are out and lose your down payment. People need to go into a deal like that with their eyes wide open.

That was smart. I've gutted most of my home and have lived in it during the renovations. Not so fun, but also not moving the kids around to do it. There are a few land sales contract options out there, but I find most people don't have the needed skills to do the renovations themselves or the cash to hire others.

[oregonresident2]

Originally Posted by Silverfall

That was smart. I've gutted most of my home and have lived in it during the renovations. Not so fun, but also not moving the kids around to do it. There are a few land sales contract options out there, but I find most people don't have the needed skills to do the renovations themselves or the cash to hire others.

What do you think of buying just land and ordering homes to be built with companies like Clayton homes and Hiline homes for those that lack the renovating skills or the will to renovate?

[Silverfall]

Originally Posted by oregonresident2

What do you think of buying just land and ordering homes to be built with companies like Clayton homes and Hiline homes for those that lack the renovating skills or the will to renovate?

You will have a hard time finding a lot to make that work. I don't think it is realistic.

At the price point you want to be at, you will need to get comfortable renovating.

[oregonresident2]

Originally Posted by Silverfall

You will have a hard time finding a lot to make that work. I don't think it is realistic.

At the price point you want to be at, you will need to get comfortable renovating.

What are the factors that make that unrealistic?

Silverfall, thank you for your kindness in sharing your experiences and perspective.

[Silverfall]

Originally Posted by oregonresident2

What are the factors that make that unrealistic?

Silverfall, thank you for your kindness in sharing your experiences and perspective.

The cost of the lot, developing the lot, and finding a lot that will accept a manufactured home like Clayton. Hiline are stick built so those would be easier, but you can't do it for that price point. The only lots that would be available to you would be lots that an owner subdivides and they will typically dictate what can and can't be on a lot.