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Might Be Getting my Own House

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Re: Might Be Getting my Own House

Postby gnosis » Mon Jan 11, 2016 1:35 am

Tsar wrote:Right now I'm a contract employee so I am 99% sure to have the job until the contract expires later this year.


Why not wait until they make you part of their permanent staff? What you're doing is quite risky. If the contract expires, and they don't make you an offer, you will be in a bad situation. You've thought a lot about this, but it sounds like your emotions rather than reason are driving you.

Later this year, you will know for certain whether or not your company wants you working for them long term. Just stay with your parents a bit longer and wait until you have a secure job. You can wait four or six more months, can't you?
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Re: Might Be Getting my Own House

Postby Tsar » Mon Jan 11, 2016 2:05 am

I will be waiting maybe three more months (actually more like 75 Days. Enough time to have a few more thousand saved for the down-payment). I know I'm basically playing Russian Roulette but there's only one bullet in the chamber. I am done with them, the verbal and emotional abuse (mainly my dad), my dad always telling me that I should leave and that he left, etc, etc. My mom thinks I should get an apartment which is a waste.

Ultimately people one year older than me have homes as single person on the same level of income in comparable states (like Michigan which is basically just a larger version of RI).

I thought it though logically. I can look for a roommate who I deem acceptable, relatively trustworthy, and would probably get along with me if I get a single person's house. If I get the multi-family, the risks are even lower.

I put the odds of me going bankrupt at 16.75% while the chances of me being on a path towards one of life's great milestones at 83.25%. Even if the company doesn't make me permanent, they could still renew the contract or the temp agency could look for other jobs, and before my contract ends I can begin applying at permanent jobs since I would have more experience.

Ultimately, I stayed long enough and they are basically throwing me out. He's trying to call it by another name, but it's still throwing me out. No whitewashing the facts. I already told them that even though they said I could stay once my things go into storage ($225 per month), that I would still attempt to get my own place. Nothing they say will ever make me reconsider. If I fall, then I fall, life isn't easy and I know that. I am completely willing to take the risk and know the consequences if I fail. Besides, the backup plan is always join my state's National Guard as the last resort, hopefully as a Civilian employee. I would still be in the age range to qualify.

I am proceeding with this and if I get my own place it will really shock my family. The agent told me my credit score and it's much higher than the high score I expected it to be. I am in the second best credit score category (only people with 800+ FICO scores are better than me). That's why I am sure to get approved for both the home and car. I budgeted it and 25% payment for the car (including car insurance), 50% for the mortgage payment (including taxes and insurance) is very manageable. If I must, then I will eat a lot of Nissin or Ramen, (which I already do). I won't be buying any new furniture, except maybe a tent and a cheap air-mattress for inside the tent, with sleeping bad on the air-mattress). The house will be completely empty of furniture except a cheap table for a computer and maybe some stationary some lamps around the house, and maybe a small tray to eat at. A cheap folding chair will be sufficient to start with. I will become independent in the next few months.

I didn't expect this but it's something I've wanted for a long time. My own place. It doesn't matter it's not in Florida, as long as I am on my own and have better health.

This is the time I show them just how independent I can be and leave. I will be happier and it will help me be more successful. Especially always knowing I need to be working and remaining diligent in life so I don't fail.
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Re: Might Be Getting my Own House

Postby gnosis » Mon Jan 11, 2016 5:09 am

Tsar,

Your Dad sounds like he is completely out of touch and an ass. You shouldn't take what he says to you to heart.

Why not try to rent a cheap place for a while? Once you get out of your parents' house, you will probably start feeling better and be able to think more clearly. It's not necessary to equate moving out of your parents' house with buying your own house. Don't worry about "proving" yourself to your parents.

Besides, you've never lived independently before, correct? It would be much less stress if you rented something first and took the time to explore living on your own.

Look at the cost of failure:

1) If you purchase a home and your contract ends without an offer, you will still have to deal with the mortgage. What's going to happen to your sterling credit rating? If you can't find a job locally, you may well end up having to move to find work.

