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Old 04-19-2021, 09:34 PM   #1
Flex
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Default Advice on House Purchase or Barndo

Hey all, things settling a little for the kids and me. Think I'm ready to purchase a house.

I thought I was going to have a deal on an old "barndo" this week. Somebody came in and outbid me cash. Such is life.

I am in Central TX, Robinson/Waco area.

Looking to purchase a house or build a barndo on a super tight budget.

If anybody is a realtor local or barndo builder or recommends anybody feel free to comment or PM.

I would still like to build a barndo, but I'd be talking bare minimum. Stained concrete, metal, etc. Which I'm not sure if it's even doable with the market now.

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Old 04-19-2021, 10:09 PM   #2
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If you are young, go for the barndo if you can do most of the work yourself. In my case we looked at that but being 67, we decided that at this age, it may not have been possible to purchase land and build the barndo ourselves. Luckily we found our forever home and dang glad we did not go the barndo route.
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Old 04-20-2021, 04:48 AM   #3
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Thank you for the advise
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Old 04-20-2021, 06:28 AM   #4
glen
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Flex- You are not going to like my opinion. No way to budget for a build now. Supplies are worse than stock market. You cant get a bid good for more than a week or two. Lumber and metal are crazy. I would look for standing structure if i was in your shoes.
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Old 04-20-2021, 06:57 AM   #5
Johnny Dangerr
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Yup buy a house and wait it out. Fifteen year mortgage. My second house is payed off. Nice to just pay tax and insurance............
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Old 04-20-2021, 07:10 AM   #6
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Hard to get a mortgage loan on a barndo for yourself and/or when you go to sell it.
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Old 04-20-2021, 07:12 AM   #7
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Flex- You are not going to like my opinion. No way to budget for a build now. Supplies are worse than stock market. You cant get a bid good for more than a week or two. Lumber and metal are crazy. I would look for standing structure if i was in your shoes.
^^ This ^^..

It probably isn't the type of thing that you want to hear but if at all possible I would hold off for a while. We planned on building this year but with the current material prices I just cannot justify it. Even building at cost, we were looking at an easy +30% overall home cost increase over pre-covid prices.
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Old 04-20-2021, 07:17 AM   #8
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Probably be cheaper to rent for a year then build. Hopefully a year from now prices will be down that is.
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Old 04-20-2021, 07:39 AM   #9
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You're not going to like this, but the used housing market is nuts right now.
My wife is trying to help my cousin find a house to buy, in the $150k range.
Everything they find goes under contract before they can even schedule an appointment to see it.
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Old 04-20-2021, 07:53 AM   #10
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Build the Barndo!!

Last edited by skelsey; 04-20-2021 at 07:54 AM. Reason: Wrong spelling
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Old 04-20-2021, 08:33 AM   #11
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Quote:
Originally Posted by glen View Post
Flex- You are not going to like my opinion. No way to budget for a build now. Supplies are worse than stock market. You cant get a bid good for more than a week or two. Lumber and metal are crazy. I would look for standing structure if i was in your shoes.
Appreciate it. I'm looking for advice. I'm not married to any ideas.

I do know I hate paying rent every month vs owning something.

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Old 04-20-2021, 08:34 AM   #12
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Quote:
Originally Posted by Texastaxi View Post
You're not going to like this, but the used housing market is nuts right now.
My wife is trying to help my cousin find a house to buy, in the $150k range.
Everything they find goes under contract before they can even schedule an appointment to see it.
I'm aware. That's about maxed out of my budget range. I cannot find anything. Thought I did but as mentioned earlier. Didn't win the bidding process.

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Old 04-20-2021, 08:37 AM   #13
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And as mentioned. Any TBH realtors that do work in my area feel free to message me.

My budget is sub 150k. And I have 3 kids. So need some room. Which is from what I'm gathering all but impossible these days. Which is why I think the barndo idea is appealing. But with material pricing now it may be off the table as well.

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Old 04-20-2021, 09:03 AM   #14
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Get your financing together. If you want to be competative, stay away from gov loans...USDA,VA,FHA. In this sellers market, jumping through government hoops is not appealing to sellers...more a PITA. California cash beats all. Thats whats happening.

Stack your cash. Kiss 100 frogs to find 1 prince. (Look at 100 houses.) Lots of people cashing in on the price increases.

