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Started By
Message
3
Posted on 12/6/07 at 11:24 pm to Afreaux
1. Make sure you know and understand all the costs of being in a house: utilities are usually more, maintenance, yard care, insurance, and property taxes. If the home is not maintained it could go down in value. I have heard that this is a problem lately as people get into homes they cannot afford.
2. Make doubly sure you know what you are signing up for in an owner finance. Is it a real regular loan? You need a HUD settlement statemetn so you understand what you are paying. Lease to own is a sucker's con where the seller hopes you skip out on it.
3. My opinion is that once you live in your own home you won't want to go near an apartment again. Home ownership is a good thing.
2. Make doubly sure you know what you are signing up for in an owner finance. Is it a real regular loan? You need a HUD settlement statemetn so you understand what you are paying. Lease to own is a sucker's con where the seller hopes you skip out on it.
3. My opinion is that once you live in your own home you won't want to go near an apartment again. Home ownership is a good thing.
Posted on 12/6/07 at 11:30 pm to Tigah in the ATL
quote:
3. My opinion is that once you live in your own home you won't want to go near an apartment again. Home ownership is a good thing.
Houses can be rented also.
Posted on 12/7/07 at 6:19 am to Afreaux
quote:
Afreaux
If you don't mind me asking, how much student debt are we talking about here? Is it manageable?
Personally I think I'd try to get that taken care of / paid off some kind of way before messing with home ownership. I can imagine what that has probably done to your credit over time.
Posted on 12/7/07 at 8:48 am to Afreaux
quote:
I could possibly save up to 120k in five years.
In that case pay off your student loan debt first then worry about buying a house and setting up retirement. If you borrowed the money you are obligated to pay it back if you can IMO. And yeah, I know the excuses, and no I don't buy any of them.
Posted on 12/7/07 at 9:06 am to Tiger JJ
quote:
In other words, always take the cheapest, longest-term leverage you can find.
presuming that one knows what leverage is...
Afreaus, if you don't know what amortization, leverage, or cost of capital are, you need to rent until you learn.
Posted on 12/7/07 at 9:11 am to Tigris
quote:
In that case pay off your student loan debt first then worry about buying a house and setting up retirement. If you borrowed the money you are obligated to pay it back if you can IMO. And yeah, I know the excuses, and no I don't buy any of them.
Honestly, I agree. Student loans suck, but they aren't going to go away. I would take care of all your previous financial obligations before taking part in probably the biggest financial investment (minus marriage) of your life.
This post was edited on 12/7/07 at 9:11 am
Posted on 12/7/07 at 4:21 pm to Ziggy
.......
This post was edited on 1/21/11 at 4:15 pm
Posted on 12/8/07 at 12:02 pm to Afreaux
Afreaux-- I understand your point of view. You're in a tough situation. On one hand, I see your point to an extent, but on the other, I think of what "I" would do. If I took out student loans, knowing that I'd have to eventually pay it back, then that would've been my FIRST priority once I was finished with school; not putting it on the back burner for years. I know hindsight is 20/20 but you should've known better what you were doing. I was fortunate to have GREAT grades in HS and got a scholarship to colelge. Once the 4 year scholarship was up (I still had a year left, since I worked full time and couldn't overload myself with classes), I was fortunate to STILL have good grades and got a GRANT to finish school.
Don't you think you'd feel better after biting the bullet and paying off your past debts? Not having that shite in the back of your mind constantly, following you around wherever you go? I know I would. But ultimately, your decision is your decision. If you feel that this is a once-in-a-lifetime opportunity and nothing like this will EVER come your way again, go for it. I find that highly unlikely though.
Don't you think you'd feel better after biting the bullet and paying off your past debts? Not having that shite in the back of your mind constantly, following you around wherever you go? I know I would. But ultimately, your decision is your decision. If you feel that this is a once-in-a-lifetime opportunity and nothing like this will EVER come your way again, go for it. I find that highly unlikely though.
Posted on 12/8/07 at 12:32 pm to Afreaux
How do you know the house is worth a 100K?
Posted on 12/8/07 at 4:19 pm to La Place Mike
quote:
How do you know the house is worth a 100K?
Appraisal?
Posted on 12/8/07 at 8:23 pm to Ziggy
.......
This post was edited on 1/21/11 at 4:15 pm
Posted on 12/8/07 at 9:52 pm to Afreaux
quote:
I could possibly save up to 120k in five years
Not without a written plan.
quote:
I just don't want to keep paying rent if I could be putting that money towards ownership somehow.
Renting is not always a bad thing.
Posted on 12/9/07 at 9:10 am to Afreaux
Jesus tapdancing christ, dude. Learn to pay your fricking bills first.
Also, don't buy a condo in Baton Rouge.
Also, don't buy a condo in Baton Rouge.
Posted on 12/9/07 at 10:18 am to Colonel Hapablap
quote:
Jesus tapdancing christ, dude. Learn to pay your fricking bills first.
Also, don't buy a condo in Baton Rouge.
What he said and just because they settle your debt for pennies on the dollar does not mean that it will help your credit.
Posted on 12/9/07 at 6:38 pm to Afreaux
I wouldn't be surprised if the Condo was not worth 100K. Something doesn't seem right. If I were you I would pay off the debt. Then look for a house. Time will fix your credit problems.
Posted on 12/10/07 at 1:46 am to La Place Mike
quote:
I wouldn't be surprised if the Condo was not worth 100K. Something doesn't seem right.
The price seems equal to other condos in the area that are similar. In any case, I'm probably going to pass on buying. I've spoken to one attorney that handles bankruptcy (though I'd never declare bankruptcy), I need to find some BR lawyers that special more in debt negotiation and credit improvement. As opposed to a fly by night credit repair place. Any suggestions?
Posted on 12/10/07 at 12:35 pm to Afreaux
quote:
In any case, I'm probably going to pass on buying.
I'm glad you decided to go this route. In the long run, it will be better for you financially to pay off any outstanding debt (however big or small it is) before getting yourself into a mortgage on a house.
Posted on 12/12/07 at 9:19 am to Ziggy
quote:
I need to find some BR lawyers that special more in debt negotiation and credit improvement. As opposed to a fly by night credit repair place. Any suggestions?
proceed with caution. I am a mortgage broker. Most lenders view any sort of credit counseling the same as they would a bankruptcy.
Posted on 12/12/07 at 9:45 am to CONNECTICUTTIGER
quote:
Most lenders view any sort of credit counseling the same as they would a bankruptcy.
Hmmmmmmmmm, never knew this
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