Signed papers on a house

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chlngr1970

chlngr1970

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Me and the better half have signed papers to buy a place out of the big city. A little bit of acreage, a small trailer, and a travel trailer till we can build a house, and we have our own little slice of heaven. This is the first time I have actually owned real estate...so I'm heading into uncharted territory. I'm hoping to get started quickly on at least a large workshop to get the cars back under cover. Even contemplating a large shop with living space up top. We will have 2.3 acres to work with. It WILL BE NICE to have our own place and NOT be renting any more.

Wish us luck

j
 
Congratz and best of luck to you. I'm presently in process, but haven't closed yet.
 
Best of Luck to you and the Mrs !!! I like the thought process,build the garage / shop area so as to protect the cars,(the essentials of course) then work on the main house !! :wav:
 
Congrats!! You got the right idea with living space above the garage.....with that I would scrap the house altogether.....loft above the garage and a circle track!!
 
Dont sign anything with Wells Fargo ! They will harass you by phone.
We are 21 years into a 25 year note. Who holds the note has changed 5 times so even if you dont sign Wells Fargo today they could still hold the note tomorrow. Good luck
 
Congratulations, a great piece of mind having your own home.

Kenny
 
Thanks :) I'll get some pix once we close and get out there. The trailer that is out there isn't much to brag about, but it offers some income potential, and gives us a way to save some money finally. We found out there is a green belt at the back of the property that cuts through our back neighbors property, so we are thinking of asking if s/he would be willing to sell that chunk he doesn't have access to to us :D Planning on a large garden at the back of the property next spring. Going to talk to dad over the holiday brake to see if he will let me keep the cars/parts in his storage building behind his house for a while. That would be ideal, if it wasn't over two hours away :(

Big changes...for the better. We did some figuring, if we saved less monthly and paid X2-X3 monthly payment, we could have it paid off in 4 years. But, that would mean living in a 5th wheel for that long. Dunno if that is doable or not...

j
 
chlngr1970 said:
Me and the better half have signed papers to buy a place out of the big city. A little bit of acreage, a small trailer, and a travel trailer till we can build a house, and we have our own little slice of heaven. This is the first time I have actually owned real estate...so I'm heading into uncharted territory. I'm hoping to get started quickly on at least a large workshop to get the cars back under cover. Even contemplating a large shop with living space up top. We will have 2.3 acres to work with. It WILL BE NICE to have our own place and NOT be renting any more.

Wish us luck

j
Click to expand...

That's great news! Congrats, and I hope for and wish you all the luck in the world. That's wonderful!
 
chlngr1970 said:
Big changes...for the better. We did some figuring, if we saved less monthly and paid X2-X3 monthly payment, we could have it paid off in 4 years. But, that would mean living in a 5th wheel for that long. Dunno if that is doable or not...

j
Click to expand...

You may already know this but be sure to write "Apply to Principal Only" in the check notes and be sure to to send it on a seperate check if you plan on overpaying. Also, same lenders require that principal checks arrive on the first or a full months interest will be charged on the principal payed. Just food for thought. :)
 
We actually got the seller to carry the mortgage for us :D

7 year note, would have this paid off at just over $800/mo. With having renters on the property paying us $800/mo we very well could get this paid off VERY quickly.

Here's a few pix of the place.

j
 

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chlngr1970 said:
We actually got the seller to carry the mortgage for us :D

7 year note, would have this paid off at just over $800/mo. With having renters on the property paying us $800/mo we very well could get this paid off VERY quickly.

Here's a few pix of the place.

j
Click to expand...

Nice place.
 
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