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Might Be Getting my Own House

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Might Be Getting my Own House

Postby Tsar » Sat Jan 09, 2016 2:23 am

I am probably going to take out a mortgage and get my own home if I am approved for one. It's cheaper than rent and in the intermediate-to-long-term future if I want to move abroad it would be easier to rent out a home in the northeast considering the cost of living is higher and because it's more densely populated compared to other states.

Obviously I would have loved to move to Florida but I think I am confident in my ability to continue to be employed up here since I get many compliments regarding my work so I figure the odds are good that I will eventually be made a permanent employee instead of a contract employee.

I have decided that the home is my next step because it is now intolerable to live with a verbally and emotionally abusive family, the temperature torture they put me through (they keep the home at 62 degrees. So I have to wear a lot of clothing including a Under Armour winter coat to bed just to be relatively warm but I am still cold in their house.

It will be good for my emotional health, my psyche, my freedom, my happiness, allow me to begin advancing in life and achieving another milestone, and allow me the ability to actually have a foreign girlfriend if I ever found one worth having (because guys without their own place can't have any kind of girlfriend. That's a fact).

If everything works out then I'll finally be able to disown certain members of my family as well as change my legal name. Sometime I've wanted to do since I was a teenager but haven't been because I know I'll get even more verbal abuse from my family. So when I'm finally on my own, no Christmases or Easters or Birthdays or anything with them. I'll spend the holidays alone unless a relative invites me to their house or a friend invites me (since I am gaining some friendships now).

It's not the ideal plan I had for the next few years but it's a decent plan. The only risk is if I am not made permanent and it becomes difficult to gain another employment, but it's a risk worth taking because everything in life has a risk. Instead of a $60,000 loan in Florida with less property tax, I would need an $81,000 loan (and then there's about $2,500 property tax per year). But it is cheaper than rent (most rent unless it's a basement which could cost the same price as the monthly mortgage payment). I've always wanted to garden and have some nice plants like a Dawn Redwood etc so that would be something I could do for fun if I had my own place.
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Re: Might Be Getting my Own House

Postby jamesbond » Sat Jan 09, 2016 10:35 am

Now is a good time to buy a home with interest rates so low. Will you be buying a house, townhouse or condo? Where exactly in the northeast do you live? I know the price of real estate in the northeast part of the US is astronomical and so are the property taxes.
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Re: Might Be Getting my Own House

Postby Tsar » Sat Jan 09, 2016 1:56 pm

I live in Rhode Island. There's a relatively affordable home on the market with mortgage payments that would be 50%-60% less than most rent. The pictures of the interior and exterior look nice. If I am pre-approved for a mortgage then I will have it inspected (to see how good it is) and also buy a flood insurance report (wouldn't buy if it's in a flood zone because flood insurance can very extremely expensive). Based on Google Maps it's probably 5-6 miles from the coast but that's just visual estimate. The tax assessment value is about 33% higher than the listing price so either it is worth more than it's selling for or I would have an appraiser give me it's market value if I bought it to dispute the higher tax assessment value if the market value is lower.

It would be a house. I wouldn't want to pay Home Owner's Association Fees. It's also in a primarily white area of RI which has low crime. Most of the crime reports have been underage drinking or other insignificant things like that.

Even though it's Rhode Island (and I hate the northeast and winters) it's still a relatively decent location because it's relatively close to international airports, close enough to New York and Massachusetts, and when inside Rhode Island everything is closer together.
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Re: Might Be Getting my Own House

Postby jamesbond » Sat Jan 09, 2016 7:23 pm

Tsar wrote:It would be a house. I wouldn't want to pay Home Owner's Association Fees.


I know what you mean, I live in a townhouse and pay almost $ 300 a month for home owners association fees. All they do is mow the lawn and shovel the snow. It also covers exterior maintenance and insurance.

I would much prefer to live in a house but the cost of houses here is outrageous. Townhouses and condos are cheaper even though you have to pay a monthly home owner association fee.
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Re: Might Be Getting my Own House

Postby drealm » Sun Jan 10, 2016 1:19 am

A house is a good thing to have for bringing a wife to the US. They need a nest that they can decorate. I would encourage you to also see if their are any churches to your liking in that area.
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Re: Might Be Getting my Own House

Postby Moretorque » Sun Jan 10, 2016 1:43 am

Housing prices could be falling dramatically, it all depends on weather or not the credit monopoly can keep prices so artificially high.

