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Forum
-> Household Management
-> Finances
amother
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Fri, Nov 17 2006, 7:37 am
only1 wrote: | I don't think selling your house would do the trick. Instead of paying your mortgage you would be paying rent. I'm sure it would increase your cash flow, but no where near the to the $3000 you need.
You need to stick it out in the house while times are tough, and when you are ready to retire - well then you can sell the house and live off that money. The market is going to go up and down so much, the best thing is to stay put and ride it out. Even if you squished yourself into an apartment for a few years - the market might have shot up by then and you will be stuck. And your lovely house's value would have shot up also!
But right now you need to find somewhere to increase your cash flow. Could you juggle the kids around a little to make room for a boarder? That is a nice source of income. Can you make your basement into an apartment and rent it out? |
Let's use the $2000 figure instead, because we realistically will still continue to get help from parents with medical, etc.
If we stay in this house until it is paid off (30 years assuming we don't pay it faster), we will have paid well over $1,000,000 in INTEREST for a house we originally bought for $250,000 (with a $200,000 mortgage).
Our basement does have the potential to be made a little more finished so that a boarder might live there.... but there is no bathroom down there and our house is VERY small and there would be a huge loss of privacy for our family if we did that. For the right high school girl I would consider it, though.
I feel like right now, cash flow IS what matters most and the long-term will just have to wait. Otherwise the hole we are in will only get deeper.
Being in this situation makes me understand the "motive" in all those murder mysteries where an old, cranky relative is killed for their life insurance policy!!!!!! Just kidding!!! I don't have any old, cranky relatives!!!! But seriously.....
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shoy18
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Fri, Nov 17 2006, 7:48 am
Maybe he can do some tutoring after school as well.
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chocolate moose
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Fri, Nov 17 2006, 7:54 am
I have a friend with Section 8 and she lives in an apt. She also owns a home - which she rents out - and says it's financially better for her that way!
Sound crazy, no?
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shoy18
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Fri, Nov 17 2006, 7:58 am
OK Then, Renting an RV probably isnt the best idea, GAS PRICES!!!!!!!!!!!
Why not rent your hosue out and move to a smaller place? Obviously taking into account the rent would cover the mtg. That way you wont loose your asset but wont have to shell out all that money.
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mimsy7420
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Sun, Nov 19 2006, 7:55 am
Maybe look for one that has some options with the basement - so you can rent it out to a tenant.
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amother
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Sun, Nov 19 2006, 9:47 am
Or what about drastically cutting other expenses?
Food
Tuition Breaks from the school
??
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withhumor
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Sun, Nov 19 2006, 9:51 am
We earn a nice combined income and with all the scrimping and saving, I don’t see us taking the plunge and buying the ‘house’ anytime soon, we’re still renting! I say deprive yourself of whatever you can (since I’m doing it anyway) and at least have that house. I don know much about mortgages yet but I bet you’re having a very tough time, sorry!
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leomom
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Sun, Nov 19 2006, 7:19 pm
As far as employment goes, is there any way you can work outside of the house for, let's say, three hours every morning? Then you would still have most of the day for your kids & baby, but you will have a steady additional income to count on.
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amother
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Sun, Nov 19 2006, 7:21 pm
only1 wrote: | Maybe look for one that has some options with the basement - so you can rent it out to a tenant. |
That's a smart idea. I will keep that in mind as we look!!!!!
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mimsy7420
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Mon, Nov 20 2006, 3:57 pm
It's what a lot of people do when they are looking for a house - because tenants are a big big help with the mortgage payments.
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amother
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Mon, Nov 20 2006, 8:21 pm
yy wrote: | As far as employment goes, is there any way you can work outside of the house for, let's say, three hours every morning? Then you would still have most of the day for your kids & baby, but you will have a steady additional income to count on. |
I'd consider it. There are some things I could do.... not sure of how to get those hours, though, at the pay I'd need.... I'd rather not be out at all, but my husband and I agreed that we'd look into anything & everything (legal and moral of course!!!!)
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