swordguy
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Post by swordguy on May 10, 2020 10:32:24 GMT -5
I'm confused as to why y'all would think renting at a rate that is comparable to the mortgage payment i just had is preferable to buying again by the fall. I'm trying to figure out the balance that will allow me to do that AND pay off what I owe in the most efficient way possible. My thought is that a house costs so much more than just the mortgage. Utilities, tv, lawn care, repairs, etc. If you lived another year in a rental where those things are included in the price of rent, that is several hundred dollars each month that could be sent to the CCs. Agreed. In addition to paying very high interest rates (which is a real drag on your ability to get ahead), you'll be putting a significant chunk of your wealth in an immovable object that you haven't paid for. If you lose your job, you may have to move elsewhere to find work. If things get worse housing prices may drop enough for you to be underwater. I don't know your line of work but a lot of folks who thought they were recession proof just got a big wake-up call. You have one hell of a lot of credit card debt. Personally, I would not only stay a renter to avoid that risk plus home repair risks, I would find roommates. As many as I could get that the law would allow so that I could pay down that debt pronto! Tough living conditions for a year to get out of debt, tough living conditions for another year or two to get a real nest egg and emergency fund built up, and then you'll be well on your way to financial stability and prosperity. But that's just me. It's your life.
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movinonup
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Post by movinonup on May 10, 2020 10:54:03 GMT -5
$18k could go even higher. the stock option payout is also a 15% of base, but vests over 3y. I'll have 1/3 of the 2019 payout plus 1/3 of the good faith 2018 payout that I also got last year. I think I saw last year's number was about $2700 in another post. my current rent in this short-term rental is $900/mo flat rate. POD is another $200/mo. my mortgage was $2200/mo plus utilities. anything over that $1100/mo will be getting thrown at balances while I'm here, as well. upcoming windfall income: May - house sale proceeds: $77,874.55 - refund of escrow account: $1300 July - bonus, stock option payout, as yet TBD. current balances and interest rates: creditor | May 2020 | interest rate | promo end date/reset rate | Chase | $9856.41 | 16.49% |
| Discover #1 | $14,278.26 | 12.49% |
| AmEx Blue | $12520.02 | 11.99% |
| Discover #2 | $16,553.65 | 14.49% |
| 1st National | $24,168.63 | 5.99% | life of balance | BofA #1 | $11,813.71 | 1.99% | 12/2020, 11.49% | Citi #1 | $4394.29 | 13.49% |
| SMCU | $11,958.93 | 2.99% | 1/2021, 13.99% | Citi #2 | $12,826.10 | 0.99% | 4/2021, 23.49% | BofA #2 | $7820.39 | 19.49% |
| BCU | $12,304.92 | 13.49% |
| total | $138,495.31 |
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The first thing that I would do is figure out a realistic ballpark estimate of how much will be required for a down payment and any house hunting/closing costs that you won't be able to roll into your mortgage. After setting that aside, tackle the debts, addressing BofA #2 first. Don't spend your windfalls before they arrive. If you are expecting $18k in July, don't use an extra $18k to pay down debt today. It might not come when you expect it, potentially leaving you short of cash needed for a down payment. One of the reasons that I include the interest charged for the month on my balances is that I can quickly determine my rough break-even points for balance transfers. So after you pay down BofA #2, transferring your Chase balance to BofA #2 might cost you say $400 which is the same a maybe 3.5 months of interest. The challenge with all of this is that every balance is a moving target, and every move you make will cost you something. If you can get away with many balance transfers, taking advantage of all of your current offers, you may be able to bring your average interest rate down from about 9.5% now to 3 or 4%. But it will cost you 3-5% up front. This might jeopardize your ability to get a mortgage. One thing that I would be watching is the Citi#2 balance. When that promo rate expires, you definitely don't want to pay 23.49% on it. You're going to want to have a balance transfer option available when April comes next year. I would be less concerned about BofA#1 and SMCU as both will be cheaper than some of your other debts even after they reset. That said, you do need to know how those will affect you when they expire (how much more interest will they cost each month). Another thing to keep an eye on when you decide what to do is your credit utilization ratios. Supposedly, having a utilization ratio below 30% has a big positive effect on your credit score. If any of your utilization ratios are slightly above 30%, it may make sense to bring them down below 30% if your credit score is close to a level that will affect the mortgage rate you will be able to get. I'm not sure if this is something where your mortgage banker would be able to provide guidance. Wow, this turned out longer than I initially expected. Happy Mother's Day to all you Moms out there! - movinonup
