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Thor
Anti-Theist OVERLORD



Registered: 08/12/98
Posts: 10,017
Loc: Iceland
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Tough times.
#9770136 - 02/10/09 01:25 AM (14 years, 11 months ago) |
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So here's my situation, feel bad that I have to reach out here but I figure I might find some wise people here.
#1. I co-purchased my home with my elderly father, he moved back to Iceland and as anyone in finance knows the economy is in collapse.
#2. I'm putting up my home for sale, in order to get some liquidity for my father in Iceland (for his share), but I'll end up with at best 30-50k leftover.
The 2 big questions I have is where do I go from here, I can't buy a new home, I'll have to rent.
But I will have at least 10-20,000 to play with.
Any and all suggestions would be appreciated, I expected to have 50 to 100,000 only 1 year ago, so this is a sad reality I have not really prepared for.
Cheers.
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Re: Tough times. [Re: Thor]
#9771557 - 02/10/09 11:16 AM (14 years, 11 months ago) |
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I don't know specifically what you should do, but rents are falling across the nation as more people are buckin' up with family, or sharing appartments, or couch crashing - etc. etc.
It's not much, but is better than increasing rents
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Icelander
The Minstrel in the Gallery



Registered: 03/15/05
Posts: 95,368
Loc: underbelly
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Re: Tough times. [Re: Thor]
#9771913 - 02/10/09 12:51 PM (14 years, 11 months ago) |
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Unless you are determined to help your dad right now I would keep the house and rent out his room. Someday in a few years or so that house will likely be worth a lot more. In the mean time you will be living cheap and saving money. Some day that house could mean your retirement or a major relocation. And because of the market right now you will be taking a real hit on the price of the house.
-------------------- "Don't believe everything you think". -Anom. " All that lives was born to die"-Anom. With much wisdom comes much sorrow, The more knowledge, the more grief. Ecclesiastes circa 350 BC
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Stonehenge
Alt Center

Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Re: Tough times. [Re: Icelander]
#9771936 - 02/10/09 12:54 PM (14 years, 11 months ago) |
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I agree with Icelander. Send your dad some money now and then. Selling now is a bad move plus you will have to pay rent. If your dad needs money really bad right now, consider a line of credit on the house. I plan to buy real estate in a year or two when it hits bottom.
-------------------- “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835) Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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The above posters have a point, but I think the biggest problem with your plan will be actually selling the house. The housing market right now (aside from their values being far below what they were) is slowwww, with most houses taking a large part of a year to sell. Unless you price your house at REDICULOUSLY low prices in order to flip it quick, you'll be waiting quite some time to get that money for your dad.
I think it makes a lot more sense to buy him a plane ticket back to where you live, and have him shack up with you until Iceland gets their shit together, or the housing market improves, whichever comes first.
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5150
phantom

Registered: 09/01/06
Posts: 5,437
Last seen: 4 years, 2 months
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Re: Tough times. [Re: Thor]
#9792017 - 02/13/09 06:48 PM (14 years, 11 months ago) |
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if u can sell it for a decent price, give him his share and take your end and travel third world country,s, thailand or india u can live on 10$ a day...or maybe buy a sailboat, they r cheap at the moment, live on the boat...
-------------------- "the way of the warrior is the resolute acceptance of death" Miyamoto Musashi
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Re: Tough times. [Re: 5150]
#9792324 - 02/13/09 07:43 PM (14 years, 11 months ago) |
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you're right 5150, that's a GREAT idea.
oye.
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automan
blasted chipmunk


Registered: 09/18/03
Posts: 8,272
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Re: Tough times. [Re: Thor]
#9792832 - 02/13/09 09:55 PM (14 years, 11 months ago) |
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Why can't you buy a new home? Now is the best time to buy a new home. No matter how shit your credit is, if you walk in to buy a $100k house and have $50k in hand... no one would turn you down. You could pay off $50k in the next 10 years and then live with no rent/mortgage.
How much money would you have to play with if you had no rent/mortgage to pay?
-------------------- No, no, you're not thinking, you're just being logical. ~ Niels Bohr
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Thor
Anti-Theist OVERLORD



Registered: 08/12/98
Posts: 10,017
Loc: Iceland
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Re: Tough times. [Re: automan]
#9841669 - 02/21/09 10:10 PM (14 years, 11 months ago) |
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Quote:
automan said: Why can't you buy a new home? Now is the best time to buy a new home. No matter how shit your credit is, if you walk in to buy a $100k house and have $50k in hand... no one would turn you down. You could pay off $50k in the next 10 years and then live with no rent/mortgage.
How much money would you have to play with if you had no rent/mortgage to pay?
I can't due to the fact I lost my job 3 months ago and a few other factors, but with the downward spiral it looks like 30k is the likely result of the sale of this home which is at this point not going well.
If I had no mortgage/rent, I'd have currently $740 a month with no job, $3-4k with a job, but thats the real problem, big layoffs in my province now with the oil prices at such lows.
Bah never thought bankruptcy could hit me but I really have to be honest with myself, I'm 1-2 months away from that worst scenario.
The worst part is I have to pay $200-500 in work needed to fix a few things in the house to help sell it, but I can't do that, its just a matter of liquitity and the fact I can't borrow even though I've had solid credit all my life.
Hopefully I can figure something out, bankruptcy would be my by far absolute last resort, especially when I need to help out my old man in Iceland.
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ZippoZ
Knomadic



Registered: 06/17/03
Posts: 13,227
Loc: Pongyang, North Korea
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Re: Tough times. [Re: Thor]
#9841706 - 02/21/09 10:15 PM (14 years, 11 months ago) |
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thor, i can help you out with your home if you are interested, some clever financing, can get you a lot of cash to live off of. seriously... sign onto aim, if you still have it. i would like to talk to you about it.
hit me up zippozman
-------------------- PEACE
zippoz "in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption" "People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."
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