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Posted on 2/12/19 at 4:58 pm to TigerDat
I bet if you knocked a zero off your figures you wouldn't have a single downvote
Posted on 2/12/19 at 5:13 pm to TigerDat
What’s your current salary? Getting a large settlement while currently making $60k a year and spending most of it on a home that you would otherwise never be able to afford wouldn’t be advisable imo.
Posted on 2/12/19 at 5:35 pm to sneakytiger
quote:
bet if you knocked a zero off your figures you wouldn't have a single downvote
My bad didnt know giving false info would get me better information from the board
Posted on 2/12/19 at 5:37 pm to braindeadboxer
quote:
What’s your current salary
Current 110k total combined. That take home not gross
Also no other payments except utilities
This post was edited on 2/12/19 at 5:37 pm
Posted on 2/12/19 at 5:42 pm to TigerDat
With that much cash on hand and the combined income amount you mentioned, I would be looking to leverage / invest that cash to generate some more income. So I would get the home mortgage and look to buy some investment real estate with your cash.
Posted on 2/12/19 at 5:47 pm to birdieman
quote:
Ask your mom and dad since they gave you the money in the first place
Posted on 2/12/19 at 7:38 pm to TigerDat
Put a big enough DP down to where you can easily make your payments with current income. Invest the rest. I guess I’m saying put a $300k DP down so you don’t have a giant arse mortgage on a $110k combined income.
Posted on 2/12/19 at 7:46 pm to TigerDat
Wasn't a knock on you. Just an observation.
Posted on 2/12/19 at 8:17 pm to Brightside Bengal
quote:
So I would get the home mortgage and look to buy some investment real estate with your cash.
Posted on 2/12/19 at 9:23 pm to TigerDat
quote:Because if you start a thread saying you have over a million dollars in your early 30s, without a background explanation, people are going to think you are full of shite or a braggert.
Damn 7 downvotes on a question. Bunch of jealous people here or something?
Posted on 2/12/19 at 9:47 pm to braindeadboxer
quote:
est. I guess I’m saying put a $300k DP down so you don’t have a giant arse mortgage
That's was our exact plan. Guess I shouldn't have read anymore about it lmao.
Thanks for all the input
Posted on 2/12/19 at 10:23 pm to TigerDat
quote:
That's was our exact plan. Guess I shouldn't have read anymore about it lmao. Thanks for all the input
One thing I’ll caution you on. Bigger and nicer homes have greater residual maintenance costs.
Property taxes
Utility bills
Swimming pool maintenance
Lawn maintenance (im assuming that due to your injury you pay someone to maintain the 13 acres)
EVENTUALLY you’ll have to replace 3 water heaters, change a giant arse roof... etc. That shite is expensive.
Final point is that one day the settlement money will be gone and you’ll only have your current income to make things work. Don’t over stretch yourself.
Posted on 2/13/19 at 6:31 am to braindeadboxer
quote:
Property taxes
Utility bills
Good points and those points have been considered.
quote:
Swimming pool maintenance
Not planning a pool.
quote:
Lawn maintenance (im assuming that due to your injury you pay someone to maintain the 13 acres
Majority of it is used for hay, I am able to do lawn work.
quote:
Final point is that one day the settlement money will be gone and you’ll only have your current income to make things work. Don’t over stretch yourself
This is definitely something we planned for, 90% of what we got is in investments and retirement so we dont spend it at this point.
Posted on 2/13/19 at 7:55 am to TigerDat
considering your slightly uncertain career plans, I'd pay cash. Not having a mortgage will free up your options as far as income requirements to stay in your house and maintain a minimum standard of living. This way if your business doesn't net you the $ you wanted, it isn't that big of a deal as you have no mortgage to pay.
It may not net you the absolute most out of your cash but it makes life simpler and gives you options. Everything has a cost that you have to determine the value for.
It may not net you the absolute most out of your cash but it makes life simpler and gives you options. Everything has a cost that you have to determine the value for.
Posted on 2/13/19 at 12:04 pm to Fat Bastard
Again thanks everyone for the input.
Kind of off topic but would you suggest meeting with builders first and showing them the floor plan we are interested in or should we have the floorplan altered and buy blueprints first?
Kind of off topic but would you suggest meeting with builders first and showing them the floor plan we are interested in or should we have the floorplan altered and buy blueprints first?
Posted on 2/13/19 at 12:48 pm to TigerDat
quote:
Again thanks everyone for the input.
Kind of off topic but would you suggest meeting with builders first and showing them the floor plan we are interested in or should we have the floorplan altered and buy blueprints first?
Who are you getting blue prints from? Who is altering them? Are they signed and sealed?
Posted on 2/13/19 at 1:00 pm to notsince98
The floorplan we want is from Steve Madden in Denham. So our plan was to go to him and get them altered and blueprints printed.
Should we decide on a builder first just by showing them the floorplan or get the blueprints and then have it bid out by diff builders from the blueprint?
Should we decide on a builder first just by showing them the floorplan or get the blueprints and then have it bid out by diff builders from the blueprint?
Posted on 2/13/19 at 1:05 pm to TigerDat
The more information you can give a potential builder up front the more accurate they can be with the proposal and quote. Be as accurate as possible. Changes cost a lot of money.
This post was edited on 2/13/19 at 1:06 pm
Posted on 2/13/19 at 1:34 pm to TigerDat
Upvote #2. Shake the cube farm haters off.
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