Housing suggestions...

[Cuda1447]

Despite knowing better, I'll ask ATOT this anyway. (Even though there are a lot of haters on the board)


Im currently still living at home with my parents while attending college. Im getting to the point in my life where I want to move out and start my own thing. I have no problems with my parents, and my life here is good for the most part. However, Im just getting to old to be sticking around for much longer (22).

Ive finally decided what degree I want to pursue, and am on course to get that degree (in time). Im financially independent on everything except rent. I don't pay rent to my parents. However, I do pay for all my other expenses including food and college. (Not taking out student loans unless I absolutely have to).


My girlfriend of 3 years (whom I plan to marry as soon as Im financially stable) is currently living on campus and took out some loans to help pay for school/rent. She's spending about 600 a month for her place.

Now what Im considering is possibly buying a condo/townhouse or something along those lines (as inexpensive but decent as we can find). The purpose behind this is two fold. First and foremost, to get out on my own. Secondly, I look at is as an investment. I reside in Tampa, Fl. - where the housing market has been on a downward trend lately. It looks like its kinda hit as low as its going to go. I imagine it will rise back up (to crazy highs) like it was at a year and a half ago. So I want to get into something that I own BEFORE the housing prices go back up. (Im assuming they will, highly doubt they'll go any lower).

Question Im wondering - is it worth it? As Ive said, I have no problems with living at home. I don't cause any headaches for my parents - and they cause none for me. I help them out around the house with different things, and generally pull my own weight. Financially Im not any bit of a burden on them either, as I simply occupy a room that would be empty otherwise. Furthermore Im the house hold tech support guy - so Im sure thats beneficial to them.


While Im living at home I have the luxury of being able to save money. Something that will be valuable for when I apply to post-graduate school (in a 1.5 years Im thinking - max). As Ive said - I want to avoid student loans if I can.

By my calculations I figure I can afford at the very least 1000 a month out of my own pocket - for a mortage. Thats not including my g/fs income - as well as student loans she has. The way I look at it, she is currently paying 600 a month from her student loan money for rent on campus. She'd be better off putting that toward a mortgage (something we can build equity in) and letting me make up the rest and actually starting toward financial security/independence. Rather than just wasting that on an apartment. (Which is the whole reason I still live at home - renting in apartments is a WASTE of money).



Anyone have any advice/reccommendations/thoughts on doing something like this?


*note* I work an hourly/commission based job part time while going to school. Make plenty of money, and am good at what I do, however it is commission based partially. So needless to say, my income does fluctuate from month to month.

 

[imported_stev]

You seem to be trying awfully hard to make the point that you're not some lazy bum living in your parents' basement. That gives me the impression that you're self-conscious about living with your parents. Maybe someone gave you crap about it lately?

Anyway, that feeling of wanting to be on your own doesn't go away, even if you're happy with your current situation. But staying until you're done with the undergrad degree makes some financial sense.

Renting an apartment for a short period of time, especially while in college is not the end of the world either. But hey, if you find something to buy that you like and you can afford it, go for it.

 

[DishDog]

Sounds like you have your life in check. If you are positive you want to live in Tampa, then go for it. Selling can be a pain if you want to move. I'm not sure how fun Tampa is, but in a place like NYC renting is well worth it.

 

[jhayx7]

I know you don't want to hear this but STAY AT HOME! Keep saving up money. How long do you plan on staying in the condo? You might be better off renting for a year or two before you purchase your first place.

What happens if you were to purchase a place and you get laid off? Do you have enough money saved up to cover expenses for at least 3 months?

 

[SmoochyTX]

Do not.... I repeat do not... buy any property with her on the note.

Sign a lease somewhere and RENT with her as part of the lease. I'm serious about this.

If you're serious about buying property/housing and serious about marrying her, then do it now. If not, you should rent and make sure she's part of the lease and you have a contract with her as to what she is supposed to pay each month.

Sounds shi**y but it's legal and it's life.

 

[MrDudeMan]

Originally posted by: SmoochyTX
Do not.... I repeat do not... buy any property with her on the note.

Sign a lease somewhere and RENT with her as part of the lease. I'm serious about this.

If you're serious about buying property/housing and serious about marrying her, then do it now. If not, you should rent and make sure she's part of the lease and you have a contract with her as to what she is supposed to pay each month.

Sounds shi**y but it's legal and it's life.

i have to agree. it would be very stupid to buy a house with someone while you arent married. people can say whatever they want, but that simply is not a good idea.

