20 replies to this topic

[ᗅᗺᗷᗅ]

Some of you might remember that I recently bought my grandmother's house after a very long, drawn-out process, much of which was covered by this thread. The long and the short of it is that a buddy of mine and I went in on the house together. We closed on it at the end of September.

 

Yesterday the water main burst in our cellar. Luckily we were able to get the water shut off fairly quickly (by pounding a wooden stake into the broken-off pipe to block it!), so there was no flooding damage. But now we have to replace the entire line from the street to the house, which means major excavations and possibly having to remove a tree that is in the way. So thousands of dollars worth of work. We don't know how many thousands yet, but the plumber who was in yesterday said "at least" $4,700, depending on how easy or difficult the excavation turns out to be. And I just spent all my money, you know, buying a house. So, yeah.

 

Why do people want to own homes again?

 

(And in an unrelated insult, my computer shit the bed. GAAAAAAAAH!!!)

[Thrash]

I have a hole into my attic that coons and squirrels and all other sort of critters get into, and a room where the sheetrock and ceiling are covered in mold (problem solved, result not fixed), but my mortgage is still $400 less a month then renting a shitty apartment. Still waiting on the big lottery win.

[*Anastasia]

My washing machine was recalled because it has a habit of breaking people's jaws. Samsung generously offered me $126 to buy a new one. That should probably get me a wringer washer.

[ᗅᗺᗷᗅ]

Well, it turns out it's not quite as bad as I thought. My insurance agent told me that I have something called "service line coverage," so the replacement should be covered. Minus any deductible, of course. But that's still better than having to foot the whole bill. Still, this whole home ownership thing is stressful. I think I'm meant to be a condo guy. Heh.

[King Biscuit]

My roof caved in over top of the soffits on the backside of the house.

No monies for reroofing.

Covered with plywood and tar until spring.

#FuckHomeOwnership

[The Dark Empire]

It's weird that in 6 months from now I will have to be a real adult that pays his own bills and has to solve his own problems. Fuck

[Thrash]

It's weird that in 6 months from now I will have to be a real adult that pays his own bills and has to solve his own problems. Fuck

 

hopefully you don't have student loans coming due..

[King Biscuit]

It's weird that in 6 months from now I will have to be a real adult that pays his own bills and has to solve his own problems. Fuck

 

hopefully you don't have student loans coming due..

 

I got student loans, a mortgage, and medical debt.

Fucking Trifecta FTW!

[The Dark Empire]

It's weird that in 6 months from now I will have to be a real adult that pays his own bills and has to solve his own problems. Fuck

 

hopefully you don't have student loans coming due..

2 year grace period

[Thrash]

 

It's weird that in 6 months from now I will have to be a real adult that pays his own bills and has to solve his own problems. Fuck

 

hopefully you don't have student loans coming due..

 

I got student loans, a mortgage, and medical debt.

Fucking Trifecta FTW!

 

you can make medical debt go away with bankruptcy. bankruptcy is not the end of the world. it only prevents you from getting new credit, which you don't want anyway.

[King Biscuit]

 

 

It's weird that in 6 months from now I will have to be a real adult that pays his own bills and has to solve his own problems. Fuck

 

hopefully you don't have student loans coming due..

 

I got student loans, a mortgage, and medical debt.

Fucking Trifecta FTW!

 

you can make medical debt go away with bankruptcy.

 

It's fresh medical debt, and still racking up.

I get super futuristic nuclear medical tests done tomorrow.

[Thrash]

then wait till it's all done then dump it, doesn't matter how fresh it is..  if you can't pay it, you can't pay it.. no reason to suffer.

 

I declared bankruptcy (chapter 13) about 6 years ago. discharged about 80k of credit card debt, kept my house, kept all my possessions, had to make a good-faith payment every month for 3 years, which gave the banks about 4k of the 80k owed.. fuck the banks, fuck the healthcare system. they rape and pillage. the good thing is their time has come though and it won't be allowed anymore.

 

what interest rate do you have on your mortgage?

[King Biscuit]

7.5%

 

Which, if you think about it, for 1800 sq ft, isn't too bad.

[Thrash]

You need to get on the HAMP train. I was at 6.75% when I first took mine, now I'm at 2%. I dunno if they'd allow a loan mod on a recently created loan though. My payment went from almost $1500 to $775. Size of the home doesn't matter on the rate. That's $775 INCLUDING escrow (school/property tax + home insurance). You can't touch an apartment around here for under $1000.

 

I hope you did a 30 year fixed and not an ARM. 7.5 is still a rip considering rates are at super lows, you may have been gamed.

[King Biscuit]

It's fixed.

Monthly payment is just over $300.

[Thrash]

$300 at 7.5%? Did you buy a home in Detroit? Please tell me you didn't.

[King Biscuit]

lol no.

Rural Michigan is cheap.

And even if I HAD bought a house in Detroit, what of it?

I own guns.

 

The taxes there are too high anyways, and there's no work outside of UAW.

Fuck working for the Big 3.

[ᗅᗺᗷᗅ]

It's funny how these things are all relative. My mortgage is $1600/month, which is low for this area.

[voidoid]

Real estate is timing, just like other investments.  My parents owned homes from the '60s until the recent past and made boatloads of money on each of them.  The US economy expanded more than 20-fold in that time.  I have owned two homes.  The first one I sold for more or less break-even.  The second one I lived in for ten years, poured money in to improvements and was then forced to sell when my job was downsized and I had to move 900 miles west for a new job.  That was in 2008 when the banks weren't lending and homes weren't selling.  The only offer I ever got was for less than I owed on it (after ten years).  It is all in the timing.  YMMV.

[ᗅᗺᗷᗅ]

My grandparents bought the house in 1956 for $8,000. I just bought it for $236k. So if the pattern holds I can count on a cool $6.9 million when I'm, er, 94.

 

Yay I'm rich.