My mom’s housing assistance has been revoked. She’s been on housing assistance for at least 16 years and she lives off of a $623 Supplemental Security Income. She can’t afford to pay full rent so my sister and I have decided to buy her a house and split the mortgae payment between the three of us because it will be cheaper than renting.
I found a house in my daughter’s current school district for $73,000. (I drop my daughter off at my mom’s house to take the bus to school).
My sister’s credit is a little crappy so I have to put the house in my name. But talking to the mortgage broker I have to have $10,000 in the bank for two months before they will issue the loan at a 7.2% interest rate.
I don’t have $10,000 in the bank but I do have at least $10,000 in home equity. So now I have to jump on the home equity offer I refused a couple of weeks ago. And low and behold, Midfirst is dragging its tale. Shit! I should have went with Chase.
My realtor is going on vacation for a week and I want to make an offer on the house before it’s sold but… what if something goes wrong with the home equity loan. Lord knows I shouldn’t make an offer before that money is in the bank. Arg!!! This is stressful.
But since my realtor is leaving for a week I went ahead and told him to make an offer. Lord, I hope I am doing the right thing. Pray for me.
If Midfirst doesn’t call today, I am going with Chase. But maybe I should be patient. Stop jumping around and rushing things. Maybe this isn’t what God wants. Maybe my mom isn’t ready for the responsibility and maybe I’m not either. I know my sister isn’t.
And did I mention that I was going to pay my part by diverting my tithes from the church to the mortgage payment. Do you think paying my mom’s mortgage can be considered a charitable contribution?
Tuesday, August 21, 2007
Friday, August 17, 2007
Tax Liens
Today, I went to a short tax lien class ($30 for 3 hrs). It was a class not a seminar so the guy wasn’t trying to sell anything. Here is what I learned:
1. If you buy a tax lien you are not buying the property, you are buying the homeowner’s state tax debt.
2. If the homeowner decides to pay his taxes then the homeowner goes to the state to pay you back. The homeowner has to pay the delinquent amount plus 8% per year. 8% is for Oklahoma. Some states have a higher interest rate.
3. Once the homeowner has paid the state. The state mails you the check and you don’t have to ever talk to the homeowner. (A big plus).
4. This part I was a little confused about…. But, after three years and said owner hasn’t paid his taxes then a tax deed is issued and then you (the tax lien holder) can bid on the property for complete ownership.
5. If the homeowner decides to sell the property or someone else is awarded the deed then the buyer of the house has to pay you (the lien holder) the taxes plus interest in order to complete the transaction.
6. “On the first Monday in October, the County Treasurer sells the tax lien certificates for delinquent taxes”
7. Downfalls of buying a tax lien: You may never get your money back but the average person/family moves every seven years, so the odds are in your favor.
He also talked about Foreclosures and Real Estate Investment (REI) Trusts but not much. He’ll be teaching another class on foreclosures. I think I’ll attend just for the information.
1. If you buy a tax lien you are not buying the property, you are buying the homeowner’s state tax debt.
2. If the homeowner decides to pay his taxes then the homeowner goes to the state to pay you back. The homeowner has to pay the delinquent amount plus 8% per year. 8% is for Oklahoma. Some states have a higher interest rate.
3. Once the homeowner has paid the state. The state mails you the check and you don’t have to ever talk to the homeowner. (A big plus).
4. This part I was a little confused about…. But, after three years and said owner hasn’t paid his taxes then a tax deed is issued and then you (the tax lien holder) can bid on the property for complete ownership.
5. If the homeowner decides to sell the property or someone else is awarded the deed then the buyer of the house has to pay you (the lien holder) the taxes plus interest in order to complete the transaction.
6. “On the first Monday in October, the County Treasurer sells the tax lien certificates for delinquent taxes”
7. Downfalls of buying a tax lien: You may never get your money back but the average person/family moves every seven years, so the odds are in your favor.
He also talked about Foreclosures and Real Estate Investment (REI) Trusts but not much. He’ll be teaching another class on foreclosures. I think I’ll attend just for the information.
Thursday, August 16, 2007
Operation Las Vegas
Operation Las Vegas
Arkansas is graduating in December and one of the places he wants to see is Las Vegas. Las Vegas is also on the top (it has recently beat out San Fransisco) in my daughters list of places she wants to see. So, I figured I would take them in December, contingent on me raising the ~$900 for flight and hotel. It may not be that high, I’ll have to call travel agents and research on my own how much it would cost. But I figured $300 a piece is a good estimate. So I have 4 months to raise $900. That’s $225/month.