 

[Cuda1447]

Originally posted by: SmoochyTX
Do not.... I repeat do not... buy any property with her on the note.

Sign a lease somewhere and RENT with her as part of the lease. I'm serious about this.

If you're serious about buying property/housing and serious about marrying her, then do it now. If not, you should rent and make sure she's part of the lease and you have a contract with her as to what she is supposed to pay each month.

Sounds shi**y but it's legal and it's life.

Appreciate the advice, but in all honesty this is the LEAST of my concerns. I'd already be married if I could afford it - just waiting till I can so I can do it right.

Originally posted by: jhayx7
I know you don't want to hear this but STAY AT HOME! Keep saving up money. How long do you plan on staying in the condo? You might be better off renting for a year or two before you purchase your first place.

What happens if you were to purchase a place and you get laid off? Do you have enough money saved up to cover expenses for at least 3 months?

Im very confident with my employment skills, for lack of a better word. If something happened and I lost my job (very unlikely, never even been close to being fired) worst case scenario - I could always move back home. I also have very good credit, so loans would be a possibility if it was REALLY neccessary, although I doubt it'd ever come to that.


As for length of time in the condo (or townhouse - which might be the route we take) I was thinking until I graduate from college and get into a career job.


Stev - No point for me to rent. That is a waste of money, given my situation. Im considering this because of the investment property can be. And being that the Florida housing market is down - its a good time to get into some sort of property (I think). People are having a hard time selling houses right now - however I don't expect that to stay that way for a long time. Especially in the area I live (one of the faster growing areas in the country, by the way I understand it).

As for wanting to leave. Its not that I don't feel wanted - or anyones really pushed me to leave. And even if thats the case, Im not gonna leave till I'm good and ready 😛 Its more so just me growing up, wanting to become more independent and start my own life. My family's been great for me. I just want to start doing my own thing.

Nothing set in stone yet, Im just kicking around the idea and looking to get advice. I may just stay at home till I finish atleast my bachelors degree. Not really to sure yet.

/me shrugs

 

[jhayx7]

Originally posted by: Cuda1447

Originally posted by: SmoochyTX
Do not.... I repeat do not... buy any property with her on the note.

Sign a lease somewhere and RENT with her as part of the lease. I'm serious about this.

If you're serious about buying property/housing and serious about marrying her, then do it now. If not, you should rent and make sure she's part of the lease and you have a contract with her as to what she is supposed to pay each month.

Sounds shi**y but it's legal and it's life.

Appreciate the advice, but in all honesty this is the LEAST of my concerns. I'd already be married if I could afford it - just waiting till I can so I can do it right.

Originally posted by: jhayx7
I know you don't want to hear this but STAY AT HOME! Keep saving up money. How long do you plan on staying in the condo? You might be better off renting for a year or two before you purchase your first place.

What happens if you were to purchase a place and you get laid off? Do you have enough money saved up to cover expenses for at least 3 months?

Im very confident with my employment skills, for lack of a better word. If something happened and I lost my job (very unlikely, never even been close to being fired) worst case scenario - I could always move back home. I also have very good credit, so loans would be a possibility if it was REALLY neccessary, although I doubt it'd ever come to that.


As for length of time in the condo (or townhouse - which might be the route we take) I was thinking until I graduate from college and get into a career job.


Stev - No point for me to rent. That is a waste of money, given my situation. Im considering this because of the investment property can be. And being that the Florida housing market is down - its a good time to get into some sort of property (I think). People are having a hard time selling houses right now - however I don't expect that to stay that way for a long time. Especially in the area I live (one of the faster growing areas in the country, by the way I understand it).

As for wanting to leave. Its not that I don't feel wanted - or anyones really pushed me to leave. And even if thats the case, Im not gonna leave till I'm good and ready 😛 Its more so just me growing up, wanting to become more independent and start my own life. My family's been great for me. I just want to start doing my own thing.

Nothing set in stone yet, Im just kicking around the idea and looking to get advice. I may just stay at home till I finish atleast my bachelors degree. Not really to sure yet.

/me shrugs

If you move in less than 2 years from your condo you stand a very good chance of being upside-down on the condo. You will put more money into it than renting. Either suck it up for a bit more and save or go find a cheap rental place for the time being.

 

[SmoochyTX]

Originally posted by: Cuda1447

Originally posted by: SmoochyTX
Do not.... I repeat do not... buy any property with her on the note.

Sign a lease somewhere and RENT with her as part of the lease. I'm serious about this.