2) If you rent for six months or something, then if anything untoward happens at work, you will be in a much better position to deal with it. Plus, if they do offer you a position, you can buy a home in the near future.
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Re: Might Be Getting my Own House

Postby Ghost » Mon Jan 11, 2016 10:12 am

Tsar wrote: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).


Why is he throwing you out? Because you have a job now? He sounds quite unreasonable. Well, paying for storage is a pure waste, so if your hand is forced I guess the best thing is to work on getting a house. Although, you could try selling a lot of your possessions. If you have a lot of stuff that you don't use or need, then it's just going to weigh you down. The lighter you travel through life, the freer you'll be.
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Re: Might Be Getting my Own House

Postby jamesbond » Mon Jan 11, 2016 10:45 am

You could always rent a cheap apartment and save some money before buying a house. You could even rent out a room in a house and live real cheaply and save quite a bit of money.
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Re: Might Be Getting my Own House

Postby Tsar » Mon Jan 11, 2016 11:41 am

gnosis wrote:Tsar,

Your Dad sounds like he is completely out of touch and an a**. You shouldn't take what he says to you to heart.

Why not try to rent a cheap place for a while? Once you get out of your parents' house, you will probably start feeling better and be able to think more clearly. It's not necessary to equate moving out of your parents' house with buying your own house. Don't worry about "proving" yourself to your parents.

Besides, you've never lived independently before, correct? It would be much less stress if you rented something first and took the time to explore living on your own.

Look at the cost of failure:

1) If you purchase a home and your contract ends without an offer, you will still have to deal with the mortgage. What's going to happen to your sterling credit rating? If you can't find a job locally, you may well end up having to move to find work.

2) If you rent for six months or something, then if anything untoward happens at work, you will be in a much better position to deal with it. Plus, if they do offer you a position, you can buy a home in the near future.


I know the risks but I'll be less in a position to buy a home if I were paying rent+storage. Some of the things I own are things I will own for almost my entire lifetime so I'd want my own place. They are things that could be stolen if I were renting a basement. Now is the time to act (it will give me roughly a 10-11 week ability to save more money for a down-payment and maybe take out a small Upstart loan to cover a little more down-payment). I could make it work. Plus, if I already know I will have a home lined up, then I will try to get the roommate (of my choosing who I feel is trustworthy and has a good credit score too, and acceptable lifestyle choices like not smoking, not partying, etc). Or if I go with the multi-family, rental income means I would have much more ability to save more money each month compared with the single family. The rental home does have a listing price a little more than $10,000 below the single family. So the lower loan plus the rental income of a little more than $1,500-$1,700 total per month would really help to off-set a lot of the costs. I'd basically be living mortgage+rent free with the rental income. I think one of the tenants is also responsible for one of the utilities in the multi-family. I could give up having internet on my computers and just stick with a smart-phone with a mobile internet. I wouldn't do much online anymore for awhile after that. I know I can make it work.

My backup plan would be the National Guard but I'm basically guaranteed a job until my contract expires. I probably have a good chance of being hired either as a contract renewal or am employee. In a few months I'll begin applying at permanent jobs if they haven't hired me. I will also meet with a National Guard recruiter if I don't have a permanent job. There are always many jobs that the National Guard is wanting to hire people to fill in my state. I am very confident I could pass the physical tests.

I technically there was a time I lived on my own in a dorm at the college I ended up dropping out of because I hated it for many reasons. I became a commuter at another college which I posted about in an old thread or two.
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Re: Might Be Getting my Own House

Postby Tsar » Tue Jan 12, 2016 2:26 am

So the two homes I was looking at, I got more details. The single family home needed $40,000 worth of repairs (so that's crossed off my list). The multi-family home already has a contract pending (despite this being the 11th day of the listing).

So I am now looking at two other properties in Providence. Both are a single family and I would try to get a roommate.

Also, I am currently considering renting depending on the deal I would get and after I see the place in person.

What I decide will depend on several factors.

