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We didn't have a home and the money I saved for a home went from being able to buy a nice house in the city to not even being able to buy a trailer in a wastela

We didn't have a home and the money I saved for a home went from being able to buy a nice house in the city to not even being able to buy a trailer in a wasteland after the COVID free interest fest. Now all those homes are locked up in rates no one will give up for less than a kings ransom. I can assure you DIY a house was not even on my radar of life plans. Ultimately only one option remained, buy land in a place without building codes and then build without a license. Took me awhile to find the loophole, but I executed it. I built a house for only $60k in a state where a burnt out trailer is now $150k.

digging 2y ago
Thank you for clarifying, it sounds like you probably did make a good decision.
meowster 2y ago
What was the loophole?
- beaglesss 2y ago
  1) Negative interest rates exploded prices anything eligible for mortgage. Deduction: must not buy property eligible for traditional mortgage. 2) GC and contractors exploded prices to match weak competition. Deduction: must not have someone else build house. 3) Zoning laws make small homes illegal. Deduction: must find place with weak zoning. 4) Trades licensing, codes, and inspection make DIY impossible while holding regular job. Deduction must find place without inspections or required licensing for owner builder at any point. --------- Criteria: Must buy raw land ineligible for mortgage, must do it in in a place with weak zoning, codes, and inspection and still be near jobs. The loophole was totally avoiding every competitive expensive pathway and bypassing it by not competing with people fueled by free debt and not being beholden to the zoning and planning cartels. Doing that is a difficult tightrope to walk.
  - meowster 2y ago
    That's a good work-around, not really a loophole. I'm glad it worked for you, I have been thinking about doing the same.

digging 2y ago

Thank you for clarifying, it sounds like you probably did make a good decision.

meowster 2y ago

What was the loophole?

beaglesss 2y ago
1) Negative interest rates exploded prices anything eligible for mortgage. Deduction: must not buy property eligible for traditional mortgage. 2) GC and contractors exploded prices to match weak competition. Deduction: must not have someone else build house. 3) Zoning laws make small homes illegal. Deduction: must find place with weak zoning. 4) Trades licensing, codes, and inspection make DIY impossible while holding regular job. Deduction must find place without inspections or required licensing for owner builder at any point. --------- Criteria: Must buy raw land ineligible for mortgage, must do it in in a place with weak zoning, codes, and inspection and still be near jobs. The loophole was totally avoiding every competitive expensive pathway and bypassing it by not competing with people fueled by free debt and not being beholden to the zoning and planning cartels. Doing that is a difficult tightrope to walk.
- meowster 2y ago
  That's a good work-around, not really a loophole. I'm glad it worked for you, I have been thinking about doing the same.