Need To Buy a Home - BUT WHERE??

AlGore

AlGore

Well-Known Member
Well....

We are now looking for rentals in the springs, $1500 - $2000 a month. Rant below if you care to care....


Apparently, being in student loan debt combined with having your own business and a home office is not a good combo. I have lots of home office deductions, like 1/3rd of my rent and utilities, as well as lots of other write-offs that a person with normal employment would not have to remove from their income when being considered for a loan. In the end, I actually keep more money after taxes that someone with my same salary(65k/year) because I only get taxed on like 45k.

Basically the lenders don't give a fuck and take a 20k chunk out of my income, making my income to debt ratio too high for the mortgage we want(180k plus 45K down). I'm 32, with 710 credit, $100k in the bank including $45k down on the house and I pay $2k/mo rent right now. But I'm in too much student loan debt to get a $1k mortgage somehow. I pay my loan payments, and every other bill for that matter, on time every time.

Oh and we would more than qualify if we could put my long time girlfriend on the mortgage, but unfortunately she was injured on the job and had to go on full-time workers comp 6 months ago and they won't settle her case for like another year. She still gets her full pay every week(55k/year), but for whatever reason they don't count that either.

This is why I'm voting for Bernie, this kinda shit. It's too expensive to be poor. Got us locked in paying rent when we can afford to own our home.

PS> The reason we are renting instead of buying a cheaper place is hopefully the workers comp will be settled in a year.
 
F

ForeverGreen42

Well-Known Member
AlGore said:
Well....

We are now looking for rentals in the springs, $1500 - $2000 a month. Rant below if you care to care....


Apparently, being in student loan debt combined with having your own business and a home office is not a good combo. I have lots of home office deductions, like 1/3rd of my rent and utilities, as well as lots of other write-offs that a person with normal employment would not have to remove from their income when being considered for a loan. In the end, I actually keep more money after taxes that someone with my same salary(65k/year) because I only get taxed on like 45k.

Basically the lenders don't give a fuck and take a 20k chunk out of my income, making my income to debt ratio too high for the mortgage we want(180k plus 45K down). I'm 32, with 710 credit, $100k in the bank including $45k down on the house and I pay $2k/mo rent right now. But I'm in too much student loan debt to get a $1k mortgage somehow. I pay my loan payments, and every other bill for that matter, on time every time.

Oh and we would more than qualify if we could put my long time girlfriend on the mortgage, but unfortunately she was injured on the job and had to go on full-time workers comp 6 months ago and they won't settle her case for like another year. She still gets her full pay every week(55k/year), but for whatever reason they don't count that either.

This is why I'm voting for Bernie, this kinda shit. It's too expensive to be poor. Got us locked in paying rent when we can afford to own our home.

PS> The reason we are renting instead of buying a cheaper place is hopefully the workers comp will be settled in a year.
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Could you do a rent to own?

Best of luck my man
 
AlGore

AlGore

Well-Known Member
ForeverGreen42 said:
Could you do a rent to own?

Best of luck my man
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Thanks! We are at least happy to see much cheaper rentals down there. We can get literally twice the house down there for the same money we pay now.

Rent/lease to own typically means you rent an investment property at a given rate. And can do so for so many years. They agree to a sale price and you have an option to purchase but we would still need financing and the rent doesn't actually apply toward anything.

There is also owner financing. Which in our current situation would be nice but it's hard to find, especially in a sellers market.

Basically the owner finances it for you, you make monthly payments which are applied towards buying the house. The thing is this doesn't give you quite as much security as a mortgage if something were to happen. For example my mom is actually selling a house to a family member this way and they have missed payments. Technically she could take the whole house back if she wanted, keeping all their payments and giving them nothing.
 
beanzz

beanzz

Well-Known Member
Our property management company hasn't bothered us at all in the year we been here. I also work at home on the computer, they didn't give me any problems. If I had known they were going to be this laid back I would have filled half the basement up.
 