If you're serious about buying property/housing and serious about marrying her, then do it now. If not, you should rent and make sure she's part of the lease and you have a contract with her as to what she is supposed to pay each month.

Sounds shi**y but it's legal and it's life.

Appreciate the advice, but in all honesty this is the LEAST of my concerns. I'd already be married if I could afford it - just waiting till I can so I can do it right.

Originally posted by: jhayx7
I know you don't want to hear this but STAY AT HOME! Keep saving up money. How long do you plan on staying in the condo? You might be better off renting for a year or two before you purchase your first place.

What happens if you were to purchase a place and you get laid off? Do you have enough money saved up to cover expenses for at least 3 months?

Im very confident with my employment skills, for lack of a better word. If something happened and I lost my job (very unlikely, never even been close to being fired) worst case scenario - I could always move back home. I also have very good credit, so loans would be a possibility if it was REALLY neccessary, although I doubt it'd ever come to that.


As for length of time in the condo (or townhouse - which might be the route we take) I was thinking until I graduate from college and get into a career job.


Stev - No point for me to rent. That is a waste of money, given my situation. Im considering this because of the investment property can be. And being that the Florida housing market is down - its a good time to get into some sort of property (I think). People are having a hard time selling houses right now - however I don't expect that to stay that way for a long time. Especially in the area I live (one of the faster growing areas in the country, by the way I understand it).

As for wanting to leave. Its not that I don't feel wanted - or anyones really pushed me to leave. And even if thats the case, Im not gonna leave till I'm good and ready 😛 Its more so just me growing up, wanting to become more independent and start my own life. My family's been great for me. I just want to start doing my own thing.

Nothing set in stone yet, Im just kicking around the idea and looking to get advice. I may just stay at home till I finish atleast my bachelors degree. Not really to sure yet.

/me shrugs

Ahhhh, to be so young and naive. I remember those times.

 

[Cuda1447]

Originally posted by: jhayx7

Originally posted by: Cuda1447

Originally posted by: SmoochyTX
Do not.... I repeat do not... buy any property with her on the note.

Sign a lease somewhere and RENT with her as part of the lease. I'm serious about this.

If you're serious about buying property/housing and serious about marrying her, then do it now. If not, you should rent and make sure she's part of the lease and you have a contract with her as to what she is supposed to pay each month.

Sounds shi**y but it's legal and it's life.

Appreciate the advice, but in all honesty this is the LEAST of my concerns. I'd already be married if I could afford it - just waiting till I can so I can do it right.

Originally posted by: jhayx7
I know you don't want to hear this but STAY AT HOME! Keep saving up money. How long do you plan on staying in the condo? You might be better off renting for a year or two before you purchase your first place.

What happens if you were to purchase a place and you get laid off? Do you have enough money saved up to cover expenses for at least 3 months?

Im very confident with my employment skills, for lack of a better word. If something happened and I lost my job (very unlikely, never even been close to being fired) worst case scenario - I could always move back home. I also have very good credit, so loans would be a possibility if it was REALLY neccessary, although I doubt it'd ever come to that.


As for length of time in the condo (or townhouse - which might be the route we take) I was thinking until I graduate from college and get into a career job.


Stev - No point for me to rent. That is a waste of money, given my situation. Im considering this because of the investment property can be. And being that the Florida housing market is down - its a good time to get into some sort of property (I think). People are having a hard time selling houses right now - however I don't expect that to stay that way for a long time. Especially in the area I live (one of the faster growing areas in the country, by the way I understand it).

As for wanting to leave. Its not that I don't feel wanted - or anyones really pushed me to leave. And even if thats the case, Im not gonna leave till I'm good and ready 😛 Its more so just me growing up, wanting to become more independent and start my own life. My family's been great for me. I just want to start doing my own thing.

Nothing set in stone yet, Im just kicking around the idea and looking to get advice. I may just stay at home till I finish atleast my bachelors degree. Not really to sure yet.

/me shrugs

If you move in less than 2 years from your condo you stand a very good chance of being upside-down on the condo. You will put more money into it than renting. Either suck it up for a bit more and save or go find a cheap rental place for the time being.

Good point. I can't say Im really familiar with the financial side of things. Would it make a difference if I were able to save up enough money for a decent down payment? Make it a better investment?

 

[Cuda1447]

Smoochy - whats your point? Something Im over-looking you care to comment on. Or are you just postcount+1ing?

