Under New Management

LocuMob

Fluid Technician with a hat
Joined
Oct 31, 2013
Messages
15,202
Reaction score
17,984
Location
Winnebago Mn
After 11 years I'm leaving the Home Office (girlfriend). I finally had enough and after getting my financials in order I was ready to move out, but I hadn't found a house, and I need a house, I'm not an apartment type. So I talked with a co-worker who had three properties, and told him I was buying the one closest to me. We agreed on a contract for deed, but his ex shot that down so I got pre-qualified for a mortgage. Then he backed out saying he was sticking to his original plan of selling this one last. Said it might be a year. Ugh.

The next day I bought a Canadian Monaco with a 383 and a 4 speed. Bingo! Daddy's a happy camper! Then I met a wonderful woman at work, so now I'm learning Spanish, and she is learning English as well. I hadn't done anything with her but talk, and I told my ex I was leaving. I had already made up my mind before meeting this woman, but I didn't tell the ex until a week or so ago. I just went out on out in our first date Sunday, and it was great. She brought her son and daughter, they helped translate, and her brother, sister in law, and their daughter came along too.

Back to the house, I was just about to inquire into a two bedroom apartment on the second floor of a house, when my co-worker called and asked if I was still interested, you damn Skippy I am! So I paid off my existing loan on my 401k, and will get another loan to pay for the house. I'll own it free and clear, Day 1. Might lose a little on the back side of my retirement deal, but it will be worth it. It has a nine year old 24x30 garage with 10' high walls. House was re-shingled at the same time, and new windows were installed. Then they just stopped working on the house. I get to take care of a few small repairs, and put on some coats of paint. Until I get that loan, I'm staying with my stepson. Life is good, life is good!
 
Last edited:
Hey Scott / Locumob,
Hope all goes well -- and you keep climbing the rungs on the ladder of success !!!!!
Yours, Craig...
 
Glad it worked out for you Scott and hopefully that Canadian Monaco makes it south befote @1Fury1 makes you an offer you can’t refuse and I don’t mean Spanish lessons
 
Hey Scott just yesterday I saw these pictures and thought of you...hope things work out for the best, good luck!
Screenshot_20200525-104534.jpg
Screenshot_20200525-104449.jpg
 
After 11 years in leaving the Home Office (girlfriend). I finally had enough and after getting my financials in order I was ready to move out, but I hadn't found a house, and I need a house, I'm not an apartment type. So I talked with a co-worker who had three properties, and told him I was buying the one closest to me. We agreed on a contract for deed, but his ex shot that down so I got pre-qualified for a mortgage. Then he backed out saying he was sticking to his original plan of selling this one last. Said it might be a year. Ugh.

The next day I bought a Canadian Monaco with a 383 and a 4 speed. Bingo! Daddy's a happy camper! Then I met a wonderful woman at work, so now I'm learning Spanish, and she is learning English as well. I hadn't done anything with her but talk, and I told my ex I was leaving. I had already made up my mind before meeting this woman, but I didn't tell the ex until a week or so ago. I just went out on out in our first date Sunday, and it was great. She brought her son and daughter, they helped translate, and her brother, sister in law, and their daughter came along too.

Back to the house, I was just about to inquire into a two bedroom apartment on the second floor of a house, when my co-worker called and asked if I was still interested, you damn Skippy I am! So I paid off my existing loan on my 401k, and will get another loan to pay for the house. I'll own it free and clear, Day 1. Might lose a little on the back side of my retirement deal, but it will be worth it. It has a nine year old 24x40 garage with 10' high walls. House was re-shingled at the same time, and new windows were installed. Then they just stopped working on the house. I get to take care of a few small repairs, and put on some coats of paint. Until I get that loan, I'm staying with my stepson. Life is good, life is good!

Hey Scott! So glad to hear things are working out for you. And the house and garage sounds ideal. Twenty-four by forty is the same size as my Garage Mahal.

One thing you might want to consider: With interest rates being so low right now, you may be further ahead leaving most of that loan money in your 401-K and go with a 2.9% mortgage. Yer 401-K is gonna make a lot more money over time than the house will appreciate. In any event, you might wanna run it by a financial planner before you make the plunge.

