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Bracabrad. A change of scenery (possibly).

BracaBrad

BracaBrad

Well-Known Member
So this Sunday I'll be headed out to Look at 2 pieces of land (ones 5 acres the other around 2.5) with the intent of diving into 10-15 years of house/property payments.

This means that it's strap the belt time and I'll be (possibly) absent to the point of "who's this guy Bracabrad?" till i get everything set up. This transition means I'll have access to better internet, telephone, and other varied services compared to where i am currently.

Cross your fingers, wish me luck, do that voodoo that you do, and hope for all things good. Bracabrad is rolling the dice for a home with double the Square feet (or larger) and a real yard for putting in a pool (a ways down the road i know) and other big people stuff.
 
Go for it man! I wish you the best. Just a tip: when you get the thought in your head "oh, I can fix this no prob" when something breaks, stop dead in your tracks, and call a pro. :D
 
Agreed with Woot, now and days its best to get what you can afford. me and the wifey are still paying loads of credits debts and we won't be free until 5 more years. and don't ask about college loans......
 
I'll post an update. Pretty sure that bill wise it will be cheaper because both houses have insulation (my place now you can feel the temp outside through the wall) and power saving appliances instead of the power hungry stuff i have from the late 90's. I'm gonna ask for the past years utility bills. Also i plan on playing less per month for house land combo than I'm paying rent now.
 
Good luck! Buying a home is STRESSFUL. When my wife and I signed the mortgage paperwork for our home a few years ago, it felt like the worst day of our lives. The financial burden can be heavy, but if you're smart about it, you'll manage just fine.
 
good luck brad! i have yet to go trough all that stuff tho so i can;t give any advice :D anyways, expect me to test your damn pool out whenever i finally get to go to the states!
 
Updates: Part 1.
So i went and look at the property (the 5 acres) and there are two houses (single wides) on the property. the one I'm moving in is 10 square feet smaller BUT has hard wood floors (living room and hallway), linoleum(bathrooms and kitchen), and carpet(bedroom only). It has Well water on the property so woo no water bill. It's also is 90%~ cleared off already and is well maintained. There are two shed's there and I'll be bringing another over which will be my new office.

So explanation of what happened after. Where i live now just got bought out by a cooperation and they are gonna be changing the rules, and in general try to buy all the land back from people who own it, like my parents, younger brother, and my land lady. So soon anyway all three of us will be looking for a place to move. So what i did was talk to them (parents and bro and his wife) and point out that 5 acres is 20 times the land we live on now (our lots are 1/4 of an acre) and that realistically i most likely can't pony up 90k for land but together we could each pony up around 30k. They each agreed and we called the realtor and made an offer to the guy. He accepted the offer,which was 10k lower than he was asking and he would pay up to 3k of the closing costs. Tomorrow we head to the bank to see if theywill work with us to get it purchased.
 
Updates: Part 2.
Which means tomorrow depending on how things work I'll be in for around 50k~ (figure interest, principal, and house payment) for 10 years instead of 120-130K plus house and OWN 1.5 acres of land which is still 6 times the land i got now and my family will also be taken care of all in one go. There are more details but those are between me and mine and it isn't my place to tell so just know that there are other legal and binding agreements making everything fair and equal and fall backs in case of tragedy, natural disasters, or other stuff.

Land divide will be Me 1.5, Brother 1.5, Parents 2. They have always been there for us so we (my brother and I) figured they get an extra .5 for their dream stuff. Also because if his or my credit can't go the distance (we just don't have a long credit history like them) they will be doing the whole deal and we will be "renting".

Please forgive my horrible English and Grammar.
 
Welcome to the mortgage club :D. Now post some pics of the property foo! P.S. Are you used to drinking well water?
 
I don't mean to pry, but I hope that you'll use this opportunity to establish some credit history (with a mortgage) rather than rent the land from your folks. I don't know the details (and I'm not asking for any), but from what information you have provided, it sounds like you'll be renting the land/home from your parents, and not actually take out a mortgage on the property. It would be more sensible for you (as far as credit is concerned) to mortgage your portion of the land from your parents so that way you can show good payment history with that. A mortgage payment can be HUGE for boosting your credit, and can show a lot to lenders who look at more than your score to determine your creditworthiness. Even if you get a 10yr mortgage or something like that, that would be fine, and there are ways for your parents to finance the mortgage for you without having to go through a financial institution (if none are willing to lend to you, that is).
 
dude about time you been bustin ass now time for you to relax a little and get a good home for you and your family. Keep us up to date as much as possible. FOR THE GLORY OF BACON BEARD!!!
 
@moondoggy. I will be "renting" in the sense that i will take out a small loan -like 5-10k- and pay them that up front and pay off the loan till done, then reapply for a slightly larger one rinse repeat so they get "rent" money all at once and i earn up credit.

sorta an update:
the first bank we tried said no, another one is processing paper work so "maybe" on that one.

Also on Monday i got a job offer for a position that will be opening up! Minimum 10-12 bucks an hour to start (first 90 days) with option to step up to better position. Comes with benefits, retirement package, insurance (with co-pay), and paid vacation the first year! I'm just waiting for it to open up. I've got more balls to juggle.
 
Again, good luck Brad! If you need any adivce/tips about the mortgage/loan process, I'd be happy to assist as best I can.
 
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