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swordguy
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Post by swordguy on May 10, 2020 11:05:23 GMT -5
Buyer's home inspector turned in his report today. Buyer has panicked a bit. Looks like we may have some expensive repairs to do before we sell, which isn't the greatest news in the world, but we can live with it. It may take a couple of weeks to get the various tradespeople out to provide estimates and get the work done. Hopefully buyer now (emotionally) understands that if these are truly serious issues that we'll have to fix them if we want to sell to anyone else, so we might as well fix them and sell to them. I guess I'll find out soon... Is your buyer a first-time buyer? Or not an experienced buyer? I hope they come to realize that now is the perfect time for the home's issues to surface and that the purpose of having home inspection has been served. I'm sorry you are facing expenses, but you have the knowledge, experience, and have prepared yourselves financially for when such things arise. I hope your buyers' initial fears/panic have subsided, and it can get back to feeling mutually beneficial. I don't think they are an experienced buyer, they're retired on a fixed income, and the house is at the top of their budget range. So major repairs early on are very scary to them. I can understand that. I'm hoping they just "wait and see", because then they'll see that we've fixed all the issues.
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debthaven
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Post by debthaven on May 10, 2020 11:35:19 GMT -5
there is an end date in the fall, and this opportunity presented itself like a lucky lottery ticket.I DO get this Chiver ... but here you are in a new (to you) rental with new (to you) people/roommates. All I'm saying is MAYBE an extension or another, similar opportunity COULD present itself. And that IF it does, you need to be open to the opportunity, and not fixed on your current timeline. I think there is going to be a LOT of subletting/house sharing in the future as people lose their jobs and/or take paycuts. Homeowners will rent space in order to get income. Renters will sublet for a while so they don't lose their rental. Since luckily your income IS stable, this could be an opportunity to keep your housing costs down for longer than till 1 Oct. That's all I'm saying. This said I agree that there's more to home ownership than the mortgage payment ... as you well know.
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nidena
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Post by nidena on May 10, 2020 12:00:49 GMT -5
Rent vs mortgage in nidena's world:
I've been in this apartment since Jan 31st (basically Feb 1st) and had to pay rent AND a mortgage for Feb and Mar. That told me that I could feasibly pay $2000/mo for a mortgage. Nothing that I want to do but that is my ultimate ceiling. I used the same kind of threshold back in 2006, when I first moved to Dover because I was paying rent and a mortgage, then, for a year but that ceiling (with a car payment included) was $1600. Realistically, the same amount since it's been 14 years.
Having owned two houses, over the course of 20 years--bought the first in 1999 and sold it and bought the second in 2007--I'm kind of reluctant to own again. It's a comparison between spending the money to get stuff fixed and never getting stuff fixed because the landlord of my apartment is tight-fisted. An interesting nugget: when you live on the lower-income side of town, landlords are less likely to do preventative maintenance. They won't fix shit until it's broken. Hence, why this apartment has a water heater from 1994. BUT, the rent is cheap. I pay ~$850/mo (the water bill is included in the invoice so it fluctuates). Utilities are cheap. I pay ~$25/mo, each, for gas and electric.
I know that when I get my next house, whatever spare cash I have will get sucked into it. That makes me want to stay here longer. I mean, with a take-home of $3600/mo and living expenses at less than $1000, wouldn't you? So, I'm taking it one month at a time. I already told my realtor that, once I start looking, I'd need to find a house by August so that the closing date would coincide with my lease expiration. If I don't, I'll renew the lease and stay here another six months or so. That'll be another six months of cheap rent...with a water heater that'll be 27 years old. lol. I tell you!! That thing sounds like Rice Krispies every time I take a shower or bath.
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swordguy
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Post by swordguy on May 10, 2020 12:27:18 GMT -5
Just got word from the buyer and they've decided to back out. Since the house wasn't actually on the market yet, we basically got a free home inspection, so there's that.
