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Started By
Message
(First post) Housing related, what would you do?
Posted on 7/29/22 at 9:53 pm
Posted on 7/29/22 at 9:53 pm
Option A, B, or pitch in your own C?
Personal:
- 30 years old, no spouse or kids for foreseeable future.
- Fixed income (untreatable epilepsy).
- Moved from Thibodaux to Shreveport 4.5 years ago for mental* reasons which have since been resolved (separate from epilepsy). Been renting in Shreveport last two years.
I plan to put down roots in the surrounding area of Shreveport so I can stay reasonably close to my church, which is in Shreveport.
Numbers:
- Take home 1813/month.
- Rent (includes utilities) has been 850/875 last ~two years. Stayed in budget until going over for more gas to house hunt these last 2 months.
- 23,000 in savings.
Option A: Buy a house using Dave Ramsey's formula of 1/4 of take-home pay, resulting in a roughly $50,000 house on 15-year fixed conv mortgage. Rebuild emergency fund from 6,000 to 10,000 after down payment and closing costs. Gradually improve this house as cash permits.
Edit: I'm pre-approved for a no score mortgage with Churchill Mortgage for 65,000.
Option B: With cash, buy a piece of land for between 10/15,000 and a used camper for around 5,000 and quickly rebuild emergency fund with the ~600/month difference between what expenses were while renting vs what they'll be while camping. Gradually build something on my little piece of land as cash permits after emergency fund is rebuilt.
For both options I'm looking out in the country around Shreveport, such as Haughton, Elm Grove, Keithville, Blanchard, Belcher, Greenwood, Doyline, etc. A common issue is that land I can afford in option B doesn't typically include the septic system needed, being out in the country.
My budget would get me killed inside Shreveport.
Tried to be concise, thank yall for stopping by!
Personal:
- 30 years old, no spouse or kids for foreseeable future.
- Fixed income (untreatable epilepsy).
- Moved from Thibodaux to Shreveport 4.5 years ago for mental* reasons which have since been resolved (separate from epilepsy). Been renting in Shreveport last two years.
I plan to put down roots in the surrounding area of Shreveport so I can stay reasonably close to my church, which is in Shreveport.
Numbers:
- Take home 1813/month.
- Rent (includes utilities) has been 850/875 last ~two years. Stayed in budget until going over for more gas to house hunt these last 2 months.
- 23,000 in savings.
Option A: Buy a house using Dave Ramsey's formula of 1/4 of take-home pay, resulting in a roughly $50,000 house on 15-year fixed conv mortgage. Rebuild emergency fund from 6,000 to 10,000 after down payment and closing costs. Gradually improve this house as cash permits.
Edit: I'm pre-approved for a no score mortgage with Churchill Mortgage for 65,000.
Option B: With cash, buy a piece of land for between 10/15,000 and a used camper for around 5,000 and quickly rebuild emergency fund with the ~600/month difference between what expenses were while renting vs what they'll be while camping. Gradually build something on my little piece of land as cash permits after emergency fund is rebuilt.
For both options I'm looking out in the country around Shreveport, such as Haughton, Elm Grove, Keithville, Blanchard, Belcher, Greenwood, Doyline, etc. A common issue is that land I can afford in option B doesn't typically include the septic system needed, being out in the country.
My budget would get me killed inside Shreveport.
Tried to be concise, thank yall for stopping by!
This post was edited on 7/29/22 at 10:00 pm
12
Posted on 7/29/22 at 9:57 pm to ThibToShreve
Option B sounds way more regrettable, IMO.
So I say option A.
So I say option A.
Posted on 7/29/22 at 10:04 pm to ThibToShreve
Option A. Good luck! If you can find a duplex, that would be my suggestion. Live in one unit, rent out the other.
Posted on 7/29/22 at 10:15 pm to ThibToShreve
I think option B seems more attractive than what it actually will be. Your comfort and quality of life has value and I think option A will leave you happier than living in a camper for an undefined amount of time.
Good luck with whichever one you choose!
Good luck with whichever one you choose!
Posted on 7/29/22 at 10:18 pm to ThibToShreve
Option B seems fraught with unforeseeable expenses and issues.
I’d lean to option A, or maybe even a rental, somewhere like Blanchard or the other bedroom communities you mentioned. Rental gives you no equity, but it avoids unexpected big cash requirements like AC problems, roof replacement, painting, hot water heater fails, plumbing issues, etc.
I own, and it has been good for me, but you never know when you may have to shell out $$$ for repairs or maintenance.
I’d lean to option A, or maybe even a rental, somewhere like Blanchard or the other bedroom communities you mentioned. Rental gives you no equity, but it avoids unexpected big cash requirements like AC problems, roof replacement, painting, hot water heater fails, plumbing issues, etc.
I own, and it has been good for me, but you never know when you may have to shell out $$$ for repairs or maintenance.
Posted on 7/29/22 at 10:47 pm to ThibToShreve
Maybe others can chime in but maybe get a 30 year mortgage rather than 15 and you can build savings more quickly for emergencies and home improvements to resell down the line?
