Moving to Memphis/ University of Memphis (Bartlett, Germantown: for rent, low crime, credit card)

[iluvmem]

in·sin·u·ate /ɪnˈsɪnyuˌeɪt/ Pronunciation Key - Show Spelled Pronunciation[in-sin-yoo-eyt] Pronunciation Key - Show IPA Pronunciation verb, -at·ed, -at·ing.
–verb (used with object) 1. to suggest or hint slyly: He insinuated that they were lying.
2. to instill or infuse subtly or artfully, as into the mind: to insinuate doubts through propaganda.
3. to bring or introduce into a position or relation by indirect or artful methods: to insinuate oneself into favor.
–verb (used without object) 4. to make insinuations.
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[Origin: 1520–30; < L insinuātus, ptp. of insinuāre to work in, instill. See in-2, sinuous, -ate1]

[Pearlbob]

Put it to you this way...a friend of mine spent about $90k for a home near Cooper Young that literally overlooks the busy train tracks there...about 50 feet away from it. And my friend put a ton of necessary renovations into the home just to get it up to code and livable. Now the house, even next to the tracks, is worth a lot more than they paid for it. However, they do have tons of problems with their less-than-desirable neighbors, have had to call the cops a lot, and have lots of sketchy people wandering up into their area at night from the very bad areas further south.

To me...not worth it. I'd rather pay out more than I can afford elsewhere, or just live in an apt/condo until I can afford a better house. It's not worth having a home just to have a home. I'd rather save up and be able to get something better.

[jimlacas]

lol that is funny (iluvmem's definition)

[sliverbox]

jimlacas, I think in your case, it would probably be better if you simply rented until you get your career/school figured out and taken care of.I agree with Pearlbob: 100k is unfortunately not a very realistic price to pay for a house these days. You can find them that cheap, but I'd use caution when looking at something in that range.I have seen some really SMALL homes for that amount, as in 1-2 bedroom dollhouse looking thing on a tiny lot. Either that or plan on living in a rural area within drivable distance to the city. When I was in college, buying a house never crossed my mind. It is very likely that you'll be in a totally different financial situation once you have graduated and are in your chosen career. Then you'll be in a better position to see what you can afford, which at that point would probably be more.

At least you're not out in CA like me where even a small house iss over $600,000. Now THAT is expensive.

[Pearlbob]

Silverbox - no joke!! Housing in CA is outrageous. How disappointing to have a family and not be able to afford a great home for them, even though you're making (what you'd assume to be) enough money to pay for one. I've never understood what people do out there....

There are some shotgun houses in midtown (ie, one bedroom homes) that are tiny, but even then....they are over $100k. You won't find anything like that outside of midtown though.

[jimlacas]

sliverbox, I am not a lost college student still finding his way in the big, scary world. I have my BA and have worked for many years and lived the so-called normal life. I actually worked my own way through school. Now, I am taking time to finish my education. I am older, have a family and think that a house would be a plus for us right now. We live in a 600 sqft apartment and I would not consider a 1200+ sqft house on .25+ acres to be small at all. We have money for a downpayment and are in the market to buy. As far as the price range of 100,000 being unrealstic, well that is simply not accurate. There are plenty of houses for around that price in midtown, east memphis and the suburbs that are currenty listed on crye-leike and more every day.

[Pearlbob]

I just looked at the homes listed for $100k and under in the 38104 zip (midtown) and there is nothing that I'd recommend. Some look nice but are literally right next to the rail road tracks (bye bye sleep) or are just in iffy areas on the outskirts of 38104. Believe me, I love midtown but I'm a realist too, and I realize that there are some bad areas right next to good ones. It goes street by street.

[jimlacas]

from what i have seen many houses in midtown are the same as ones in east memphis and they are 30-50% higher priced. If, as pearlbob says, some areas of cooper-young are unsafe then I have a hard time believing that paying that higher price is justified so you can tell your office buddies what a cool, quaint cottage you live in.

[jimlacas]

I had been looking mainly in the 38111,38117 zip codes although lately the 38018 zip code of cordova. Also, 38053 of millington.

[sliverbox]

jimlacas, I feel you there. I too worked through college and have rented since I was 17 years old. I'm not trying to belittle your situation at all. I rent out of the sheer fact that I cannot afford it here. I probably could do so just about anywhere else. But if I were to make such a decision, I'd be asking some questions about what buying a house would do for my financial well-being.

I can understand that having a house with kids seems like a step towards stability. But this sometimes isn't the case. In fact, it can actually be a liability. The market nationally is softening up a bit, and places like Memphis, with it's perhaps undeserved crime problem ( or perception) isn't going to help either. So you could potentially be walking into a depreciating asset.

I also tell anyone moving to a new area that they should rent for at least 6 months. We get a lot of people from out of state who've either cashed out their home, or lived in an overpriced area and can't afford it suddenly move in and buy a home, site unseen in the first neighborhood they happen to visit on a 2 day blitz of a weekend 'excursion' trip. That makes zero sense to me. Why would you take a risk like that? Who knows- the neighbors might be cooking crystal meth next door. You might find that the neighborhood next door is actually a lot nicer than where you settled and thought was THE place for you. Or- by renting you could very well find that 100k dream home that suddenly pops up on the market. I think anyone making a drastic living situation can surely stand another 6 months of their life by renting in order to make a lifetime decision. Don't rush into something as serious as buying a house that might/might not contribute to your life.