AlGore

AlGore

Well-Known Member
beanzz said:
Our property management company hasn't bothered us at all in the year we been here. I also work at home on the computer, they didn't give me any problems. If I had known they were going to be this laid back I would have filled half the basement up.
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Lol, who are you with? I'm shying away from larger companies because of my current experience but they seem to be better about not nosing around and don't typically have stuff about growing in the lease.

I've never had any issues over working at home btw, a home office is usually fine as long as its not a storefront or something. What I was saying about the home office is it makes it harder to get a loan because my income is counted after the home office deductions.Which is like 1/3 of my living expenses, something that someone with a W-2 would still have to pay but not remove from their income on paper.

Our company right now is a nightmare(Way Point), mainly because they are incompetent and don't take care of the simplest shit. When we moved in it was basically still under renovation and it's almost a year later and still needs some pretty important stuff....

They put a brand new AC in while we were living here, it took months of me raising hell for them to get them to come back and get this huge pvc pipe out of the walkway in-front of the bathroom, AND it still does not have a return or filter. Yep, brand new heating and a/c system without any air return!!!
 
B

Bo_zz_el

New Member
I'm in the springs, names Boz, moved up here from TX. Been here since August. My landlord doesn't allow growing, but we are about to close on a house in Manitou Springs on 4/20. The housing market is very different compared to TX for sure. It's very hard to buy, we just got lucky. Anybody wanna smoke some IM me, always looking to meet new peeps. Got some jet fuel we are gonna be started in a modified stinkbud system shortly.

Good to meet everyone! !
 
ColoHead

ColoHead

Well-Known Member
ttystikk said:
Come on up to Ft Collins, I'll show you around- but beware, you'll fall in love and want to move here and since everyone else does too it's getting pricey up here, fast.
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I own in the south metro area right now. My wife and I have been looking at Loveland and foco as a possible location to put down roots. I'd like to buy some land in the foothills near Loveland, foco or berthoud in the next yr or two and build a house.
 
ttystikk

ttystikk

Well-Known Member
ColoHead said:
I own in the south metro area right now. My wife and I have been looking at Loveland and foco as a possible location to put down roots. I'd like to buy some land in the foothills near Loveland, foco or berthoud in the next yr or two and build a house.
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Check out Rist Canyon. Lots of old hippies up there, most of them grow lol
 
ttystikk

ttystikk

Well-Known Member
ColoHead said:
Nice!! Thanks bro - haven't looked at that area yet.

How's the historical fire danger? Looks like many lots were burned recently.

Excited to get on the poudre with my fly rod :)

Any other great fishing up that way?
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The Poudre is only 45 miles of amazing places to fish. And then there's a ton of other lakes and streams in driving distance. Overnights to Wyoming in the summer, shit like that.

After the High Park Fire, I'd say fire danger is well mitigated for the foreseeable future!
 
ColoHead

ColoHead

Well-Known Member
ttystikk said:
The Poudre is only 45 miles of amazing places to fish. And then there's a ton of other lakes and streams in driving distance. Overnights to Wyoming in the summer, shit like that.

After the High Park Fire, I'd say fire danger is well mitigated for the foreseeable future!
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Fly fishing is a key part of my religion, and this state has been like Mecca!

Looking around at lots and it looks like the key is to find some property with a sizable radius on the grass hedge before the tree line. Unfortunately, in spite of my own desire to live in the mountains I think my wife will Kibosh the Rist Canyon :(
 
ttystikk

ttystikk

Well-Known Member
ColoHead said:
Fly fishing is a key part of my religion, and this state has been like Mecca!

Looking around at lots and it looks like the key is to find some property with a sizable radius on the grass hedge before the tree line. Unfortunately, in spite of my own desire to live in the mountains I think my wife will Kibosh the Rist Canyon :(
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They plow the road every day and it's only a few miles from town. You're not isolated, just away from the rat race. The micro climate is much nicer, too; summers aren't nearly as hot, there's more moisture...

And to be brutally blunt, if it could burn, it just did a few years ago- so this is the best time to move in.
 
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