The good thing about these current two properties is they are under $70,000 and the pictures look great. They are currently occupied so they must be move-in-ready which would be great because that's what the mortgage company wants (as well as what I want). It's also in the city so I figure it should be easier to find someone to be a roommate. The mortgage payment should be very manageable. I was told that if's it's around $60,000 and under $70,000 I should expect to be paying a monthly mortgage payment between $400-$500 dollars. It's a decent figure since it would include taxes and insurance. I would need to pay for the utilities and everything else. But if I got a roommate and charged $600/month rent, that would help a lot.

I will be calling another realtor or two tomorrow.
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Re: Might Be Getting my Own House

Postby gsjackson » Tue Jan 12, 2016 3:41 am

Don't assume move-in-ready just because someone is living there. You can't imagine the way lots of people live these days. Remember you live in a nation where a substantial portion of the population is addicted to drugs, legal and illegal. Especially in the low-end neighborhoods. It's like someone dropped a hydrogen bomb on the country's middle class.

Owning real estate in the U.S. has been the worst experience of my life. Travel light and unencumbered, instead of chasing the American nightmare, which is built around property ownership.
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Re: Might Be Getting my Own House

Postby Tsar » Tue Jan 12, 2016 4:22 am

gsjackson wrote:Don't assume move-in-ready just because someone is living there. You can't imagine the way lots of people live these days. Remember you live in a nation where a substantial portion of the population is addicted to drugs, legal and illegal. Especially in the low-end neighborhoods. It's like someone dropped a hydrogen bomb on the country's middle class.

Owning real estate in the U.S. has been the worst experience of my life. Travel light and unencumbered, instead of chasing the American nightmare, which is built around property ownership.


I will request a from the real estate agent if possible if they give me some decent information on the property.

I will also request to go on a tour of the rental unit.

What do you think is the better choice? I could PM you with the details, the information I was quoted, how much my (upcoming/potential future expenses) will be taking from my budget, etc if you could offer me some advice.
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Re: Might Be Getting my Own House

Postby eurobrat » Tue Jan 12, 2016 12:17 pm

Tsar wrote:
gsjackson wrote:Don't assume move-in-ready just because someone is living there. You can't imagine the way lots of people live these days. Remember you live in a nation where a substantial portion of the population is addicted to drugs, legal and illegal. Especially in the low-end neighborhoods. It's like someone dropped a hydrogen bomb on the country's middle class.

Owning real estate in the U.S. has been the worst experience of my life. Travel light and unencumbered, instead of chasing the American nightmare, which is built around property ownership.


I will request a from the real estate agent if possible if they give me some decent information on the property.

I will also request to go on a tour of the rental unit.

What do you think is the better choice? I could PM you with the details, the information I was quoted, how much my (upcoming/potential future expenses) will be taking from my budget, etc if you could offer me some advice.


Tsar, I would wait awhile to purchase something. I personally own an apartment, it is hell to manage even with a decent renter. Unless you are 100% completely ready to settle long-term, I would just keep saving the money and rent so you aren't glued to anything.

This is not to be negative but there are 1,000 things that can go wrong after buying that place that you might not be ready for. I really don't want to see you get caught up in the system of foreclosing or anything else. I think you should play it safe, your still really young and you will buy a house or condo sometime, just be patient and see how your life plays out.
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Re: Might Be Getting my Own House

Postby jamesbond » Tue Jan 12, 2016 2:21 pm

gsjackson wrote:Owning real estate in the U.S. has been the worst experience of my life. Travel light and unencumbered, instead of chasing the American nightmare, which is built around property ownership.


Your right, after the housing collapse that started in 2008, real estate in America went down in value 34%, it was even bigger than the great depression when real estate went down in value 32%.

Now prices have come up but we are still below the housing peak for home prices which occurred in 2006. I was thinking about investing in real estate back in the 1990's. I went to a Carleton Sheets seminar (hosted by Carleton Sheets himself) and a Dave Del Dotto seminar (he was also there in person giving the seminar).

I am glad I never invested in real estate because I would of been SOL (shit out of luck) when the housing market collapsed. Not only that, being a land lord is a pain the ass, having to deal with your tenants, home repairs, etc.

