My apologizes for misleading (Milwaukee, Eagle: apartment, foreclose, rent)

[artfulseamer]

I apologize for misleading anyone on my other thread about moving to Milwaukee from IL. We are looking for a safe neighborhood to buy a forecloser type home for 40,000 or under. We are not familiar with the neighborhoods so any help one can give would be great. I have found several on the internet but don't know the neighborhoods. My husband just got a job up there and he needs a place to live until I can join him. We have a daughter still in school and I will stay in IL until school is out and we get this IL house sold. Then I will join him in Milwaukee. We would like to purchase out right so we don't have 2 mortgages or rent coming out monthly. We are willing to do some labor/fix up for the right house and neighbor hood. If anyone can help us out let me know and again I apologize for mis leading anyone with the previous post.

[almost3am]

Originally Posted by artfulseamer

I apologize for misleading anyone on my other thread about moving to Milwaukee from IL. We are looking for a safe neighborhood to buy a forecloser type home for 40,000 or under. We are not familiar with the neighborhoods so any help one can give would be great. I have found several on the internet but don't know the neighborhoods. My husband just got a job up there and he needs a place to live until I can join him. We have a daughter still in school and I will stay in IL until school is out and we get this IL house sold. Then I will join him in Milwaukee. We would like to purchase out right so we don't have 2 mortgages or rent coming out monthly. We are willing to do some labor/fix up for the right house and neighbor hood. If anyone can help us out let me know and again I apologize for mis leading anyone with the previous post.

It would probably be helpful to ask about specific areas of Milwaukee, as it is a pretty big area. If you see houses that look interesting a more specific question such as, "what is the area around 26th & North like?" Or, if you are looking at more rural areas, "what is the city of Eagle like?"

[43north87west]

Originally Posted by artfulseamer

I apologize for misleading anyone on my other thread about moving to Milwaukee from IL. We are looking for a safe neighborhood to buy a forecloser type home for 40,000 or under. We are not familiar with the neighborhoods so any help one can give would be great. I have found several on the internet but don't know the neighborhoods. My husband just got a job up there and he needs a place to live until I can join him. We have a daughter still in school and I will stay in IL until school is out and we get this IL house sold. Then I will join him in Milwaukee. We would like to purchase out right so we don't have 2 mortgages or rent coming out monthly. We are willing to do some labor/fix up for the right house and neighbor hood. If anyone can help us out let me know and again I apologize for mis leading anyone with the previous post.

I hear ya... I posted in response to your other question and understood it as you have phrased it here.

If you simply MUST buy, I would suggest buying something else, not property at $40k. It's just not good. If you do go forward with it, please make sure it isn't in the city of Milwaukee. For $40k in the city, it's bad news all around. Out in the remote areas, perhaps. But again, for $750/month rent -OR- 1hr commute (which, unless he drives a Prius or HCH, will cost $250/month or so at today's fuel prices).

Let's see:

$750/mo apartment in a convenient, SAFE neighborhood with underground parking and heat included (they exist).
Invest $40k at a current "high yield": $160/mo in your pocket

Net out of pocket apartment: $590

-vs-

Commute 1 hr/60 miles a day: $250/mo
Property tax on remote 1-room Kaczynski $40k "fixer-upper": $180/mo
Sewer/water/septic maint: $30/mo
Heat and/or A/C, electric: $200/mo AVERAGE over 12 mo
Odds and ends with owning a dump: $50/mo
Appreciation on $40k Ted Kaczynski Special after 2 years without massive investment: $0

Total out of pocket $40k "home": $710/mo

No contest, IMO. Saving $120/month (!) gives your husband a trouble-free, maintenance-free, safe, convenient existence. And when you add in odds and ends of long commutes, crappy houses, etc., he's saving even more.

Let's see... no work, ten minute commute, safe neighborhood, underground parking, heat included, no maintenance...

...or

One hour commute, headaches galore, working three hours a night to "make the place nice", bad insulation, huge heat bills, and whatever other pitfalls are associated with your purchase....

There's no contest, IMO, but I'm not you. Your husband can ruin his life to own a "break-even" proposition that's a dump (or dangerous, or both), or spend LESS to do no work, and have no worries. And have $40k in the bank the whole time.

You be the judge.