 

[jhayx7]

Originally posted by: Cuda1447

Originally posted by: jhayx7
[If you move in less than 2 years from your condo you stand a very good chance of being upside-down on the condo. You will put more money into it than renting. Either suck it up for a bit more and save or go find a cheap rental place for the time being.

Good point. I can't say Im really familiar with the financial side of things. Would it make a difference if I were able to save up enough money for a decent down payment? Make it a better investment?

YES! You need to save up at least 20% of the purchase price to avoid having to pay PMI. You have a couple of options on beating PMI. If your credit is good enough, you can take out a mort. that equals to 80% of your purchase and a HELOC that covers the other 20%. The advantage of this is that you can write off the interest of both loans on taxes.

Now you can get even trickier. If you save up 10% of the purchase price, take out a mort. of 80% and use a credit card that has 0% APR for a year and put the other 10% on it. At the end of the year, grab another credit card with 0% APR with no transfer fee and dump the balance on it so you can avoid paying interest on the loan.

You will save thousands of $$$ if you wait and purchase a house that you know you will stay in for at least 5 years. Getting married is very expensive too so be sure to save up for that as well!

EDIT: If you don't have a credit card, open one up right now and start using it to build credit. Be sure to visit fatwallet.com they have a great forum.

 

[jhayx7]

Originally posted by: Cuda1447
Smoochy - whats your point? Something Im over-looking you care to comment on. Or are you just postcount+1ing?

Don't feed the trolls.

 

[SmoochyTX]

Originally posted by: Cuda1447
Smoochy - whats your point? Something Im over-looking you care to comment on. Or are you just postcount+1ing?

No, I'm not neffing.

I've been around the block a time or two and know that it's an incredibly stupid decision to make concerning being in a relationship with these kinds of issues. While I am a woman, I do have brains.

Realistically, you're financially and age-retarded if you decide to buy a condo for you and your girlfriend. I don't understand why you are so hell-bent on buying at this point. You should be renting and living in a place of your own first. THEN, you should try living with her including her taking on some of the financial responsibilities.

Yet you just want to jump into this. I know what it's like being in love but trust me, when money is tight you won't be feeling that lovin' feeling so much. It's admirable and respectable that you want to provide a place for her but come on. If you're going to do that, then go into it with your eyes wide open. Rent at first and buy something later.

When renting, make sure she signs a lease. Make sure you have a contract with her that specifies how much or what percentage she is to pay each month. Make sure you get and give receipts each month for those amounts between the two of you.

I really do hope the best for both of you. I'm just saying, you need to cover your ass. And if she was an intelligent person she would do the same thing. Right now the only thing on both of your minds is ass and being alone to enjoy said ass. That doesn't last forever.

 

[SmoochyTX]

Originally posted by: jhayx7

Originally posted by: Cuda1447
Smoochy - whats your point? Something Im over-looking you care to comment on. Or are you just postcount+1ing?

Don't feed the trolls.

I'm not a troll dumbass. :roll:

 

[Cuda1447]

Originally posted by: jhayx7

Originally posted by: Cuda1447

Originally posted by: jhayx7
[If you move in less than 2 years from your condo you stand a very good chance of being upside-down on the condo. You will put more money into it than renting. Either suck it up for a bit more and save or go find a cheap rental place for the time being.

Good point. I can't say Im really familiar with the financial side of things. Would it make a difference if I were able to save up enough money for a decent down payment? Make it a better investment?

YES! You need to save up at least 20% of the purchase price to avoid having to pay PMI. You have a couple of options on beating PMI. If your credit is good enough, you can take out a mort. that equals to 80% of your purchase and a HELOC that covers the other 20%. The advantage of this is that you can write off the interest of both loans on taxes.

Now you can get even trickier. If you save up 10% of the purchase price, take out a mort. of 80% and use a credit card that has 0% APR for a year and put the other 10% on it. At the end of the year, grab another credit card with 0% APR with no transfer fee and dump the balance on it so you can avoid paying interest on the loan.

You will save thousands of $$$ if you wait and purchase a house that you know you will stay in for at least 5 years. Getting married is very expensive too so be sure to save up for that as well!

EDIT: If you don't have a credit card, open one up right now and start using it to build credit. Be sure to visit fatwallet.com they have a great forum.

Good info. Plenty of credit. I currently own two credit cards (that Ive had for years) as well as a credit card with a 10k balance on it for a business. (Was helping my parents out with a new business they started). I also have a good line of credit in the car I bought.

 

[zinfamous]

Originally posted by: SmoochyTX
Do not.... I repeat do not... buy any property with her on the note.