Owing your own home is a good idea but being an investor is incredibly risky.
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Re: Might Be Getting my Own House

Postby gsjackson » Tue Jan 12, 2016 5:13 pm

eurobrat wrote:
Tsar wrote:
gsjackson wrote:Don't assume move-in-ready just because someone is living there. You can't imagine the way lots of people live these days. Remember you live in a nation where a substantial portion of the population is addicted to drugs, legal and illegal. Especially in the low-end neighborhoods. It's like someone dropped a hydrogen bomb on the country's middle class.

Owning real estate in the U.S. has been the worst experience of my life. Travel light and unencumbered, instead of chasing the American nightmare, which is built around property ownership.


I will request a from the real estate agent if possible if they give me some decent information on the property.

I will also request to go on a tour of the rental unit.

What do you think is the better choice? I could PM you with the details, the information I was quoted, how much my (upcoming/potential future expenses) will be taking from my budget, etc if you could offer me some advice.


Tsar, I would wait awhile to purchase something. I personally own an apartment, it is hell to manage even with a decent renter. Unless you are 100% completely ready to settle long-term, I would just keep saving the money and rent so you aren't glued to anything.

This is not to be negative but there are 1,000 things that can go wrong after buying that place that you might not be ready for. I really don't want to see you get caught up in the system of foreclosing or anything else. I think you should play it safe, your still really young and you will buy a house or condo sometime, just be patient and see how your life plays out.


I agree with this advice. When you say "everything else" wrt expenses, you have no idea what that can entail. Find out what the property taxes are. They can be outrageous in some of the old Rust Belt cities. In my main (but not only) real estate misadventure, I ended up taking possession of two houses in Detroit that I couldn't have sold for $20K apiece, and the property tax on each was $300/month.

And something is always breaking down when you're a homeowner. ALWAYS. Murphy's Law is always in effect.

Assuming you still want to get overseas, when that opportunity arises, if it's your intent to rent the place out, be cognizant of what EB has said. This always involves tremendous hassle, even when you have decent tenants and honest property managers. Speaking of the latter, I had a property manager in Detroit who collected about $5k in rent and didn't give me a penny of it. Just dared me to come to Detroit and try to do something about it.

While it's motivating to have a goal such as achieving independence through home ownership, this is a goal that, once achieved, can be hard to extricate yourself from. I'm currently listing my place in Tucson, a low end condo that shows well and is probably the best value in its price range in the city. In one month not a single person has looked at it. Notwithstanding administration and mainstream media propaganda to the contrary, we are living in an absolute trainwreck of an economy.

And bear in mind also that most of the people who were right about the economic crash in 2008 are saying the same thing is just around the bend, and we're entering a deflationary period. I.e, cash is king. If you've got some, hang onto it.
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Re: Might Be Getting my Own House

Postby eurobrat » Tue Jan 12, 2016 7:44 pm

gsjackson wrote:
eurobrat wrote:
Tsar wrote:
gsjackson wrote:Don't assume move-in-ready just because someone is living there. You can't imagine the way lots of people live these days. Remember you live in a nation where a substantial portion of the population is addicted to drugs, legal and illegal. Especially in the low-end neighborhoods. It's like someone dropped a hydrogen bomb on the country's middle class.

Owning real estate in the U.S. has been the worst experience of my life. Travel light and unencumbered, instead of chasing the American nightmare, which is built around property ownership.


I will request a from the real estate agent if possible if they give me some decent information on the property.

I will also request to go on a tour of the rental unit.

What do you think is the better choice? I could PM you with the details, the information I was quoted, how much my (upcoming/potential future expenses) will be taking from my budget, etc if you could offer me some advice.


Tsar, I would wait awhile to purchase something. I personally own an apartment, it is hell to manage even with a decent renter. Unless you are 100% completely ready to settle long-term, I would just keep saving the money and rent so you aren't glued to anything.

This is not to be negative but there are 1,000 things that can go wrong after buying that place that you might not be ready for. I really don't want to see you get caught up in the system of foreclosing or anything else. I think you should play it safe, your still really young and you will buy a house or condo sometime, just be patient and see how your life plays out.