Posted on 7/30/22 at 4:51 am to ThibToShreve
quote:
I plan to put down roots in the surrounding area of Shreveport so I can stay reasonably close to my church, which is in Shreveport.
God will provide.
Posted on 7/30/22 at 7:10 am to ThibToShreve
Re: Untreatable epilepsy
Have you looked at VNS implant? Livanova was a client of mine 5 years ago, fascinating technology.
LINK
Have you looked at VNS implant? Livanova was a client of mine 5 years ago, fascinating technology.
LINK
Posted on 7/30/22 at 8:13 am to WITNESS23
quote:
maybe get a 30 year mortgage rather than 15 and you can build savings more quickly for emergencies and home improvements
And it’s likely you’ll be refinancing as soon as rates drop significantly anyway so you can be building back up while you wait.
Posted on 7/30/22 at 8:30 am to UpstairsComputer
I like option A on a 30 year instead of a 15.
You can always choose to pay a 30 year early but you can't pay your 15 year late. A 15 year is basically forcing you to put extra money into equity each month, but chances are in any given month that's not the best use for that extra money.
You can always choose to pay a 30 year early but you can't pay your 15 year late. A 15 year is basically forcing you to put extra money into equity each month, but chances are in any given month that's not the best use for that extra money.
Posted on 7/30/22 at 9:08 am to ThibToShreve
A
Posted on 7/30/22 at 9:58 am to ThibToShreve
Option A but I would save more cash first so that I’m not eating into my emergency fund for a house down payment. Keep that fund for actual emergencies.
Also I’m assuming you have no debt.
Lastly, you need to get your income up. Start thinking now about what you CAN do to be in a stronger position 5-10 years from now.
Also I’m assuming you have no debt.
Lastly, you need to get your income up. Start thinking now about what you CAN do to be in a stronger position 5-10 years from now.
Posted on 7/30/22 at 7:10 pm to ThibToShreve
Thank yall for your input! Option A is our current direction.
I may have found a house. Details to come if it goes forward.
This photo shows the interesting part:
LINK
The green rectangle is from the original tax assessor's image of the property.
I've added the red arrow to show where the 'main house' in this deal is.
I've added the blue line to show where the seller and the decades-long occupant of the trailer behind the house think the property divides.
In other words, both the seller and the trailer occupant think that the trailer occupant owns the land to the right of the blue line. The tax assessor photo clearly does not support their position.
Waiting to hear back from my realtor about this and thought you might enjoy this ride with me.
I may have found a house. Details to come if it goes forward.
This photo shows the interesting part:
LINK
The green rectangle is from the original tax assessor's image of the property.
I've added the red arrow to show where the 'main house' in this deal is.
I've added the blue line to show where the seller and the decades-long occupant of the trailer behind the house think the property divides.
In other words, both the seller and the trailer occupant think that the trailer occupant owns the land to the right of the blue line. The tax assessor photo clearly does not support their position.
Waiting to hear back from my realtor about this and thought you might enjoy this ride with me.
Posted on 7/30/22 at 7:23 pm to ThibToShreve
Sounds like a festive way to get into home ownership. Why might they think the lot is divided there? What purchase of land did the trailer owner make to lead him to believe he owns most of your prospective lot? How many guns will he unload on you when you try to remove him from the land or sell it to him?
I’d tread lightly with this unless you get a quick, clear, and reasonable solution with no drama attached.
I’d tread lightly with this unless you get a quick, clear, and reasonable solution with no drama attached.
Posted on 7/30/22 at 7:42 pm to ThibToShreve
After further digging, I may have found a reasonable explanation for this mixup.
So the first photo is "my" lot and the second photo is taxpayer Dorothy's lot.
LINK
LINK
The seller referred to the lady in the trailer as "Ms. Dot" so I'll assume that Dorothy in the tax database is also Ms. Dot.
I'm thinking best case scenario is that the assessor photos are wrong and the lots should be wide instead of long, looking from "my house."
So the first photo is "my" lot and the second photo is taxpayer Dorothy's lot.
LINK
LINK
The seller referred to the lady in the trailer as "Ms. Dot" so I'll assume that Dorothy in the tax database is also Ms. Dot.
I'm thinking best case scenario is that the assessor photos are wrong and the lots should be wide instead of long, looking from "my house."
Posted on 7/30/22 at 10:57 pm to ThibToShreve
quote:
Option B: With cash, buy a piece of land for between 10/15,000 and a used camper for around 5,000 and quickly rebuild emergency fund with the ~600/month difference between what expenses were while renting vs what they'll be while camping. Gradually build something on my little piece of land as cash permits after emergency fund is rebuilt.
Over the last few years I've gotten into the consignment business. That has led me to selling 5th wheels and trailers. Every-time I sell one, I tell my wife if I was single and 23 all over again, I'd have bought a 5th wheel for $40k and lived in it until I was married. In a mid-size metro like mine, I could have been 15 minutes from downtown on 5 acres with a decent camper stacking money vs paying rent.
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