Sign a lease somewhere and RENT with her as part of the lease. I'm serious about this.

If you're serious about buying property/housing and serious about marrying her, then do it now. If not, you should rent and make sure she's part of the lease and you have a contract with her as to what she is supposed to pay each month.

Sounds shi**y but it's legal and it's life.

:thumbsup: words of wisdom

is it worth it to move out on your own? yes

are you truly on your own moving from the parents' house directly to living with your GF? Not really...

either way, you shoudl absolutely rent with her before you buy any property that she is involved in. you've been together for 3 years, that's great. but seriously, you're still young. --not exactly good to get contractually involved with an SO so soon after you move out.

Also, rent first. Better to fulfill a at least a 1 year contract before you know if you can take on a 20-30 year mortgage. Plus, you aren't out of school yet..it's very likely that a lot will change about your work/income situation over the next 4 or so years. Hopefully, for the best--bu you never know...

 

[Cuda1447]

Originally posted by: SmoochyTX

Originally posted by: Cuda1447
Smoochy - whats your point? Something Im over-looking you care to comment on. Or are you just postcount+1ing?

No, I'm not neffing.

I've been around the block a time or two and know that it's an incredibly stupid decision to make concerning being in a relationship with these kinds of issues. While I am a woman, I do have brains.

Realistically, you're financially and age-retarded if you decide to buy a condo for you and your girlfriend. I don't understand why you are so hell-bent on buying at this point. You should be renting and living in a place of your own first. THEN, you should try living with her including her taking on some of the financial responsibilities.

Yet you just want to jump into this. I know what it's like being in love but trust me, when money is tight you won't be feeling that lovin' feeling so much. It's admirable and respectable that you want to provide a place for her but come on. If you're going to do that, then go into it with your eyes wide open. Rent at first and buy something later.

When renting, make sure she signs a lease. Make sure you have a contract with her that specifies how much or what percentage she is to pay each month. Make sure you get and give receipts each month for those amounts between the two of you.

I really do hope the best for both of you. I'm just saying, you need to cover your ass. And if she was an intelligent person she would do the same thing. Right now the only thing on both of your minds is ass and being alone to enjoy said ass. That doesn't last forever.

I appreciate the advice. And understand you have good intentions. However, I must point out that every relationship is different. Im sorry if you had a bad relationshit, and I realize that the divorce rate in this country is at an all time high. I also realize that most young people are naive and think they know everything. I realize people are blinded by love and booty, however I assure you that is not the case here.

If there is one thing about me, its that Im a very self-aware person. I realize that money issues are the #1 reason for divorce. I also realize that there are a LOT of people who get in relationships and don't fully trust each other. Or have fun on the side. Or whatever their reason for being stupid is. However, that is not always the case.


In any case - it doesn't matter if you believe me or not. Thats a non-issue really. The point Im trying to make is I appreciate the advice... but its falling on deaf ears. None of it applies to me.


Furthermore, I'd like to point out that if I plan to marry this girl. Making her sign a lease and keeping receipts etc... is just showing distrust or uncertaintiy. If I felt that way, I'd never even consider getting married, let alone living with her. Its kind of like signing a pre-nup, only reason to do that is if you have your doubts. (Or if you are amazingly wealthy and are weary of a gold-digger). However, Im poor - so I know my g/f isn't a gold digger 🙂


I have ABSOLUTELY 0 doubts, and if someone handed me a career and money to afford a wedding/wedding ring, I'd propose to my g/f tomorrow. Like I said - I want to do it right.


Thats enough of my rambling though. Thanks for the advice, but its a non-issue with me.

 

[zinfamous]

Originally posted by: Cuda1447

Originally posted by: SmoochyTX
Do not.... I repeat do not... buy any property with her on the note.

Sign a lease somewhere and RENT with her as part of the lease. I'm serious about this.

If you're serious about buying property/housing and serious about marrying her, then do it now. If not, you should rent and make sure she's part of the lease and you have a contract with her as to what she is supposed to pay each month.

Sounds shi**y but it's legal and it's life.

Appreciate the advice, but in all honesty this is the LEAST of my concerns. I'd already be married if I could afford it - just waiting till I can so I can do it right.

Originally posted by: jhayx7
I know you don't want to hear this but STAY AT HOME! Keep saving up money. How long do you plan on staying in the condo? You might be better off renting for a year or two before you purchase your first place.