How will I raise the money?
1. handing out phone books for the next couple of months (Manual labor, ewwwww)
2. Selling items on ebay
3. making money from my blog (yeah, right good luck with that.)
4. Sticking to my budget (starting in September because my budget is already blown)
5. Buying only one item (under $50) for Christmas. i.e. no splurging trying to outdo certain family members.
Now, I have to ask myself:
Why would I spend $300 (low estimate) on some man?
The money will be from side income, it’ll be fun, and I believe this man is worth it.
Why would I take my daughter?
The trip we took to Wisconsin has opened her mind. It was her first time out of state and we took a Greyhound bus so we passed through a lot of places. I see a big change in the way she looks at the world around her. Yesterday, she saw a car with a Georgia license plate. I said, “Dang, they drove far.” She said, “That’s not far, only three states from here.” My daughter isn’t the brightest person in the world. She’s smart but doesn’t think. So I was shocked and amazed when she not only knew there were three states separating us but named them.
So how am I going to have fun (adult fun) with a nine year old in tow?
Hopefully, I can get my best friend or my little sister to come and we can swap kids every other night.
Now, how can I justify taking a vacation when I still have credit card debt?
Well, the $1500 balance that will accrue interest will be paid off in September. And the other cc with a balance of $2,500 has 0% interest and will be paid off in November (I am expecting a lump some of money).
Wish me luck
Arkansas is graduating in December and one of the places he wants to see is Las Vegas. Las Vegas is also on the top (it has recently beat out San Fransisco) in my daughters list of places she wants to see. So, I figured I would take them in December, contingent on me raising the ~$900 for flight and hotel. It may not be that high, I’ll have to call travel agents and research on my own how much it would cost. But I figured $300 a piece is a good estimate. So I have 4 months to raise $900. That’s $225/month.
How will I raise the money?
1. handing out phone books for the next couple of months (Manual labor, ewwwww)
2. Selling items on ebay
3. making money from my blog (yeah, right good luck with that.)
4. Sticking to my budget (starting in September because my budget is already blown)
5. Buying only one item (under $50) for Christmas. i.e. no splurging trying to outdo certain family members.
Now, I have to ask myself:
Why would I spend $300 (low estimate) on some man?
The money will be from side income, it’ll be fun, and I believe this man is worth it.
Why would I take my daughter?
The trip we took to Wisconsin has opened her mind. It was her first time out of state and we took a Greyhound bus so we passed through a lot of places. I see a big change in the way she looks at the world around her. Yesterday, she saw a car with a Georgia license plate. I said, “Dang, they drove far.” She said, “That’s not far, only three states from here.” My daughter isn’t the brightest person in the world. She’s smart but doesn’t think. So I was shocked and amazed when she not only knew there were three states separating us but named them.
So how am I going to have fun (adult fun) with a nine year old in tow?
Hopefully, I can get my best friend or my little sister to come and we can swap kids every other night.
Now, how can I justify taking a vacation when I still have credit card debt?
Well, the $1500 balance that will accrue interest will be paid off in September. And the other cc with a balance of $2,500 has 0% interest and will be paid off in November (I am expecting a lump some of money).
Wish me luck
Wednesday, August 15, 2007
I'm Back
I've been slacking on my posts. My job is monitoring internet use. tsk tsk tsk.
So I have to start blogging from home. I never do anything at home. mostly because I have no routine or plan to get my kids bathed and in bed. But, school started today (YEah) and I will conquer my single mom no discipline (about bedtime) habit. They will be in bed by 9 p.m. and I will use the two hours I have left to blog, sell things on ebay, and work on my novel.
Ironically, since I haven't been blogging I've been spending a crazy amount of money on clothes. Hmmm, that accountability thing for PF bloggers is really true.
So I have to start blogging from home. I never do anything at home. mostly because I have no routine or plan to get my kids bathed and in bed. But, school started today (YEah) and I will conquer my single mom no discipline (about bedtime) habit. They will be in bed by 9 p.m. and I will use the two hours I have left to blog, sell things on ebay, and work on my novel.
Ironically, since I haven't been blogging I've been spending a crazy amount of money on clothes. Hmmm, that accountability thing for PF bloggers is really true.
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