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Old 05-24-2009, 09:58 AM
 
1,121 posts, read 3,101,428 times
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You have enough cash to make the move, so why not rent out your house in Texas until the economy gets back on its feet. If it turns out that you will not be able to make it in Ohio, you will still have something to come back to and if it turns out the other way, you will have some extra equity in your Texas real estate.
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Old 05-24-2009, 10:29 AM
 
3,720 posts, read 4,443,145 times
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It really doesn't make a whole lot of sense to get a mortgage when you don't even know if you'll have a job. I really can't believe that is even an option.

I would say to save enough for 6 months rent, utilities, and food. Don't get non necessary utilities like cable or satellite tv as you shouldn't be able to afford them.

You should be able to live on your $50 - $60k for at least 3 years if you know how to keep expenses down. But getting a mortgage is really not very smart until you find a job.
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Old 05-24-2009, 10:56 AM
 
975 posts, read 1,543,881 times
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1. Get a job before you move.

2. Sell the house before you move.

3. 50-60K is NOT a lot of money especially with 2 kids.

4. I believe it's next to impossible to get a mortgage with less than 2 years of documented employment these days.

5. Whatever you think all this will cost mulitply that number by 2 just to be safe. Afterall, this is your family where talking about here.

6. Good luck no matter what you decide
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Old 05-24-2009, 05:26 PM
 
Location: Colorado Springs, CO
2,221 posts, read 4,654,186 times
Reputation: 1682
Quote:
Originally Posted by rusheib View Post
I know in these times this decision is not the smartest, and I don't know if I have the guts to do it, but I want to know for the sake of having good information.

Here is what I want to do:

(again, I know the risks and an laying this out is to get information to weigh my decision)

I want to quit my job in Texas in the summer of 2010. Move back to Ohio to have a life with extended family we enjoy and miss. Probably do this without a job lined up in Ohio as interviewing long distance is tough.

I was thinking of renting in Ohio, or getting a loan for a home in Ohio with this current job as my income reference.

Once my family was moved to Ohio I would work in Texas for a few more months and then quit.

We have no debt other that our mortgage.

I would have about $50 to $60 K cash.

I feel my home in texas would sell, as my area is still doing well and home sell in about two months.

I would figure about $350.00 per month for paying for healthcare on my own for me, wife, two kids.

Is $50 - $60 K enough to last for awhile? I figure I could go 6-9 months on that and by then have a job in Ohio.

That's my plan - any advice? Thanks!
I have a single friend with no kids that pays over $1,000 a month on his COBRA health insurance coverage...I think it's down to around $700 under the latest Obama unemployment giveaway program.

Best advice I can offer is for you to imagine worst case if you leave a paying job for hard-hit Ohio and can't find a job as this financial sh*tstorm continues to worsen. Have you ever been long-term unemployed? If not, talk to someone who has. I know a number of people that discovered the dark side of a spouse they thought they really knew when the paychecks stopped coming in (but the bills didn't). Go to the local UE office and/or welfare office around 8:00 AM, and picture yourself in that line, because that may be what you're setting yourself up for. Personally, I'd rather keep a job and pay for more frequent visits back home right now.

Assuming quick sale of a house anywhere is dangerous now. Markets can go dead virtually overnight. I have a friend in San Antonio whose neighbor sold a house in three weeks...he put his on the market a month later. That was 18 months ago. Those that have sold in those intervening months went for considerably less than what he wants to get for his. That house payment in Texas is yours to make until closing day...don't assume it away until then.

If you try and buy a house in Ohio with income from a job in Texas, do you think maybe the bankster/mortgage huckster taking your loan app will notice that your new owner-occupied house isn't anywhere near where you work? And what's your employer gonna say when they call him to verify employment for a house purchase in Ohio??

I think whatever expense might be required to travel and job-hunt in advance of a move would be far less risky than throwing caution to the wind and trusting that everything will work out while we're caught in a historical economic train wreck. And if you're sure a move is in the cards, get that house on the market today.

Proceed with great caution, and good luck.
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Old 05-24-2009, 07:19 PM
 
173 posts, read 437,025 times
Reputation: 148
In this economy, I would not quit my job until I had another one waiting. Remember the old saying, "it is easy to find a job when you already have one." Good Luck!
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Old 05-24-2009, 08:19 PM
 
Location: TX
87 posts, read 249,831 times
Reputation: 52
Quote:
Originally Posted by yukiko11 View Post
You have enough cash to make the move, so why not rent out your house in Texas until the economy gets back on its feet. If it turns out that you will not be able to make it in Ohio, you will still have something to come back to and if it turns out the other way, you will have some extra equity in your Texas real estate.
I always wonder about renting a house. What if the people don't keep it as clean as me, and then I go to sell it? Will I lose money as a result and not gain anything from the rent?
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Old 05-24-2009, 08:23 PM
 
Location: TX
87 posts, read 249,831 times
Reputation: 52
Quote:
Originally Posted by Bob from down south View Post
I have a single friend with no kids that pays over $1,000 a month on his COBRA health insurance coverage...I think it's down to around $700 under the latest Obama unemployment giveaway program.

Best advice I can offer is for you to imagine worst case if you leave a paying job for hard-hit Ohio and can't find a job as this financial sh*tstorm continues to worsen. Have you ever been long-term unemployed? If not, talk to someone who has. I know a number of people that discovered the dark side of a spouse they thought they really knew when the paychecks stopped coming in (but the bills didn't). Go to the local UE office and/or welfare office around 8:00 AM, and picture yourself in that line, because that may be what you're setting yourself up for. Personally, I'd rather keep a job and pay for more frequent visits back home right now.

Assuming quick sale of a house anywhere is dangerous now. Markets can go dead virtually overnight. I have a friend in San Antonio whose neighbor sold a house in three weeks...he put his on the market a month later. That was 18 months ago. Those that have sold in those intervening months went for considerably less than what he wants to get for his. That house payment in Texas is yours to make until closing day...don't assume it away until then.

If you try and buy a house in Ohio with income from a job in Texas, do you think maybe the bankster/mortgage huckster taking your loan app will notice that your new owner-occupied house isn't anywhere near where you work? And what's your employer gonna say when they call him to verify employment for a house purchase in Ohio??

I think whatever expense might be required to travel and job-hunt in advance of a move would be far less risky than throwing caution to the wind and trusting that everything will work out while we're caught in a historical economic train wreck. And if you're sure a move is in the cards, get that house on the market today.

Proceed with great caution, and good luck.
Thanks fo rthe advice! I will take it to heart.
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Old 05-25-2009, 07:49 AM
 
437 posts, read 661,916 times
Reputation: 306
Please think about it. What if your Dad did this when you were little? You have two little kids that depend on your income. This not about you only. Get a job first and take of the house and other details later. Snap out of it!
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