What happens if you were to purchase a place and you get laid off? Do you have enough money saved up to cover expenses for at least 3 months?

Im very confident with my employment skills, for lack of a better word. If something happened and I lost my job (very unlikely, never even been close to being fired) worst case scenario - I could always move back home. I also have very good credit, so loans would be a possibility if it was REALLY neccessary, although I doubt it'd ever come to that.


As for length of time in the condo (or townhouse - which might be the route we take) I was thinking until I graduate from college and get into a career job.


Stev - No point for me to rent. That is a waste of money, given my situation. Im considering this because of the investment property can be. And being that the Florida housing market is down - its a good time to get into some sort of property (I think). People are having a hard time selling houses right now - however I don't expect that to stay that way for a long time. Especially in the area I live (one of the faster growing areas in the country, by the way I understand it).

As for wanting to leave. Its not that I don't feel wanted - or anyones really pushed me to leave. And even if thats the case, Im not gonna leave till I'm good and ready 😛 Its more so just me growing up, wanting to become more independent and start my own life. My family's been great for me. I just want to start doing my own thing.

Nothing set in stone yet, Im just kicking around the idea and looking to get advice. I may just stay at home till I finish atleast my bachelors degree. Not really to sure yet.

/me shrugs

nothing gaurantees that property you buy today will be worth ****** 3 years from now. You don't have any experience renting or owning, so it's safe to say you can't make accurate assertions about renting vs owning. Renting isn't a waste of money, as long as you're not doing it your entire life.

Real estate is the one of the most unpredictible, mis-represented markets...it's the reason Donald Trump is technically worth ~1/5 of what he claims to be worth, and has filed for bankruptcy at least 2x (if I remember correctly) ...also b/c he's an moronic asshole, but that's a different story 😉...

 

[SmoochyTX]

Originally posted by: Cuda1447

Originally posted by: SmoochyTX

Originally posted by: Cuda1447
Smoochy - whats your point? Something Im over-looking you care to comment on. Or are you just postcount+1ing?

No, I'm not neffing.

I've been around the block a time or two and know that it's an incredibly stupid decision to make concerning being in a relationship with these kinds of issues. While I am a woman, I do have brains.

Realistically, you're financially and age-retarded if you decide to buy a condo for you and your girlfriend. I don't understand why you are so hell-bent on buying at this point. You should be renting and living in a place of your own first. THEN, you should try living with her including her taking on some of the financial responsibilities.

Yet you just want to jump into this. I know what it's like being in love but trust me, when money is tight you won't be feeling that lovin' feeling so much. It's admirable and respectable that you want to provide a place for her but come on. If you're going to do that, then go into it with your eyes wide open. Rent at first and buy something later.

When renting, make sure she signs a lease. Make sure you have a contract with her that specifies how much or what percentage she is to pay each month. Make sure you get and give receipts each month for those amounts between the two of you.

I really do hope the best for both of you. I'm just saying, you need to cover your ass. And if she was an intelligent person she would do the same thing. Right now the only thing on both of your minds is ass and being alone to enjoy said ass. That doesn't last forever.

I appreciate the advice. And understand you have good intentions. However, I must point out that every relationship is different. Im sorry if you had a bad relationshit, and I realize that the divorce rate in this country is at an all time high. I also realize that most young people are naive and think they know everything. I realize people are blinded by love and booty, however I assure you that is not the case here.

If there is one thing about me, its that Im a very self-aware person. I realize that money issues are the #1 reason for divorce. I also realize that there are a LOT of people who get in relationships and don't fully trust each other. Or have fun on the side. Or whatever their reason for being stupid is. However, that is not always the case.


In any case - it doesn't matter if you believe me or not. Thats a non-issue really. The point Im trying to make is I appreciate the advice... but its falling on deaf ears. None of it applies to me.


Furthermore, I'd like to point out that if I plan to marry this girl. Making her sign a lease and keeping receipts etc... is just showing distrust or uncertaintiy. If I felt that way, I'd never even consider getting married, let alone living with her. Its kind of like signing a pre-nup, only reason to do that is if you have your doubts. (Or if you are amazingly wealthy and are weary of a gold-digger). However, Im poor - so I know my g/f isn't a gold digger 🙂


I have ABSOLUTELY 0 doubts, and if someone handed me a career and money to afford a wedding/wedding ring, I'd propose to my g/f tomorrow. Like I said - I want to do it right.


Thats enough of my rambling though. Thanks for the advice, but its a non-issue with me.

