Quote:
Originally Posted by swanson719
Why not buy that for yourself, have it paid off in a few years as your income increases, and then move up in life to a bigger better deal, and then rent that place out, or when the market comes back, sell it for the $100K you say it's really worth? Would that not make a heck of a lot more sense? And that's something realistic, that could be done without too much hassle.
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I would like to buy it to move into myself, but currently my mom needs my rent money at my house to keep our payments afloat. And I'm pretty sure I could have several people to move into it fairly soon. So if I were to buy it I would be living there while still paying my mom to help keep make all of her bills while she's getting back on her feet.
Regarding the job situation, I have a regular career I just have been furloughed for some time now. I was laid off January 09', and was supposed to be back to work last month, until my railroad lost a contract with fords. I have security though with the company (Norfolk Southern) because they passed a new legislation though the FRA (fed rail administation) that does NOT allow them to hire anyone before they offer me my job back at my Detroit terminal. There is a fairly good chance I will be back to work anywhere from spring to summer, and I do make pretty decent money for a job that does not require any college. I'll be at about $21/hr in which I average $700-800 weekly income.
Also I didn't know you couldn't get a mortgage for under $50,000.00. I thought you could get one for almost any amount. I have been thinking about sitting down w/ a business bank manager or whomever with a list of questions to ask them. And I am well aware of evictions and how difficult they can be to work with, I have been reading a lot of material and actually joined a land lord association online to kind of pick peoples brains about their experiences.
I failed to mention a lot of the connections and close resources I have with the "home inspector" and getting work done around the house. One of my best friends and his Dad own a general home improvement company, that I often work with for side jobs, and they offer excellent help for me, they are licensed n' insured. Also two other best friends went to heating and cooling school together, and offer help at little cost.
When it comes to renting, I have 4 friends who rent out of my friends house for example. I have a surprisingly large pool of friends, and although I try and keep business and friendships separate, I could possibly rent to them if they passed the required credit checks and met my criterion for a renter.
You mentioned something about a personal loan that I would have to use because of the "no mortgage" situation. Would that be the only route I could do except for buying it out right?