Good luck Flex.
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Old 04-20-2021, 09:11 AM   #15
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Unfortunately it's just not a good time for building or buying right now. I may look at the manufactured home route?

Good luck to you!
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Old 04-20-2021, 09:18 AM   #16
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Mentally prepare to offer and pay over asking price and no repairs request.
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Old 04-20-2021, 09:19 AM   #17
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What about foreclosures? Are there any out there? Sooner or later some folks may not be able to pay the mortgage due to covid.
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Old 04-20-2021, 09:22 AM   #18
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Probably going to be easier finding a house on lot and block than a barndo in that price range. Most barndos are on larger pieces of land of 5-10+ acres. Water, electricity, land, and septic will probably put most at the 100-150 without structure.
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Old 04-20-2021, 09:29 AM   #19
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Originally Posted by SabreKiller View Post
What about foreclosures? Are there any out there? Sooner or later some folks may not be able to pay the mortgage due to covid.
Not many now. Most banks are not foreclosing. Freddie and Fannie backed mortgages are under a moratorium.
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Old 04-20-2021, 08:00 PM   #20
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Probably going to be easier finding a house on lot and block than a barndo in that price range. Most barndos are on larger pieces of land of 5-10+ acres. Water, electricity, land, and septic will probably put most at the 100-150 without structure.
That's kind of how it seems. If I built one I'd find just a half acre to maybe 2 acre piece to put it on.

Neighborhoods in my area are just insane because of the boom from magnolia and fixer upper garbage.

Holding out hope I find something. But I've only found one in my budget in the last 6 months. And I got outbid by 15k cash. It was a terrible fixer upper that needed about 35-50k work to be liveable.

Also, my budget isn't going up any time soon. I'm a HS teacher/coach. So pay is what it is.

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Old 04-20-2021, 08:08 PM   #21
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Also. I know I've always "heard" to run away from manufactured homes. IE- trailers.

Is that still the case?

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Old 04-20-2021, 08:15 PM   #22
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If you have any remodeling skills then look for a fixer upper. You may qualify for a FHA sweat equity loan as it's called. You get a loan and you fix up the house to cover your down payment etc.
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Old 04-20-2021, 08:17 PM   #23
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My wife and I have been putting everything in place over the last 5 years to build our forever home starting next summer. We will be selling our current house next spring then most likely renting. I hope and pray that a year from now prices will be lower, but if not, we will be renting until prices drop some. I feel for anyone who is planning on buying/building right now or in the next few years. Just too many unknowns.
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Old 04-20-2021, 08:27 PM   #24
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Originally Posted by texan4ut View Post
If you have any remodeling skills then look for a fixer upper. You may qualify for a FHA sweat equity loan as it's called. You get a loan and you fix up the house to cover your down payment etc.
That's what I've been looking for. The problem is around Waco people swoop in and pay 150k for a 70k house that needs 60k of work. Then try to sell it at 250k.

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Old 04-20-2021, 09:41 PM   #25
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That's what I've been looking for. The problem is around Waco people swoop in and pay 150k for a 70k house that needs 60k of work. Then try to sell it at 250k.

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Yep! I just though it was crazy 8 months ago when trying to buy in the area. Everyone I talked to said I was was crazy for putting in an offer from a FaceTime walkthrough but it was the only way we were able to get a house in Robinson. Luckily our realtor was willing to look at the house on a Sunday that was listed late the previous afternoon.


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Old 04-20-2021, 09:50 PM   #26
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Building and extremely tight budget don’t go anywhere near each other. Unless you have a minimum of 10% overage cash available, don’t even consider building ( and 25% is smarter).
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Old 04-23-2021, 01:28 PM   #27
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What is ballpark average price per foot for a built out barndo?
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Old 04-25-2021, 12:24 AM   #28
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Originally Posted by Fmjag64 View Post
What is ballpark average price per foot for a built out barndo?
I have no idea. Was hoping somebody off here would reach out to me.

I still am trying to figure out what I will do.