I wish nothing but the best for you and your girlfriend. This is a great time in your life and I'm not trying to take anything away from it. You asked for suggestions and I gave you some. I apologize if you didn't like the suggestions but I believe they were smart nonetheless and I hope you and everybody else reading this thread remember what I said.

BTW, you should propose already! 😛

 

[zinfamous]

Originally posted by: jhayx7

Originally posted by: Cuda1447

Originally posted by: jhayx7
[If you move in less than 2 years from your condo you stand a very good chance of being upside-down on the condo. You will put more money into it than renting. Either suck it up for a bit more and save or go find a cheap rental place for the time being.

Good point. I can't say Im really familiar with the financial side of things. Would it make a difference if I were able to save up enough money for a decent down payment? Make it a better investment?

YES! You need to save up at least 20% of the purchase price to avoid having to pay PMI. You have a couple of options on beating PMI. If your credit is good enough, you can take out a mort. that equals to 80% of your purchase and a HELOC that covers the other 20%. The advantage of this is that you can write off the interest of both loans on taxes.

Now you can get even trickier. If you save up 10% of the purchase price, take out a mort. of 80% and use a credit card that has 0% APR for a year and put the other 10% on it. At the end of the year, grab another credit card with 0% APR with no transfer fee and dump the balance on it so you can avoid paying interest on the loan.

You will save thousands of $$$ if you wait and purchase a house that you know you will stay in for at least 5 years. Getting married is very expensive too so be sure to save up for that as well!

EDIT: If you don't have a credit card, open one up right now and start using it to build credit. Be sure to visit fatwallet.com they have a great forum.

Let's see...22 years old, student, commision-dependent part-time job...yeah, I'm sure he can command the necessary credit....

OP, you're jumping the gun here. Live life a little before you make commitments that staple you to the ground.

 

[zinfamous]

Originally posted by: Cuda1447

Originally posted by: SmoochyTX

Originally posted by: Cuda1447
Smoochy - whats your point? Something Im over-looking you care to comment on. Or are you just postcount+1ing?

No, I'm not neffing.

I've been around the block a time or two and know that it's an incredibly stupid decision to make concerning being in a relationship with these kinds of issues. While I am a woman, I do have brains.

Realistically, you're financially and age-retarded if you decide to buy a condo for you and your girlfriend. I don't understand why you are so hell-bent on buying at this point. You should be renting and living in a place of your own first. THEN, you should try living with her including her taking on some of the financial responsibilities.

Yet you just want to jump into this. I know what it's like being in love but trust me, when money is tight you won't be feeling that lovin' feeling so much. It's admirable and respectable that you want to provide a place for her but come on. If you're going to do that, then go into it with your eyes wide open. Rent at first and buy something later.

When renting, make sure she signs a lease. Make sure you have a contract with her that specifies how much or what percentage she is to pay each month. Make sure you get and give receipts each month for those amounts between the two of you.

I really do hope the best for both of you. I'm just saying, you need to cover your ass. And if she was an intelligent person she would do the same thing. Right now the only thing on both of your minds is ass and being alone to enjoy said ass. That doesn't last forever.

I appreciate the advice. And understand you have good intentions. However, I must point out that every relationship is different. Im sorry if you had a bad relationshit, and I realize that the divorce rate in this country is at an all time high. I also realize that most young people are naive and think they know everything. I realize people are blinded by love and booty, however I assure you that is not the case here.

If there is one thing about me, its that Im a very self-aware person. I realize that money issues are the #1 reason for divorce. I also realize that there are a LOT of people who get in relationships and don't fully trust each other. Or have fun on the side. Or whatever their reason for being stupid is. However, that is not always the case.


In any case - it doesn't matter if you believe me or not. Thats a non-issue really. The point Im trying to make is I appreciate the advice... but its falling on deaf ears. None of it applies to me.


Furthermore, I'd like to point out that if I plan to marry this girl. Making her sign a lease and keeping receipts etc... is just showing distrust or uncertaintiy. If I felt that way, I'd never even consider getting married, let alone living with her. Its kind of like signing a pre-nup, only reason to do that is if you have your doubts. (Or if you are amazingly wealthy and are weary of a gold-digger). However, Im poor - so I know my g/f isn't a gold digger 🙂


I have ABSOLUTELY 0 doubts, and if someone handed me a career and money to afford a wedding/wedding ring, I'd propose to my g/f tomorrow. Like I said - I want to do it right.


