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So I got a new job today. I am pretty excited about it, I will be making 8.5k a year more, or 600 dollars a month after taxes, than before. The new job will require me to travel 2-3 days a week to different military bases performing server installations.
I am looking to get out from under my home at the same time. I know it financially it is a bad decision but I think for several reasons it will improve my quality of life.
1) My neighborhood has gone to utter crap. It wasn't much to begin with, a working class black neighborhood (I am white but not meaning to bring race in to this) to almost a ghetto. There are constantly people on the corner, cops in the neighborhood etc.
2) My SO does not like dealing with our tenants, and me traveling will put more of this responsibility on him. Plus we are moving towards a point where we would rather have "our place" just to ourselves.
3) I am not sure I was even ready for home ownership, but I felt very pressured by my mother to buy this house.
I think longterm getting out now will make me much happier, now I need help creating a plan on how to do it.
My current situation is as follows:
Owe 144k on house, realistically looking to walk about with 135k after everything on sale. Leaves me 9k short.
Income now leaves 1400 a month leftover after everything including fun, this includes the 400 I receive from our current tenant. Although we will have no tenant at our potential new place, we also expect rent to be 400 less, and less utilities so lets say after moving my extra income stays at 1400.
Current savings is 6k, by the end of January it should be about 8k (I have to buy some new clothes/possibly a laptop for new job).
I figure I need to come up with about 10k more cash to make it through this move comfortably considering I might net less than 135k on the house etc.
I am looking for advise on how to navigate this situation. I am not in a HUGE rush to move but would like to move in the next 3 months or so. I will probably be buying all new furniture, but not much, for the new place as the stuff I have is 4 year old thrift store furniture probably not worth moving.
Should I just get a personal loan for the amount? I figure worse case I can cover rent and mortgage and still have $550 left over every month. Do you think I can call my mortgage company and ask them to give me a personal loan for the remaining balance? Possibly I could bluff having to foreclose if they don't make this happen?
I am looking to get out from under my home at the same time. I know it financially it is a bad decision but I think for several reasons it will improve my quality of life.
1) My neighborhood has gone to utter crap. It wasn't much to begin with, a working class black neighborhood (I am white but not meaning to bring race in to this) to almost a ghetto. There are constantly people on the corner, cops in the neighborhood etc.
2) My SO does not like dealing with our tenants, and me traveling will put more of this responsibility on him. Plus we are moving towards a point where we would rather have "our place" just to ourselves.
3) I am not sure I was even ready for home ownership, but I felt very pressured by my mother to buy this house.
I think longterm getting out now will make me much happier, now I need help creating a plan on how to do it.
My current situation is as follows:
Owe 144k on house, realistically looking to walk about with 135k after everything on sale. Leaves me 9k short.
Income now leaves 1400 a month leftover after everything including fun, this includes the 400 I receive from our current tenant. Although we will have no tenant at our potential new place, we also expect rent to be 400 less, and less utilities so lets say after moving my extra income stays at 1400.
Current savings is 6k, by the end of January it should be about 8k (I have to buy some new clothes/possibly a laptop for new job).
I figure I need to come up with about 10k more cash to make it through this move comfortably considering I might net less than 135k on the house etc.
I am looking for advise on how to navigate this situation. I am not in a HUGE rush to move but would like to move in the next 3 months or so. I will probably be buying all new furniture, but not much, for the new place as the stuff I have is 4 year old thrift store furniture probably not worth moving.
Should I just get a personal loan for the amount? I figure worse case I can cover rent and mortgage and still have $550 left over every month. Do you think I can call my mortgage company and ask them to give me a personal loan for the remaining balance? Possibly I could bluff having to foreclose if they don't make this happen?
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