Are you low income but still a homeowner- how did you do it? (appraised, investment)
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From many year i can invest many from my income when i have enough money then i can invested in Real Estate market. From that investment i got profit then i get more money. From that money i bought my own house in Montgomery,Alabama. It is not expensive or not cheapest but it is affordable.
The best thing about being low income is that those jobs are available just about anywhere. You can move to an area that better suits your finances. High income jobs are generally centered in high cost metro areas. Unless you can work from home you don't have much of a choice.
You know, I think there's something to that. My parents always accepted what came their way and never made any attempt to do better. My dad was always angry at being "done over" by things that he felt were out of his control. Now that I'm older, I realize I followed the same path of least resistance that he did and I wished I had known a lot younger that if something sucks, you can probably change it if you really want to.
A house flipper would hate me. I'd be going in and gutting everything they did. All that ugly stainless steel, subway tiles, and granite in the kitchen would die a quick death.
My niece asked me about how I knew how to make the waterfall...I told her that I didn't have the sense to know I shouldn't know. I mean -- other people do it, why can't I?
And regarding house flippers? I walked into a California bungalow built in the 20's like mine -- so it should have had 20's details. 6 inch ogee baseboards, picture molding, built ins, oak strip flooring....
All gone. And the hardwood floors were now Pergo. I detest Pergo. I actually was SO horrified at what they did I looked at the saleswoman and said -- what the f*** were they thinking?
And I agree with you about stainless and granite. I'd like a tiled backsplash, but more of a mosaic art piece than subway tile.
I bought a 3br 1ba 1922 Craftsman Bungalow from the original owner's estate... it was like going back in time... nothing had been changed and the elderly owner let things go because physically she could no longer manage... it was also not expensive because it was anything but prepped for sale... a true as-is where-is probate sale.
It was all 1922 right down to the high leg Spark Stove kitchen with pale yellow and blue tile.. and original bathroom.
All my friends were ready to help me demo everything... I said no... plus I needed somewhere to live and did not have money to replace everything...
So I cleaned, repaired, painted, refinished one room at a time... so it looked like 1922 fresh again... even replaced the double hung window sash cords and re-puttied the windows...
The matchstick hardwood floor, built in hutch, moulding and door hardware were all renewed.
When it came time to sell... I got the highest price ever in the neighborhood and spend the least... no botched remodels and date ones either...
The beauty is it cost very little out of pocket... mostly just cleaning, paint and elbow grease.
Don't get me wrong... as an engineer I love stainless because it is enduring and I'm not opposed to granite/stone... I also like period correct or tasteful integration... such as this home when built did not have a refrigerator or room for a clothes dryer... and I did incorporate these...
Habitat for Humanity is a great way for lower income families to buy a house. In some areas, there are USDA loans available for folks under a certain income level. There are VA loans for military folks.
Save every penny you can....return bottles & cans! Don't eat out. Get a second job temporarily to save up. It takes time.
You still have to qualify to get a home from Habitat for Humanity and on top of that, they require the potential homeowner to work on the house so many hours per week. Even if I qualified (which I don't), I physically couldn't work on the house. So that's a double strike for me.
I don't know about second jobs though. I had a friend who worked with me in the bank full time and she took a second job over Xmas. She said when they were done taking out taxes and everything else, she barely got $50 a week and she didn't think the extra money was worth it to work an 8 hour day and then work 4 more hours at night. With commute time, she was gone about 14 hours a day and never saw her husband. She quit after 3 weeks.
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Originally Posted by Ultrarunner
It was all 1922 right down to the high leg Spark Stove kitchen with pale yellow and blue tile.. and original bathroom..
You still have to qualify to get a home from Habitat for Humanity and on top of that, they require the potential homeowner to work on the house so many hours per week. Even if I qualified (which I don't), I physically couldn't work on the house. So that's a double strike for me.
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I think I read that there are other ways to help besides physical labor if you can't do it. The problem is that it's not easy to qualify and I've never seen a habitat or humanity home or ever heard of one being built in person or anyone who ever even mentioned it. It's a very limited program.
But don't you take a huge hit to your income when you move to those areas? I have looked at moving as well but when I run the math it's never been that attractive. I would have to find a job paying the same amount in a significantly lower cost area which is almost impossible.
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Originally Posted by SoulJourn
Where I live, rent, anyplace decent - is 1/3 to 2/3rds the price of monthy house payments on a mortgage. You can buy a smaller house - 2-3 brs, 1, 2 baths, middle class area - for around 50. A well built home, not a mobile.
A larger home - 4 brs, 2 baths - 75 - 150.
Luxury? 200 to 300.
I will never live on the coasts again.
I live in luxury home for the price of a starter back in Connecticut.
I think I read that there are other ways to help besides physical labor if you can't do it. The problem is that it's not easy to qualify and I've never seen a habitat or humanity home or ever heard of one being built in person or anyone who ever even mentioned it. It's a very limited program.
All the ones I personally know are in Oakland California...
People who are on low incomes yet buy into homes are fools. Get an apartment, preferably one below your budget.
Just the opposite. If you are low income and can find a modest home buy it, rents will only go up and your base mortgage never will. It's like renting but earning equity at the same time.
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