Way-ta-go!

Rip
 
Hey Scott! So glad to hear things are working out for you. And the house and garage sounds ideal. Twenty-four by forty is the same size as my Garage Mahal.

One thing you might want to consider: With interest rates being so low right now, you may be further ahead leaving most of that loan money in your 401-K and go with a 2.9% mortgage. Yer 401-K is gonna make a lot more money over time than the house will appreciate. In any event, you might wanna run it by a financial planner before you make the plunge.

Way-ta-go!

Rip
I edited my original post, the garage is 24x30, not quite as big but still plenty for my plans. I could stuff my Dart sideways at the front and put another car in the back, and have plenty of space all around. But I like the one car approach, since my fleet is six blocks away.

As for the mortgage, I'd need to do the repairs before I could get the money, and the seller wants to move up north quickly, as his kids are all up there and there's nothing here for him. I have weeks, not months. The 401k loan allows me to seal the deal, and that ownership free and clear is nice. My plans are to dump the same amount taken out weekly for the loan, back into the 401k account, after it is paid off. Build it back up and make up some of the loss I'll be incurring. I may also be able to increase my contribution to a higher percentage in a year or so, I'll be getting ahead pretty quick after two months, and again after five months. I know that I'm hurting myself on the back end, but I'll take a house and the ability to fix my cars up and enjoy them sooner. Once the fleet is up to snuff, then I won't need as much money. I'm a spender, not so much a saver, although I've been getting pretty good at having a decent balance in my bank account.

I do appreciate the concern, a co-worker said the exact same thing. I can't pass it up, it will be perfect for me and my cars. It's only money, and "money isn't real, George".
 
I edited my original post, the garage is 24x30, not quite as big but still plenty for my plans. I could stuff my Dart sideways at the front and put another car in the back, and have plenty of space all around. But I like the one car approach, since my fleet is six blocks away.

As for the mortgage, I'd need to do the repairs before I could get the money, and the seller wants to move up north quickly, as his kids are all up there and there's nothing here for him. I have weeks, not months. The 401k loan allows me to seal the deal, and that ownership free and clear is nice. My plans are to dump the same amount taken out weekly for the loan, back into the 401k account, after it is paid off. Build it back up and make up some of the loss I'll be incurring. I may also be able to increase my contribution to a higher percentage in a year or so, I'll be getting ahead pretty quick after two months, and again after five months. I know that I'm hurting myself on the back end, but I'll take a house and the ability to fix my cars up and enjoy them sooner. Once the fleet is up to snuff, then I won't need as much money. I'm a spender, not so much a saver, although I've been getting pretty good at having a decent balance in my bank account.

I do appreciate the concern, a co-worker said the exact same thing. I can't pass it up, it will be perfect for me and my cars. It's only money, and "money isn't real, George".

Scott: Seems like you have thought out this house purchase pretty thoroughly. The only other option I would recommend would be to get a bank to finance the deal via an escrowed construction-type loan. This is frequently done by some banks.

Please excuse my bias regarding an untouched 401-K account. The earnings lost on the money removed can never be recovered - especially now that the market appears to be poised to take off over the next several months; in my opinion, if The Donald gets re-elected, the market is gonna do even better than it did after November 2016.
 
It's the only option I have at the moment, especially after buying the Monaco. But I'll take my lumps, it may not be the best option but again, time is of the essence.
 
Scott: Seems like you have thought out this house purchase pretty thoroughly. The only other option I would recommend would be to get a bank to finance the deal via an escrowed construction-type loan. This is frequently done by some banks.

Please excuse my bias regarding an untouched 401-K account. The earnings lost on the money removed can never be recovered - especially now that the market appears to be poised to take off over the next several months; in my opinion, if The Donald gets re-elected, the market is gonna do even better than it did after November 2016.

Yeah not to hijack, but this is good advice. I assume a land contract with the seller isn't an option? Right now is a great buying opportunity. I just bought a bunch of oil stocks that are less than half their pre-Corona value, then an equal amount of Boeing which is about 1/4 it's pre-737 airmaxx value. Hopefully I'll see gains and help warm the climate.
 
Back
Top