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Old 03-16-2009, 03:02 PM
 
Location: Puyallup
3 posts, read 6,716 times
Reputation: 11

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My husband and I are both in our mid-20's and currently live in Puyallup. We were looking at homes in Lacey but weren't finding any areas we just "loved". We both would like to own a home on land, at least 1/2 acre which is seeming to be impossible in this state for under $250,000. What are some good towns near Fort Lewis, where my husband works, that are not too booming yet and have good quiet, reserved lands with homes? We lived in Fife for three years and loved it but it's become outrageously crazy now! We would love to find a quiet town and have thought of Yelm, Tumwater, Roy and Spanaway. Any suggestions??
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Old 03-16-2009, 07:22 PM
 
Location: Olympia
1,022 posts, read 3,799,351 times
Reputation: 831
Misshelicopter,

You'll be able to find a larger lot for under $250K in Lacey, Tumwater or Yelm, but it will likely be an older, smaller home.

Sandy
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Old 03-16-2009, 08:00 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
26,247 posts, read 44,012,358 times
Reputation: 29857
buy a trashed mobile home on acreage. (that is large enough to split later)

replace it with a repo modular (~$20k) on the 'least attractive' part of land. (Save the best for your permanent residence)

Do a shortplat, and the preliminary work to split off the parcel with modular.

Build a shop with an apartment on the parcel you want to call home.

sell the modular as soon as you've been there 2 yrs.

Move in the shop apartment, If it is nice enough, stay in the shop to keep taxes low. Or build a house when you have collected A LOT of stuff from a 're-building center' (used, or Habitat for humanity 'resale' store).

Put your money in a nice piece of property, or in today's market... a specialty home in 'distressed' sale (that you couldn't build for same price).

Check for 'Impact' fees before deciding to build. (That's why I try to find mobile homes to demolish... no impact fees)

You can split a parcel off the original house acreage every 2 years for 'tax free' income.

'Tax free' income will be very important in a few years, and for the years beyond...
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Old 03-17-2009, 02:54 PM
 
Location: Puyallup
3 posts, read 6,716 times
Reputation: 11
janb, wow you have really put some thought into this. i guess i should also tell you that i am a stay at home wife, i do not work. so this is off one income from a guy who works 6 days a week on 10 hour shifts... and we are in our early to mid 20's, that just seems like a lot of work seeing as how we want to settle down and have kids soon. if i were in my later years i would probably see that as being positive but its a bit much!
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Old 03-17-2009, 07:38 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
26,247 posts, read 44,012,358 times
Reputation: 29857
Quote:
Originally Posted by misshelicopter View Post
... just seems like a lot of work seeing as how we want to settle down and have kids soon. if i were in my later years i would probably see that as being positive but its a bit much!
I only wish I would have started doing this when I bought my 1st house at age 19. Remember... make you $$ work FOR you, and by the time your 40 you will not need a job, as investments will support you. (instead of relying on a pension that will disappear, as mine did after 32 yrs of employment... got laid off 6 wks before retirement eligibility... good thing I'd been doing real estate in my 'free' time...)

We did lots more complicated stuff than this during our 20 yrs of child rearing on single income while homeschooling. (I made each of our kids design and build a home from scratch before grade 10, at which time they went to college instead of High school using WA State Running Start program). That little adventure was tough on kids and parents, but... they each ended up with ~ $70,000 to spend on college or stereo or whatever...(and they never want to touch a hammer of shovel again (kept them interested in college)). Our neighbors are currently doing similar, but more complicated with 4 kids 1 income. (They buy distressed homes or build new every 2 yrs while keeping their shop on acreage rented while gone). They just moved into their 3rd place in 6 yrs, and have made $200k on each of previous ones.

You don't have to make it complicated at all if you get acreage large enough to parcel, and sell a chunk off every two yrs. One friend did that with a parcel that was in the city limits, so his lots were small. They did 17 lots on 7 acres and made ~$80,000-$100,000 'tax free' every two yrs. The surveyor and attorney did all the work, they just collected the dough. (and took occasional trips to celebrate)

Using the modular home idea, you can have someone else do the work for ~$5000 to set up a home. I just like to keep a bulldozer around the house, so doing this in my free time is an excuse to use it for other stuff than planting flowers.


If you want to do something smart... spend your home $$ on a campground, mobile home park, or RV park, and live there in a far corner of the property, and let the campers / tenants pay your payments (and taxes!!!). When you are age 40, the million dollar place (by then) will be free and clear, you will be collecting $10,000 / month income whether you are in WA or Tahiti, and can afford a manager to run it. Do this about 3 times in tax free states, if you desire wealth beyond income replacement. (I'm satisfied with income replacement, BUT I am very DISSATISFIED with the WA State property taxes on primary residences... they cost me 10X more than I spend on food everyday, and have NO VALUE to me, personal homes are liabilities, NOT assets (Don't forget that or let a realtor / banker try to tell you otherwise))
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Old 03-28-2009, 11:26 PM
 
Location: Steamboat Island area of Olympia
24 posts, read 85,319 times
Reputation: 23
janb is ambitious....and smart! But if that seems overwhelming to you....find a good real estate agent and start looking at some of the re-hab-desperate bank-owned properties and explore an FHA ReHab loan (also called a 203 k loan). A good lender can tell you all about this....basically you find a home you can afford (try Tenino, Bucoda, Yelm, Lacey...OR Mason and Grays Harbor counties-there are some great deals in Montesano right now...). Offer on it with your re-had in mind (need new flooring, cabinets, appliances, windows, etc?....add it onto your loan). Close the deal and have the work done after closing, paid out of escrow.

This is an oversimplification of the loan product, but it can be a slick deal. And with competitive rates (under 5% now) and only a 3.5% downpayment requirement, FHA loans are what is keeping real estate alive right now.

Hang in there....And good for you for starting your real estate portfolio early!
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