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Old 04-25-2021, 04:53 AM   #29
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Now days a fully built out is going to cost you probably $130 sq foot and up.
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Old 04-25-2021, 05:34 AM   #30
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No help to offer on the home buying advice. Glad to hear it's settling down for you and the kiddos. Prayers up that you folks find something affordable & comfortable to call home soon.
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Old 04-26-2021, 04:44 PM   #31
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Originally Posted by Fmjag64 View Post
What is ballpark average price per foot for a built out barndo?
The buildout on just a 1200-1500 sq ft(just living area) barndo vs conventional house isn't going to be a lot different.

Now if you are building a house, big shop(2500-4000sq ft), porches, awnings there is a fairly big difference.
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Old 04-26-2021, 04:47 PM   #32
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One thing is for sure........ Aint nothing cheap right now.
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Old 04-27-2021, 09:39 AM   #33
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I haven't read through all of the comments, but I will tell you what I'm doing. My wife and I were looking to build a Barndo on our property, but I've pretty much decided to hold off a while to see how things come out. We will re-visit the idea in a year or so.

If I were currently renting and wanting to buy a place, I would 100% be looking for something that is already standing and livable.
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Old 04-27-2021, 09:43 AM   #34
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Now is not the time to build or buy. No chance I would. Especially when it sounds like you have no idea what you want to do.

No chance I would build on a super tight budget. Buy once cry once. Do it right
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Old 04-27-2021, 10:12 AM   #35
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Check these guys out. I have 10acres my Mom gave me near Grandview. If you can find some land one of these might do the trick. I know this is probably what I am going to do. Have it finished out to just the roughed in electrical and plumbing stage, insulated so all I have to do is do the interior finish out. https://www.generalshelters.com/cabins/

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Old 04-27-2021, 10:30 AM   #36
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I’m building. I’m here to tell you it’s horrifying right now.
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Old 04-27-2021, 11:17 AM   #37
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Quote:
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Also. I know I've always "heard" to run away from manufactured homes. IE- trailers.

Is that still the case?

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I bought one and have been living in it for a little over a year. We paid cash for it, and we are paying off our land so we can build on it. You seem to be in the same type situation that I'm in. I want to build, but there is no way I'm building right now. The trailer is worth more than what I owe on the land, so the plan is to save a good chunk for a down payment on a house, and when we're ready to build we'll sell the trailer to pay off land and put more down on the home build. If I were you I'd look that route. If you can find a little piece of property to stick a mobile home on and live in it for a few years it may work for you. It is certainly working for my family. Just do your research on the home manufacturer!
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Old 04-27-2021, 12:44 PM   #38
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Flex...the thing about manufactured homes is that they dont increase in value. They decrease in value as soon as they leave the lot. The land under them may increase in value...the county may raise your taxes because they think its more valuable...but the structure itself will not increase in value...historically. Trailers are just fine...but dont expect equity increase like a standard stick built home.
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Old 04-27-2021, 01:55 PM   #39
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Quote:
Originally Posted by Fmjag64 View Post
What is ballpark average price per foot for a built out barndo?
No answer for a average quote. When he calls on Red Iron prices (C purlins), the quote is good for 24 hours only. And he buys 2-3 tractor trailer loads at a time!

Prices are crazy right now.
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Old 04-27-2021, 02:11 PM   #40
Flex
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Appreciate the continued input.

I know what I want to do. Just seems impossible due to budget and location.

I want 1-3 acres and a modest as possible 4 bedroom house or barndo for me and the kids. I am talking bare bones, no frills. Unfortunately due to budget that is looking more like it won't happen unless some sugar mama takes me in!

Realistically realize I'm probably looking at kids sharing a room permanently and or a trailer house, unless I can get out of mileage restrictions and move somewhere cheaper.

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Last edited by Flex; 04-27-2021 at 02:55 PM.
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Old 04-27-2021, 02:19 PM   #41
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Quote:
Originally Posted by Flex View Post
Appreciate the continued input.

I know what I want to do. Just seems impossible due to budget and location.

I want 1-3 acres and a modest as possible 4 bedroom house for me and the kids. Unfortunately due to budget that is looking more like it won't happen unless some sugar mama took me in!

Realistically realize I'm probably looking at kids sharing a room permanently and or a trailer house, unless I can get out of mileage restrictions and move somewhere cheaper.

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Another thing to look at is the size of the property and what it would take to get some type of Exemption in that county. Ideally you want a piece of property with an exemption currently in place.
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