I personally feel you should be real careful about buying a home now. Sh it is hitting the fan right now world wide economically and socially.
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Re: Might Be Getting my Own House

Postby Ghost » Sun Jan 10, 2016 11:20 am

Just be cautious about getting tied down. You just started working, so it's probably best to make sure that will remain stable long enough to buy a house. And once you buy consider if it is really where you want to tie yourself down to. Not saying it can't be a good move, just be cautious. A place you could rent out would be good for the long term though.
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Re: Might Be Getting my Own House

Postby Johnny1975 » Sun Jan 10, 2016 12:22 pm

I've always loved you Tsar. It's only now that I've begun to realise it. Anyway, how big is this house?
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Re: Might Be Getting my Own House

Postby Tsar » Sun Jan 10, 2016 1:29 pm

It's a starter single family home (little more than 1300 sq feet, and almost a 9,000 sq foot lot), but I might end up going with a multi-family home in Providence that is less expensive (and likely had 2/3 units occupied with tenants, so I could most likely earn rental income which would help my budget).

Suburban Home: Relatively close to the water, extremely low crime, I believe it's a majority white area, has a yard, and decent parking. Cons: Higher tax assessment value compared to market value (or listing price). Would need an appraiser to dispute that. If it's in a flood zone then that prices it out of my budget. Better internet service available.

Urban Home: Rental income, in the city, closer to Boston and many more employers, central location in the state, most likely better on the budget. Most likely not in a flood zone. Cons: Higher crime but it's not as bad since it's in a small green enclave in Providence (green indicates low crime area). No yard.

I'm checking with the banks to see if they believe I would be pre-approved. If my application is rejected, then I'll attempt to go with nontraditional funding and then refinance the property to pay-off the nontraditional funding sources.
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Re: Might Be Getting my Own House

Postby Tsar » Sun Jan 10, 2016 10:46 pm

Ghost wrote:Just be cautious about getting tied down. You just started working, so it's probably best to make sure that will remain stable long enough to buy a house. And once you buy consider if it is really where you want to tie yourself down to. Not saying it can't be a good move, just be cautious. A place you could rent out would be good for the long term though.


I know it's risky but my parents (mostly my dad) are basically kicking me out. He said I have one or two weeks to put everything I own into storage or he'll throw it outside. He said I could stay in this home (not really a home. I've hated it and hate most of them. Hated it for years).

Once everything I own is in storage, I'll be paying about $225 per month for that alone. Then they said it's time I got a new car (although he once again said maybe I should wait after harassing me for weeks) so I'll be paying about $300 per month for a new car (used cars are a minimum $3,000 over book value which is a waste. Why don't they sell those are book value. Not to mention a lot of used cars have problems). So there goes about 25% of my salary (salary+overtime). The $225 would be about 33%-40% of the monthly mortgage payment assuming I could get one.

Tomorrow I will need to call an independent car insurance agent, a Geico agent (just to see what they would offer), a few car salesmen (I believe I will be going with the 2016 Scion iA Sedan), two real estate agents, mortgage loan officer at my bank, and tonight I'm getting a pre-approval prediction from another online mortgage vendor (doesn't guarantee I'll qualify for a mortgage even if I am pre-qualified or pre-approved, whatever they call it).

If the job doesn't become permanent then I would either need to find another if possible or fall into bankruptcy, but everything in life involves a risk so I might as well take a big risk to better my life. Paying 90% of my salary for the car, a mortgage payment, utilities, phone, and insurance would be fine with me since I'd finally be free of them and their torture.

I will probably go with the 3-Family home so I wouldn't be paying about 90% of my salary, maybe only 55%-75% (on total monthly expenses) and even if I need to find another job I would still be able to keep up with the car and mortgage payments for awhile. I think it should be easier to find another job since I will have more work experience, some references, but where I work now they like me and compliment my work so there's a good chance I would become a permanent employee. Right now I'm a contract employee so I am 99% sure to have the job until the contract expires later this year.

Logically, $225 per month towards storage vs. 40% of a mortgage payment (aka $225 towards a mortgage payment), the 40% towards the mortgage payment is the better choice because I would be able to most likely have something to show for it in the end.