Thats enough of my rambling though. Thanks for the advice, but its a non-issue with me.

marked for historical purposes 🙂

 

[Cuda1447]

zinfamous - You're right. I know little about owning property. There is a difference between being smart and being wise. A wise man learns from other peoples mistakes, while a smart person learns from his own.

Im obviously asking ATOT so that they can illuminate some of the differences for me, and point out things I haven't thought about.

Financially speaking - renting is a waste of money. Its money you give to someone else, and have nothing to show for it after you've moved on. I realize it can be neccessary at times, but I'd much rather OWN something than RENT something.


As for the guarantee's about the housing market going up/down. I completely agree, however from the way I understand it, most experts agree that Florida (specifically the northern tampa area) is a really booming real estate area. Of course, things can change quickly - so who knows?

 

[Cuda1447]

Originally posted by: zinfamous

Originally posted by: jhayx7

Originally posted by: Cuda1447

Originally posted by: jhayx7
[If you move in less than 2 years from your condo you stand a very good chance of being upside-down on the condo. You will put more money into it than renting. Either suck it up for a bit more and save or go find a cheap rental place for the time being.

Good point. I can't say Im really familiar with the financial side of things. Would it make a difference if I were able to save up enough money for a decent down payment? Make it a better investment?

YES! You need to save up at least 20% of the purchase price to avoid having to pay PMI. You have a couple of options on beating PMI. If your credit is good enough, you can take out a mort. that equals to 80% of your purchase and a HELOC that covers the other 20%. The advantage of this is that you can write off the interest of both loans on taxes.

Now you can get even trickier. If you save up 10% of the purchase price, take out a mort. of 80% and use a credit card that has 0% APR for a year and put the other 10% on it. At the end of the year, grab another credit card with 0% APR with no transfer fee and dump the balance on it so you can avoid paying interest on the loan.

You will save thousands of $$$ if you wait and purchase a house that you know you will stay in for at least 5 years. Getting married is very expensive too so be sure to save up for that as well!

EDIT: If you don't have a credit card, open one up right now and start using it to build credit. Be sure to visit fatwallet.com they have a great forum.

Let's see...22 years old, student, commision-dependent part-time job...yeah, I'm sure he can command the necessary credit....

OP, you're jumping the gun here. Live life a little before you make commitments that staple you to the ground.

Not sure what you're getting at with that comment. Maybe saying I couldn't possibly have credit, let alone good credit? Well Im pretty sure I have decent credit. As far as I know Ive done just about everything right, credit wise.

As for the other part of your comments. Ive held full time jobs, and nearly went into a career oriented job. (Manager type work). But decided against it. Thats when I quit the job I was at in order to finish school (finally decided what I wanted to do) and take a part time job ( by choice ) so I could concentrate more fully on school. Not to mention I make more than every full timer I work with.


I'd also like to point out that Im hardly jumping the gun. If I was jumping the gun I wouldn't be asking for advice here. This is simply something Im entertaining the thought of. I plan on doing my research entirely before I jump to any decisions.

 

[zinfamous]

Originally posted by: Cuda1447
zinfamous - You're right. I know little about owning property. There is a difference between being smart and being wise. A wise man learns from other peoples mistakes, while a smart person learns from his own.

Im obviously asking ATOT so that they can illuminate some of the differences for me, and point out things I haven't thought about.

Financially speaking - renting is a waste of money. Its money you give to someone else, and have nothing to show for it after you've moved on. I realize it can be neccessary at times, but I'd much rather OWN something than RENT something.


As for the guarantee's about the housing market going up/down. I completely agree, however from the way I understand it, most experts agree that Florida (specifically the northern tampa area) is a really booming real estate area. Of course, things can change quickly - so who knows?

Think about it this way, you rent a place for 2 years paying ~700 per month. Or, you put down a fat ~30% deposit on a condo and pay 1k per month for two years. The market not only goes nowhere (your time frame was two years to buy and sell...pretty short, really), but plunges. Flooding, drought, El Nina (or Nino...not really sure what applies), ****** up the Tampa economy for several years. The value of your condo plummets. ...and it can happen in 2 years. Now, in which case would you have lost more money?

Yeah, I'm making up some numbers, but it's a hypothetical that can happen--and does happen. Just consider these things.

Also, it looks like you've already made up your mind...not sure why you're asking for advice because what seems to be the most relevant advice (being smart--signing a contract with a girlfriend is not the same as a prenuptual--don't be playing with trust issues at this point, it's just about being safe) doesn't seem to apply to you.

Well, gl with it :thumbsup: