"zeontestpilot" (zeontestpilot)
09/29/2014 at 10:07 • Filed to: Off topic, house buying, house ownership
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"zeontestpilot" (zeontestpilot)
09/29/2014 at 10:07 • Filed to: Off topic, house buying, house ownership | 7
| 17 |
Welcome to the new ztp family residence...as of this Wednesday. No more renting, hooray!
It has 3 (small) bedrooms, 2 full baths, a former garage now living room, the old living room now a dining room, and a extra room that can be used for storage (or turned into another bedroom). It also has a walkway around the front of the house.
It needs some TLC, but who cares! I got a sweet deal on the house! It's on land contract, yes, but it's something my family can grow into.
As the father figure of my household, there's a certain bit of pride saying I'm paying to own the house (not technically mine till after 19 years), but still.
And the real kicker is that it's bigger than my parents first house. :)
505Turbeaux
> zeontestpilot
09/29/2014 at 10:09 |
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woo congrats! Welcome to the "club". Looks pretty tidy though
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zeontestpilot
> 505Turbeaux
09/29/2014 at 10:20 |
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Thanks! It's a God-send, seriously. We got it for $65k. It was $75k, but they dropped it before I could even ask them too!
Sn210
> zeontestpilot
09/29/2014 at 10:28 |
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Congrats! Park the PT in the living room!
erikgrad
> zeontestpilot
09/29/2014 at 10:35 |
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Congrats! That slab in front of the living room looks perfect for a future garage...
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zeontestpilot
> Sn210
09/29/2014 at 10:40 |
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Thanks! It would easily fit in there too....hmmm...
sellphones2493
> zeontestpilot
09/29/2014 at 10:47 |
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Holy $hit! Where exactly are you located?
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zeontestpilot
> erikgrad
09/29/2014 at 10:49 |
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Thanks! Yeah, I was thinking that too.
The funny thing is, is that the dirt road is actually the street, but it's been barricaded off years ago because it's 'too steep' when it goes down hill. So I have a extra long drive way that's essentially a dead-end. That's room for a lot of cars to park, :).
rodassecondo
> zeontestpilot
09/29/2014 at 10:53 |
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Congrats it looks great ! If i may, what does "be on land contract " mean ?
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Sn210
> zeontestpilot
09/29/2014 at 10:55 |
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It was a garage at one point!
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zeontestpilot
> sellphones2493
09/29/2014 at 11:09 |
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Lol, I live in Howell, MI, and the house is located on a campground.
It's a private church campground, that anyone can visit, but you have to have church membership to live there. And you own the house, not the land.
You can't get any mortgages on the grounds either, because a few people burned the only bank that did mortgages out there (great Christian people, right?).
So this all adds up to houses that people try to sell, but the only way to get it is via land-contract. There was even one house that sold for $50k, cash.
The people we are buying it from bought the house for $115k, 10+ years ago, back when mortgages were still possible. She just wants to get rid of the house now since she moved in with her new husband.
So I'm getting a really sweet deal, since I'm taking over the remaining mortgage. :)
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zeontestpilot
> rodassecondo
09/29/2014 at 11:26 |
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Thank you! A land contract [ http://en.wikipedia.org/wiki/Land_cont… ], is pretty much I pay the owner instead of the bank.
The house is on a campground, so I own the house, not the property. Banks therefore won't touch it at all (I've tried so many times). A land contract is the easiest way to obtain houses of the grounds.
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zeontestpilot
> Sn210
09/29/2014 at 11:38 |
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True. Plus, last Friday I found out that's it's ok to build a garage on the cement slab driveway. There's some issues with new construction in this area :/.
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rodassecondo
> zeontestpilot
09/29/2014 at 13:34 |
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That seems a good way to do it. Thanks for the explanation and wikilink.
And also important: will you be able to build a garage later ? All my live i have lived in apartments in the city. We have big garages with lines on the floor, but it is not good to play ( dissassemble ) with the cars. I miss that !
Best for you and your new house.
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zeontestpilot
> rodassecondo
09/29/2014 at 13:46 |
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Ha, in theory. Currently, the government said no more buildings can be added on the grounds until a central sewage system is in place. Every house has a septic field (mine is under the backyard!).
That being said, the current owner mentioned that you could build a garage if the cement slab was already in place, so the drive way would be a prime candidate.
What makes this even more interesting/funny is that the dirt patch you see to the left of the pic is actually the road. The road does right in front on the house and down a steep hill. Too steep for cars, so the road has barricaded been barricaded for 10+ years.
So to recap , I live on a dead end street, where no other houses are, so the road is essentially my driveway, lol. :)
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sellphones2493
> zeontestpilot
09/29/2014 at 15:09 |
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That's clutch. I'm currently trying to 'diversify my portfolio' via investment property. It's a complete pain in the ass, and they best I can get right now is 4.275% - even with a massive down payment and excellent credit.
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zeontestpilot
> sellphones2493
09/29/2014 at 15:57 |
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Ha, not sure what 'clutch' means.
The payments are sort of weird. 1st year, it's $575. For the next 9 years we pay $600. They for the remaining years (9) we pay $700. Technically, it's lower than most places to rent. after 19 years, the land lease will need to be renewed, and it will then be in my name.
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sellphones2493
> zeontestpilot
09/29/2014 at 16:11 |
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Clutch = good. Have you ever used urbandictionary.com? It's wonderful when trying to learn lingo - I'm falling behind even at the age of 21.