By March 31 or April 30 at the latest, I am leaving my wretched family's home. Hopefully sooner rather than later.
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Re: Might Be Getting my Own House

Postby Adama » Sun Jan 10, 2016 11:05 pm

Don't buy a new car. Buy a cheap used car. That car plus the car insurance will cost at minimum $500 a month. Even $400 a month is too much, when you figure that that amount of money could be 25-100% of a mortgage payment. Plus in 7 years, you'll have paid about $50,000, for a $25,000 car, that will be a piece of junk.

90% of your salary is not a good idea because you will need savings and a nest egg. In case you get in trouble, you'll need to rely on savings, or a person to borrow from, or credit cards. If your home goes into foreclosure, that will make finding a new living arrangement difficult, unless you are willing to rent rooms inside someone's house and live with five other strangers. Finding a rental with bad credit may not be easy. Neither will buying a new house be easy.
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Re: Might Be Getting my Own House

Postby Tsar » Sun Jan 10, 2016 11:10 pm

There are no cheap used cars (and the ones that are cheap are cheap for a reason). I would at least get a warranty with a new car, most people keep certain cars 10 or 20 years (some of my relatives have had the same car more than 10 years). The car itself new is $18,000 and the insurance shouldn't be more than $1,600/year or $800 semi-annually since that's how it is done).

I figure if I would qualify for a mortgage but need a 20% down-payment, I'd get approved for the mortgage and say I would bring the 20% down-payment. Then get the traditional loan to cover part of the down-payment. That's one of my the methods I would attempt to use to finally escape my wretched family's home. I'm getting $1,500 back in total tax return so that right there will be about 10% of the car or be able to be used towards a down-payment which would probably be better.
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Re: Might Be Getting my Own House

Postby Cornfed » Sun Jan 10, 2016 11:41 pm

It sounds like you will be a bit overstretched with a house. Wouldn't it be better to rent a small apartment and sell most of your stuff?
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Re: Might Be Getting my Own House

Postby Tsar » Sun Jan 10, 2016 11:50 pm

Cornfed wrote:It sounds like you will be a bit overstretched with a house. Wouldn't it be better to rent a small apartment and sell most of your stuff?


No. Most of things are valuables which I am keeping long-term, antique gifts from relatives, jewelry, my computers and electronics which are necessary (along with digital data), and some sentimental things. Then there's some designer clothing and higher-end clothing, along with men's fashion shirts with cool designs (typically called clubbing shirts since they're really nice). The rest of what I have are things no one would want (notebooks, college books, etc). I have a mirror I bought for $300 a few years ago, along with a wooden chair I paid $300 for. Those I'll be keeping.

Then there's a rock collection I gained when I was about 10 years younger.

I don't have junk or things. The only things I'm going to try to sell once everything is in storage I'll post an add on Criagslist to try to sell my desk, and some furniture in my room. That would probably give me $750 to $1,000 towards a home. Decent amount of money. Then I can take some pictures of my basically empty bedroom.

My computer(s) might also be going into storage and I'll get an iPhone to use around the home. I probably won't have internet when I first move to a new home and just use the iPhone when at home. Buy a cheap-prepaid phone for emergencies to carry with me.

I'll be stretching out the car loan over five years to make it low, so I could try to get the home. The multi-family one may be my top choice since it is dual-purpose. Place for me to live, and two rental units already with tenants. That wouldn't stretch my budget since my total monthly expenses would go from maybe 90% of my net earnings down to 60% assuming the rent is as high as they say it is on the two other units.

Or I could try to find a suitable roommate if I decide to go with the suburban home.
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Re: Might Be Getting my Own House

Postby Tsar » Mon Jan 11, 2016 1:11 am

Update: I just did an online chat and will be getting a pre-approval letter or something in the mail soon. Valid for 90 days. It looks like I have a very good chance of being approved for a mortgage loan. Then if I need any more money for the down-payment to bring to closing, I will submit that request from Upstart for $10,000 assuming I need more than 10%.

Things are looking great. I will be completely independent: my own car, my own place, and be rid of all the wretches in my life. A major step in becoming better in life and happier in life.

I am much happier and in a much better mood now that I know I may soon be getting a home. I just need to see the homes which I will be calling about tomorrow. I'm going to order a flood report for $29 on one of the properties if I get my pre-approval confirmed.
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