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Rukh O'Rorke
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Post by Rukh O'Rorke on May 10, 2020 13:17:49 GMT -5
there is an end date in the fall, and this opportunity presented itself like a lucky lottery ticket.I DO get this Chiver ... but here you are in a new (to you) rental with new (to you) people/roommates. All I'm saying is MAYBE an extension or another, similar opportunity COULD present itself. And that IF it does, you need to be open to the opportunity, and not fixed on your current timeline. I think there is going to be a LOT of subletting/house sharing in the future as people lose their jobs and/or take paycuts. Homeowners will rent space in order to get income. Renters will sublet for a while so they don't lose their rental. Since luckily your income IS stable, this could be an opportunity to keep your housing costs down for longer than till 1 Oct. That's all I'm saying. This said I agree that there's more to home ownership than the mortgage payment ... as you well know. Excellent point! This is certainly on my list of things to do if our situation turns dire.
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Rukh O'Rorke
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Post by Rukh O'Rorke on May 10, 2020 13:21:06 GMT -5
Just got word from the buyer and they've decided to back out. Since the house wasn't actually on the market yet, we basically got a free home inspection, so there's that. sorry to hear and hope someone else comes along soon. I think you mentioned they were friends? Likely any disappointments/buyers remorse would have tarnished the friendship. Hope it is still intact now.
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chiver78
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Post by chiver78 on May 10, 2020 14:05:24 GMT -5
Just got word from the buyer and they've decided to back out. Since the house wasn't actually on the market yet, we basically got a free home inspection, so there's that. sorry to hear this. you've got a great attitude about it, though. good luck when you do list.
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swordguy
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Post by swordguy on May 10, 2020 14:18:07 GMT -5
Just got word from the buyer and they've decided to back out. Since the house wasn't actually on the market yet, we basically got a free home inspection, so there's that. sorry to hear this. you've got a great attitude about it, though. good luck when you do list. We should be ready to officially put it on the market by the end of the month. If the sales market collapses, we can rent it out for a year or two if we need to. Would prefer to just sell it, though.
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chiver78
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Post by chiver78 on May 10, 2020 14:38:57 GMT -5
My thought is that a house costs so much more than just the mortgage. Utilities, tv, lawn care, repairs, etc. If you lived another year in a rental where those things are included in the price of rent, that is several hundred dollars each month that could be sent to the CCs. Agreed. In addition to paying very high interest rates (which is a real drag on your ability to get ahead), you'll be putting a significant chunk of your wealth in an immovable object that you haven't paid for. If you lose your job, you may have to move elsewhere to find work. If things get worse housing prices may drop enough for you to be underwater. I don't know your line of work but a lot of folks who thought they were recession proof just got a big wake-up call. You have one hell of a lot of credit card debt. Personally, I would not only stay a renter to avoid that risk plus home repair risks, I would find roommates. As many as I could get that the law would allow so that I could pay down that debt pronto! Tough living conditions for a year to get out of debt, tough living conditions for another year or two to get a real nest egg and emergency fund built up, and then you'll be well on your way to financial stability and prosperity. But that's just me. It's your life. see, it wouldn't be high interest rates. I just wouldn't wipe out as much as you suggested, in order to keep cash in hand/available for DP. I don't want to handcuff myself in any direction, which is what I feel like I'd be doing if I blew all of the proceeds on paying off debt immediately. that thought gives me massive heartburn, even more so than the huge number. while I wouldn't rule out roommates in the future, right now I don't know anyone that is looking for one (well, three) any time soon. I'm not living with strangers, one week here has been more than unpleasant enough with only one familiar face among the three others in the house. I just spent 5y in what can really only be classified as a psychologically abusive situation, and I really don't want to invite anyone to share my space any longer than I have to. I am not getting into *that* any more than I just did, and y'all can choose whether or not you want to believe me. I don't particularly care either way, but know that it is a large part of the basis of why I think the way I do about a lot of this. so either I find myself a 1BR rental close-ish to work - links to dog friendly places w/o weight limits are at the bottom. also important to note that one of my pups is part pittie, and while I know him to be a marshmallow, people suck with that sort of thing. you can all take your time choking at the prices plus dog rent - or I rent a whole house, with similar price ranges. OR, I buy something. smaller homes in this area can be found for around what I paid for the house I just sold, except I won't have the add-on of flood insurance