I agree with this advice. When you say "everything else" wrt expenses, you have no idea what that can entail. Find out what the property taxes are. They can be outrageous in some of the old Rust Belt cities. In my main (but not only) real estate misadventure, I ended up taking possession of two houses in Detroit that I couldn't have sold for $20K apiece, and the property tax on each was $300/month.

And something is always breaking down when you're a homeowner. ALWAYS. Murphy's Law is always in effect.

Assuming you still want to get overseas, when that opportunity arises, if it's your intent to rent the place out, be cognizant of what EB has said. This always involves tremendous hassle, even when you have decent tenants and honest property managers. Speaking of the latter, I had a property manager in Detroit who collected about $5k in rent and didn't give me a penny of it. Just dared me to come to Detroit and try to do something about it.

While it's motivating to have a goal such as achieving independence through home ownership, this is a goal that, once achieved, can be hard to extricate yourself from. I'm currently listing my place in Tucson, a low end condo that shows well and is probably the best value in its price range in the city. In one month not a single person has looked at it. Notwithstanding administration and mainstream media propaganda to the contrary, we are living in an absolute trainwreck of an economy.

And bear in mind also that most of the people who were right about the economic crash in 2008 are saying the same thing is just around the bend, and we're entering a deflationary period. I.e, cash is king. If you've got some, hang onto it.


Or what if he just loses his job. My contract ended here and was not renewed, although I was smart and quick and found another quickly.
What if things end abruptly and you have to move? You never know where life takes you.
Last edited by eurobrat on Tue Feb 09, 2016 3:54 am, edited 1 time in total.
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Re: Might Be Getting my Own House

Postby onethousandknives » Tue Jan 12, 2016 8:26 pm

gsjackson wrote:Don't assume move-in-ready just because someone is living there. You can't imagine the way lots of people live these days. Remember you live in a nation where a substantial portion of the population is addicted to drugs, legal and illegal. Especially in the low-end neighborhoods. It's like someone dropped a hydrogen bomb on the country's middle class.

Owning real estate in the U.S. has been the worst experience of my life. Travel light and unencumbered, instead of chasing the American nightmare, which is built around property ownership.


I also would like to point out house maintenance is something you need to think of as well, especially if you're not mechanically handy yourself. One thing that happened for my mother's house I currently live in, is the roof started leaking. You think "no big deal, right?" Nope, needed a whole new roof, and the design of the house requires one every 10 years. How much does a roof cost? $10,000! But then even small things, say your toilet breaks, sink leaks, and you don't know how to repair it yourself for $5, now it's $50-100 easily for someone to come out to do it. So, please keep this in mind with a house. Yes, it may be cheaper than a rent NOW, but if you need to add in another monthly payment to pay off your roof over, say, 5 years, that's another $170-200 per month easily. And I live quite close to you, and know the snow on roofs can cause rapid degrading as well. Then if your house has no vinyl siding, things like painting, painting an exterior of a house can be $2000-5000, vinyl siding being put on is generally over $10,000. Even with yearly powerwashing for example, it's another $200-400 to have someone come out and do that for you and some HOAs require this. So it's a big gamble, you could win, but you can also lose in this regard as well. I'd say the better thing to do if you are handy is find a cheaper house with possibly some issues, then live in it, then once it's fixed, flip it for a profit if you want to go abroad.

However, you must consider what you want. Frankly, this doesn't sound like the best path for "Happier Abroad" though you may be happier at home. If you did bring a wife back, then you're at an advantage having your own house and a job here as well, but you wouldn't be abroad, obviously. I'm not gonna inundate you further with any advice or anything like that, I just have to deal with the personal problem of house repairs because my mother had the same logic from moving to a house from an apartment and I'm the one having to mostly deal with all the problems of it, it's been good as it's given me skills, but yes. With your plans of buying a (expensive-ish, and not rural) house here, possibly joining the National Guard, etc, it's definitely not something I would do and a path I would want for my life. But, your life isn't mine. Good luck!
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Re: Might Be Getting my Own House

Postby pro100pk2 » Tue Jan 12, 2016 11:23 pm

Get your own house it would be great :)
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