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Archive for January, 2007

Update on dream house

January 22nd, 2007 at 06:00 am

Ok so I find out we cant get a loan for 6 months because our credit says foreclosure paid in full.It didnt go into foreclosure but since it was sent to there dept it was put on our credit it was sold before the process started.
The house has to be sold by the 30th or 1st.So the bank guy says apply for a non conforming loan at 8% then reapply for a fha in a yearare so.The good thing about nonconforming loans is no PMI.Which I would have to have with FHA loan.So the loans would probably be the same. Ill run the numbers tonight still even if approved it will be hard to make the deadline.Assuming of course the house hasnt sold .Ive been to scared to look on the mls.Even if its on the mls it might be sold alot of realtors leave houses that have sold to get leeds.Normally I wouldnt go for a 8% loan but this house has so much built in equity I think it would be worth it.
It appraised a year ago for 295,000. & it wasnt even complete.However I have learned not to get emotional about it.
we'll see.

Found the right house --I think

January 17th, 2007 at 05:09 pm

So yeaterday I do my whole routine & about 10:00 I always check mls system to see if any new homes were listed.The market here stinks its a buyers market but people are not listing so now inventory is getting low. So I cant get in touch with my realtor & I cant get anyone in his office to show me the property for him.I realized this house was a very unsual value and would not last long so I call the listing realtor & go see it.I hated it because my realtor is usually very good.But this house was a golden goose.Now people from high priced areas probably wont believe this but-- the house has 5600 sq ft.
built 4years ago, with 10 acres & a big heated & cooled workshop & a carpot & koi pond & a spring on property for 195,000. Yeap I swear.Not only that but alot of extra nice features, hardwood floors, marble entry ways, custom cabinets.They are being foreclosed upon so the house must sell in 2 weeks. I doubt we will beat an investor to it but Im going to try.Wish me luck. If its meant to be my blessing I will get it. If not someone else will be blessed.Just had to blog about it because its on my mind.

anybody read these ?

January 14th, 2007 at 05:46 am

I just reread Rich Dad, Poor Dad.
It makes some interesting points.
Anybody like it or the advice?
My favorite books are the tightwad gazzetes.I also like frugal luxeries by tracy Mcbride.Its not really about saving money its more about living well.
I like to read it because it reminds me that beauty , kindness & memories do not have to cost money.I mean what can beat
sheets dried on the line in the sun.A picnic with the kids.A million little things we all take for granted when we concentrate to hard on spending are on saving.

Do I owe rent ? What do you think?

January 5th, 2007 at 05:22 am

Ok so we were renting a house & the landlord want fix the plumbing --it backs up. Needs major work---- handy man agrees.Landlord does nothing.So we have no choice but to move.Not very much here to move to but we finally find something.
We'll the landlord says--I was hoping you would buy the place & we said we would if we could agree on price & they owner financed it.They said they would for 10,000. down.Now we already told her we would be out Dec 1st. in writing which we were but and heres the tricky part-- None of us could close till Jan 1st.So we said we would buy the house under those terms.
If we could close in January & our payments start in Feb. So that was the
verbal agreement.Well we told them we wanted to get some prices from plumbers etc.. & since we were buying we kept the keys --They never asked for them back.
They call today & say they changed there minds ,They are going to move & need the money so they are going to sell the house outright.An they want Dec.& Jan. rent?! Now I did store items under the the carport & utilities have still been in my name. But from the amounts you can tell no one has lived there.Hubby says she backed outof the agreement so shes not entitled to any money because if we had gone through with everything she wouldnt have gotten rent for those months.An its true if we knew she was going to charge us we wouldnt have stored the items under the carport.We have lived in this place since before Dec 1st.The house was an excellent buy we could have kept it 4 or 5 years & made 50 or 60 thousand. But we would have had to redo the bathrooms to keep it rented.I cant believe they are going to try & sell it.This market is terrible & it will not sell. An one of them is in the realty business so they should no this.By the way they have no rental contract.They were suppose to pick it up a year ago & never did, go figure!

rental problems

January 2nd, 2007 at 06:00 am

Hubby & I have 2 rental properties & a cabin.
A month ago my hubby went to pick up some windows he had stored at one of the houses.We rent this house to a preacher.
He & his congregation were going to build a church on some property they acquired but apparently ran into some problems.So its a Sunday & my hubby was surprised to see all the cars there.Well turns out there having church service in the pool house. Which is for suppose to take place in a commerical building.So after much debate (between us) we call our insurance co and they tell us no we are not covered for this & no we cant get additional cover because the property is being used incorrectly. Furthmore they will cancel our policies unless we evict said tenant.They will not take anyone word that the church services have ceased. So we tell the tenant & send a letter.Now he wont answer the phone. We let him no Dec 1st. he had untill Jan 30th.So not we will have to go back home Ga to see if he is moving.I hated to move him out because its the wrong time of the year to rent this property.April is the best time.
So to get top dollar it will have to set for 2 months, ouch! unless I can rent it for masters which Im going to try & do.
I like realestate and to be honest its really the only way we get any where. Hubby and I are not savers. We try to be money smart with what we have everybody has to work with there personality flaws.
We cant save so we buy realestate when we can.We have no credit cards (no we are not debt free) & we max out hubbys 401k because the co. matches money.Still
we need a emergency fund.