here. I could also buy something in rough shape, live in it while I fix it up with clean but basic updates, and turn around and rent it out later. I saved this particular listing for that reason. location isn't ideal for work, but it's a basic place that I wouldn't be throwing rent away. because rents are so obnoxious around here, I feel like that is literally just throwing money away. GRG was looking at listings for me a few weeks back. if I wanted to be within half an hour (with moderate traffic, which isn't the case w/o COVID) then I needed to be considering spending close to $3000/mo to rent a house. eff that. I'm not sure where y'all are, but housing in MA is atrocious. also to consider - renting a house doesn't tend to include utilities. renting in a complex doesn't include everything all the time, either. so those arguments in favor of renting don't really sway me much. my job isn't going anywhere. I work in pharma, in higher levels of QA right now. my background is in entirely biotech, with a very diverse set of experiences across my roles over the years, where I've been told by multiple executives that I'm kind of a unicorn. while I absolutely suffer from "Impostor Syndrome" most days, I have no doubt that I could land somewhere else in a pretty short period of time with all of the bio/pharma companies in this area. we are operating with business as usual, with everyone except active manufacturing and the associated support staff working from home. I've been home since March 9th, literally locked out of my building since mid-April, with no end date in sight. thanks for the tips so far, both here and in some PMs. I have a lot of thinking to do this summer while I'm camped out in this rental. I'm really not trying to be argumentative, but because I have so much in the air and so many unknowns, I don't really know what to do first. in my OPINION, buying something on the cheaper side that isn't intended to be a permanent spot is not a bad move. but I think some of you don't quite get the market where I live. Talia Apartments <- I had an application in for this place, before I knew this STR was a go. rent alone was $2020, plus another $150 for pet rent. VUE at Maynard CrossingPrescott at ConcordBriar Glen <- this place is biking distance from my office. it's also dark, tiny, dingy, outdated, and zero outdoor space for my dogs. all for paying the same $2200/mo that I was paying for my house on the Cape.
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Deleted
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Post by Deleted on May 10, 2020 15:16:19 GMT -5
chiver78 Setting aside the buy vs. rent argument, would you even be able to get a mortgage with 6 figures of credit card debt? I think dealing with that should be a priority for you now, not only getting rid of the debt, but figuring out why it happened in the first place. I mean, you keep pointing out that you're high income and should be able to wipe it out quickly, but you were high income when you were running it up too, so what has changed that now you can live below your means, and before you were living above it? (I'm not trying to be an ass or even asking for an answer, just hoping to get you to do some introspection on the matter) I know you spent a lot on your last house getting it how you'd like it. Would buying a house lead to more improvements being justified for going on the credit cards?
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chiver78
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Post by chiver78 on May 10, 2020 15:34:53 GMT -5
totally valid question. I wouldn't have 6 figures of credit card debt when I go to apply. the question is how much will I have, when will that be, etc. I'm trying to figure out how to pay everything off as efficiently as possible while also keeping cash on hand for whatever might come up - emergency, DP, etc.
you are not at all being an ass asking the next question - what has changed vs when this was getting run up? I'm no longer celebrating being out of the albatross condo, partying like a frat boy that first year like money was no object. I'm no longer funding the mooch's lifestyle, including loaning money I know I'll never see (don't ask what that number is...). I also, since throwing his ass out over the holidays, have returned to cooking like I used to and eating way more frugally than I had been....meal planning and sale buying, and the like. by the time I finally moved, and I'm aware that COVID enabled this as well, I definitely felt that I was returning to how I used to operate before I allowed the mooch to basically run MY house. I don't think it's a reasonable worry that I would ever run up that much debt again, barring a medical disaster <knocks wood>. the only home improvement I would put on a card for a quick purchase is a fence if the place didn't already have one, bc dogs need to run. everything else would get planned out. after figuring out that what I thought was going to be my forever home wasn't actually that, I no longer have this pressing need for anywhere to be showroom perfect. my priorities there have definitely changed.
in all honesty, I don't know what I want to do next. I do know that I need to find somewhere else to be come October, whatever that may be. the only thing I DO know at this point is that throwing all of the proceeds of the house sale toward paying off debt the day the checks clear is going to make me more nuts than the massive number on the spreadsheet.
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debthaven
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Post by debthaven on May 10, 2020 16:48:49 GMT -5
Sorry to hear this swordguy because I know you were happy to sell to friends. It's probably better this way.
