There is an itty bitty house on a double lot going for $145,000. It's around 418 square feet, set up like a studio apartment. But it's on an otherwise empty double lot. It is in an ideal location. It couldn't be in an anymore perfect location. 2 blocks from the grocery store, less than a mile to each child's school, near the library, near our credit union, on the bus line.
Running the numbers, a 10% downpayment would be approximately $15,000. The monthly payment at 3.4% would be less than $600 a month. It is currently rented at $700 a month. We could come up with that downpayment pretty fast if we pushed. We could make the monthly payment easily on our own without a renter. I don't really want to be a landlord, but I'm not adamantly opposed to it, either.
We could work on paying it off while we live here and then build a house to suit us. I think if we paid the regular payment plus the amount from the renter on top, we could move pretty quickly on paying it down, especially if the old house sells, then get a construction loan to build.
Also, the itty bitty house currently in existence might be an ideal place for DD to live while going to college. Or just nice for storage or something.
Anyway, just thinking aloud, really. I know we still need to pay off the credit card first and then save up for a downpayment. It may not still be there when we'd be ready. The house has been for sale for a long, long time, though. You never know, and it might be the way to go. Certainly an option to consider anyway.
Hmm...Just Thinking
February 16th, 2012 at 12:47 am
February 16th, 2012 at 09:58 am 1329386319
February 16th, 2012 at 07:31 pm 1329420687
February 17th, 2012 at 03:54 am 1329450859
February 18th, 2012 at 05:39 pm 1329586756
Jerry