Personal Budgeting

[jeffery12]

having a house of your own is very much secured. you can see the difference staying in your own house and staying on rent. I agree, buying a house needs a lot of planning, as we are spending a huge amount to buy it.

[brett701]

Update

I ended up getting a house. I took out a 150k loan and had to pay zero money down.(they actually gave me a check for 1500) I pay no PMI because it is a USDA loan and my interest rate is 4%. This is a brand new home and my yearly insurance on the 1400 sq ft ranch home is 600 a year. I am paying about 850 a month for the home + insurance.

So this seems fine considering i was just making little dolllars about 25k a year and now i just got a new job and i am making 50k a year starting in 2 days. Now what should i do? i still have my loans so does she, but what is the best thing to do. I feel as if i made the best decision possible living in a house for such a good price without paying mortgage insurance and no money down.

My next steps aside from working on many things at a time is:

1. Put in extremely low offers for Homes that are able to become a shortsale. About 95% recind on the first offer. Since this is the case, my goal is to try to put in the secondary offer. I would like to put in many super low offers as the secondary offer on short sales for the next 5 years and hopefullly hit 1 per year. If i hit 1 per year and say i get an additional 25k immediate value on each home i will be making money. This may sound stupid im sure. I don't know much ,but i think why not put in extremely low offers considering there are many ways to go about this.

Any advice is good even though i wasn't the best listener at first. Now that i have a new job my goal is of course to pay off the highest interest rate first which is about 7%. I consider this like making 7% return.

[riverwed070707]

I ended up getting a house. I took out a 150k loan and had to pay zero money down.(they actually gave me a check for 1500) I pay no PMI because it is a USDA loan and my interest rate is 4%. This is a brand new home and my yearly insurance on the 1400 sq ft ranch home is 600 a year. I am paying about 850 a month for the home + insurance.

So this seems fine considering i was just making little dolllars about 25k a year and now i just got a new job and i am making 50k a year starting in 2 days. Now what should i do? i still have my loans so does she, but what is the best thing to do. I feel as if i made the best decision possible living in a house for such a good price without paying mortgage insurance and no money down.

My next steps aside from working on many things at a time is:

1. Put in extremely low offers for Homes that are able to become a shortsale. About 95% recind on the first offer. Since this is the case, my goal is to try to put in the secondary offer. I would like to put in many super low offers as the secondary offer on short sales for the next 5 years and hopefullly hit 1 per year. If i hit 1 per year and say i get an additional 25k immediate value on each home i will be making money. This may sound stupid im sure. I don't know much ,but i think why not put in extremely low offers considering there are many ways to go about this.

Any advice is good even though i wasn't the best listener at first. Now that i have a new job my goal is of course to pay off the highest interest rate first which is about 7%. I consider this like making 7% return.

I'm going to skip over the first part and go strait for the next steps. How much do you have in savings now? Where is the money for these houses going to come from? Do you think banks are going to keep loaning you money to buy houses you don't plan to live in? And at what part of this do you think you're going to be making money? Just because you get a deal, doesn't mean you're receiving income -- first I assume you're renting these and you have to fill them first, they may need work and that may take time. Additionally, its still an extra mortgage payment and getting it with 25% equity doesn't = cash in your pocket. Sounds to me like you need to so some more research because that's not how it works. *Investors* who purchase short sales typically pay for them in cash. If that's your plan, I suggest you get to saving but that's going to be hard until you pay off your debt as was originally suggested. Long road ahead.