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debthaven
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Post by debthaven on May 10, 2020 16:54:13 GMT -5
I saved this particular listing for that reason.It's super cute but I think you definitely need 2 bathrooms in case you end up needing to rent (to someone you don't know who will actually pay rent). Also, no obligation to answer, but just in case you missed my question the first time, might Cape Ann be better for you than where you left? I think minnesotapaintlady raised some really good points. Like she said, no need to answer here, but please be honest with yourself. Best of luck to you Chiver. You know we all want the best for you.
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chiver78
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Post by chiver78 on May 10, 2020 17:06:03 GMT -5
I saved this particular listing for that reason.It's super cute but I think you definitely need 2 bathrooms in case you end up needing to rent (to someone you don't know who will actually pay rent). Also, no obligation to answer, but just in case you missed my question the first time, might Cape Ann be better for you than where you left? oh no, you're fine. I did miss that, sorry. Cape Ann is nowhere near where I need to be. way too far north of anything I know, or support to back me up for pups. good idea, though! there are actually a lot of lakes and small ponds in the general area I am considering, so we will be okay there. that purchase listing I linked is right near a big reservoir with public beaches and boats all around on bordering land. just having my parents and sister nearby for this rental is helping enough for the pups and their sanity. this is a crazy transition for all of us, and I'm weathering that as well as figuring out the financial questions. sorry if I have been a little snippy in my posts. my children don't speak English to understand why things are as fucked up as they are rn.
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debthaven
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Post by debthaven on May 10, 2020 17:16:51 GMT -5
Chiver, I know what I'm going to say is a bit insane, but hear me out. Every once in a blue moon here there is a "unicorn" listing of a house with a separate "granny flat", either integrated into/onto the house, or in a separate small structure on the land. Plenty of HUGE homes here have that feature, but every once in a while, you'll find a rare small home that does. I think that if ever you could find that, it would be perfect for you. Nuff said.
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chiver78
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Post by chiver78 on May 10, 2020 17:22:42 GMT -5
Chiver, I know what I'm going to say is a bit insane, but hear me out. Every once in a blue moon here there is a "unicorn" listing of a house with a separate "granny flat", either integrated into/onto the house, or in a separate small structure on the land. Plenty of HUGE homes here have that feature, but every once in a while, you'll find a rare small home that does. I think that if ever you could find that, it would be perfect for you. there is a reason I haven't disabled the rental searches, and this is also my unicorn. thank you for this post. my current situation would be way less.complicated if I didn't have two beautiful and very much loved dogs. if it was just me, I would have packed up my shit and found a cheap studio apt months ago. but if you really wanted to go down that path, if not for the dogs, my house would have never had the fucking mooch and that path would have been entirely different as well. that said, these pups will be 6 this year, and I would sell my soul to keep them safe. and now I'm sitting here crying. apologies in advance, but y'all are going to get a lot of overshare and venting emotions this summer as I work to clean up the mess I made.
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debthaven
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Post by debthaven on May 10, 2020 17:25:45 GMT -5
Speaking of RE, we had a (low) offer that we accepted on our rental studio 2 months ago, before lockdown here. The RE agent was pretty good about keeping in touch, then 2 weeks ago, nothing. I texted/phoned him asking if we might be able to sign the initial papers soon, got no response. I'm worried that the buyer will either back out or make another even lower offer (which we would refuse). Since things here are opening up again this week, I'll stop by the RE agency this week. That studio is the loan in my signature. Next month it will be under 19K. The renter left in late December, and since we were planning on selling, no point in renting it again. If the buyer backs out, we'll probably rent it again. Paying the mortgage without a renter isn't ideal for us.
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debthaven
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Post by debthaven on May 10, 2020 17:26:52 GMT -5
Chiver.
