Hey everyone,
Thanks for the great info and opinions. I totally understand that getting a house is not a small investment. My wife and I are looking to put some roots in the ground. CA just isn't for us long-term. Many people rent-for-life here and that's A-OK. But we would like some equity and afford to build a life for ourselves, save for fun trips and have our toys before kids come along and we have to worry about expenses like day-care, after-school activities, college, etc.
With some recent changes at my wife's work, she's looking to either work at another spa/clinic or just take a part-time gig to get more savings. Right now, we're paying almost $1900 per month for a nice apartment in Irvine, CA. We're able to set an OK amount of cash aside for savings on a monthly basis ($500-$1000). If we can get into a mortgage at the same point or a little lower, we'll be plenty fine. That allows us cash for toys, fun, and travel. Factor in the lower cost-of-living, lower income-taxes and we win on most angles. The only down-side is family is farther away. But that's where a house comes in...
We're looking at properties in the $250k-$300k range and they are beautimous. 4-5 bedrooms, 2200-3000 square feet, 0.2-0.25 acre plots. We've been looking at Frederick and Firestone. We're thinking of looking further into Dacono, Eerie and maybe Meade. Even if we don't use all the rooms ourselves we have plenty of space for family to come stay with us. Especially... My parents are looking to move to AZ soon. That brings up the question of where my sister is going for college. My parents have the idea that she's staying with us and going to a CO-state school. I'm cool with that, but my wife doesn't know yet.
I am definitely going to put the bike up for sale. I have made a few customizations:
- 2" handlebar risers
- Spitfire tinted windshield
- Airbox snorkel mod
- Partial exhaust de-baffle
- Passenger Backrest included
I've perused craigslist and the Vulcan forums, looks like I can get anywhere from $6,000-$7,500 for it with 10k miles. Not bad! I only lost 25% to depreciation. There's a scuff on the gas tank I want touched up first, so I may be able to sell right as summer rolls in.
My mom's car, however, needs some help, still. It hasn't been running in almost 5 years but was covered/washed regularly before I put it away in my garage. Since we need more cash up front and my parents are pushing to sell, it may end up going as a non-runner. I don't know the full extent of what it needs - for sure the fuel system to be flushed out and the distributor checked out. Last time it was running 'well' was before Kravig Engineering in downtown Riverside f'd it up. Somehow they got it to pass CA Smog without a catalytic converter??? Hasn't run since then (surprising). I need help in this department as I don't know what "good" condition running and "good" non-running SC Targas go for.
Last but not least... Lending. I went to Quicken loans and talked with a CO agent. They actually found a red flag on my credit (fraudulent collection?) so first thing I did was reach out to an attorney that deals with credit repair. It should be gone within 1-2 months they said. Since we're looking to move in August/September he recommended re-pulling our credit closer to purchase. Mine was 690, my wife's was 760. If mine was higher we could definitely get a lower interest rate - less than 4.55%. We just need to get $10-$15k in the bank. They also recommended checking with other local lenders. They may know of local or state programs that we can qualify for as first-time buyers or by income.
We're definitely excited and looking at various houses has been enjoyable. Now we are going to put together a list of NEEDS and WANTS. For instance: She needs a floor-level room for massage clients. I NEED a 3-car garage with a lift
There's more work to be done and no-doubt it's going to be an adventure in the coming months. Any help we can get along the way would be fantastic. Even if we end up not wanting to live in this place for the rest of our lives we want it to be great. At least we could always rent it out...