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TheHaitian
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Post by TheHaitian on May 10, 2020 20:38:29 GMT -5
As I promised here is an update... 2nd month of only paying the bare minimum on all my cards. I also added it up, at making just the minimum payment this debt is eating up about ~$2,500/month to satisfy. Yikes! Not much has changed except I added another 5k to my TD card related to my brother immigration issues for the lawyer retainer; hopefully will get some of that back. So not only he is living with me, I am feeding him, providing shelter, he is also costing me ALOT of money, over ~10k so far in legal bills and about ~40k hold on my credit cards for his parole and the ~5k fee for that parole. I better stop adding it up or I will have some serious resentment issues building up. In other news I decided not to waste more time and just accept the insurance company settlement, could have increase it another 1-3k but would have dragged another 2-3 months. Just settled and called it quits. IRS website is showing stimulus check will be deposited in our account on Wednesday. Account is at $20,200 now, between the insurance settlement, IRS stimulus and everything else, account should be at about 30k by the end of this coming week. Still on the fence on what to do... I am thinking about paying off the small capital one and the small citi and go from there next month. My wife brought up another thing I did not consider : we will need another car, we have done the 1 family car for the past 3 years. She will go back to work soon and with COVID would prefer to avoid public transportation. We are still figuring out the logistics... and even if not now, we would have needed it once in Albany anyway. As for moving she was able to get approved to take classes online, so this fall she will take 3 classes online. Not sure what that means yet for Spring and we did not discuss it yet in full details but eventually that will need to happen. She felt we should keep our current townhouse as a rental but with a $3,350 mortgage, I am not sure we could carry that and rent in NY if we have no tenant so to me that was a no. Will try to refinance to get ride of PMI but the lowest I think it would go is ~$2,500 (current balance is 480k) ; but would/may consider it. She wants to keep it as a rental because she would hope to return to DMV area after her PhD. Another discussion for another day but definitely considering refinancing soon or see if my bank will just drop PMI. Besides that we are just trucking along. We agreed to send my daughter $500 stimulus to her 529 and since I have not contributed to it since March I am thinking about sending my June bonus to it too. cawiau 04/07/20 - $111,042.73 (12/19/19 - $90,718.63)
Account | Beginning
| Current | Difference | Personal Loan I | $30,967.38
| $28,858.83 | $2,108.55 | Personal Loan II | $23,526.24 | $21,963.71 | $1,562.53 | Discover Card I | $19,906.08 | $18,599.70 | $1,306.38 | Discover Card II | $7,800.00 | $7,500.49 | $299.51 | Citicard I | $0.00 | $8,020.00 | ($8,020.00) | Citicard II | $0.00 | $4,360.00 | ($4,360.00) | Capital One I | $5,571.27 | $9,880.00 | ($4,308.73) | Capital One II | $0.00
| $980.00 | ($980.00) | Citicard | $1,122.95 | $600.00 | $522.95 | TD | $1,824.71 | $10,280.00 | ($8,455.29) | Total | $90,718.63 | $111.042.73 | ($20,324.10) |
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TheHaitian
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Post by TheHaitian on May 10, 2020 20:50:03 GMT -5
totally valid question. I wouldn't have 6 figures of credit card debt when I go to apply. the question is how much will I have, when will that be, etc. I'm trying to figure out how to pay everything off as efficiently as possible while also keeping cash on hand for whatever might come up - emergency, DP, etc. you are not at all being an ass asking the next question - what has changed vs when this was getting run up? I'm no longer celebrating being out of the albatross condo, partying like a frat boy that first year like money was no object. I'm no longer funding the mooch's lifestyle, including loaning money I know I'll never see (don't ask what that number is...). I also, since throwing his ass out over the holidays, have returned to cooking like I used to and eating way more frugally than I had been....meal planning and sale buying, and the like. by the time I finally moved, and I'm aware that COVID enabled this as well, I definitely felt that I was returning to how I used to operate before I allowed the mooch to basically run MY house. I don't think it's a reasonable worry that I would ever run up that much debt again, barring a medical disaster <knocks wood>. the only home improvement I would put on a card for a quick purchase is a fence if the place didn't already have one, bc dogs need to run. everything else would get planned out. after figuring out that what I thought was going to be my forever home wasn't actually that, I no longer have this pressing need for anywhere to be showroom perfect. my priorities there have definitely changed. in all honesty, I don't know what I want to do next. I do know that I need to find somewhere else to be come October, whatever that may be. the only thing I DO know at this point is that throwing all of the proceeds of the house sale toward paying off debt the day the checks clear is going to make me more nuts than the massive number on the spreadsheet. So you have 75k.... why don't you throw 50k at the debt and keep ~25k in case you buy another place? I figure if I raise your budget to 300k and do 5% down = $15,000 + ~10k closing cost And here you go you have a happy middle ground to work from... If you do get a bonus throw it at the debt and keep moving? Even if we are being generous and increase your budget to $500,00 you still have the 5% down and just have to worry about closing cost! But yeah, my back of the napkin quick math suggest that would be a good middle ground to satisfy your desire to pay off debt and also the possibility of having to purchase a new home. Also that reduce your debt load from 138k to about ~88k, take advantage of some 0% offers for the high interest one remaining, and throw all the extra you have monthly now at the debt.
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Deleted
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Post by Deleted on May 11, 2020 7:15:43 GMT -5
As for moving she was able to get approved to take classes online, so this fall she will take 3 classes online. Not sure what that means yet for Spring and we did not discuss it yet in full details but eventually that will need to happen. I know you're not tracking student loans here anymore, but was she able to get this paid for somehow or is it putting more debt to that pile?
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chiver78
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Post by chiver78 on May 11, 2020 8:05:10 GMT -5
wow, I think I missed that you were moving again. hopefully this is good news?
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Minnesotagirl7
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Post by Minnesotagirl7 on May 11, 2020 9:42:14 GMT -5
chiver78 - There have been so many excellent suggestions made. The one I like best so far is from TheHaitian - pay off $50k in debt and save $25k for the down payment. If things change, you can always use that $25k for debt paydown or something else. You also have the bonus coming in a couple months you can put towards debt, as well as what sounds like a hefty little snowball. One thing I caution against: With all of the ideas being thrown your way, be careful of analysis paralysis. Don't overanalyze all of the possibilities and suggestions. Make sure when the money lands in your account, you do something with it! Here are the first five you can knock out if you go with TheHaitian 's plan:
BofA #2 Chase Disc #2 Citi #1 BCU
Good luck!
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chiver78
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Post by chiver78 on May 11, 2020 9:54:29 GMT -5
chiver78 - There have been so many excellent suggestions made. The one I like best so far is from TheHaitian - pay off $50k in debt and save $25k for the down payment. If things change, you can always use that $25k for debt paydown or something else. You also have the bonus coming in a couple months you can put towards debt, as well as what sounds like a hefty little snowball. One thing I caution against: With all of the ideas being thrown your way, be careful of analysis paralysis. Don't overanalyze all of the possibilities and suggestions. Make sure when the money lands in your account, you do something with it! Here are the first five you can knock out if you go with TheHaitian 's plan:
BofA #2 Chase Disc #2 Citi #1 BCU
Good luck!
thanks! I concur, I think his suggestions let me tackle a fair amount while leaving me with enough cash in hand to feel safer about things. I have yet to run the loop and see if the checks have arrived yet today, will be doing that in a few min. seriously, how long does it take to have mail go from either end of MA to the general center? I'm getting irritated.
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chiver78
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Post by chiver78 on May 11, 2020 10:27:40 GMT -5
update on proceeds - neither house mailbox nor PO box contained a check just now. I called my lawyer, who was astounded. He's going to re-issue the $10k check and overnight via UPS, then reach out to the other attorney to do the same. this is insane. even if they didn't go into the mail until the day after closing, it's been ELEVEN days at this point. WTF?
ETA: and damn. that little ranch listing I shared yesterday, it just went pending. the zillow update just hit my inbox now. bummer.
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nidena
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Post by nidena on May 11, 2020 11:00:46 GMT -5
update on proceeds - neither house mailbox nor PO box contained a check just now. I called my lawyer, who was astounded. He's going to re-issue the $10k check and overnight via UPS, then reach out to the other attorney to do the same. this is insane. even if they didn't go into the mail until the day after closing, it's been ELEVEN days at this point. WTF? ETA: and damn. that little ranch listing I shared yesterday, it just went pending. the zillow update just hit my inbox now. bummer. That's ridiculous. My house was in Delaware. It closed on March 31st. On April 1st, there was a FedEx envelope on my doorstep...in INDIANA.
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Rukh O'Rorke
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Post by Rukh O'Rorke on May 11, 2020 11:01:42 GMT -5
carl's plan seems reasonable too. The check issue seems weird and concerning...hope that works out quickly.
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nidena
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Post by nidena on May 11, 2020 11:02:32 GMT -5
And try this site for listings. I've found it to be more up-to-date than zillow or realtor.com.
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