Trucker afford $300,000 mortgage?

@x1Heavy hey chief, were you the one a while back that mentioned a rental truck company was a good one to buy from due to their good maintenance? if so, which one is it? thanks

 

To follow up on KW's post, I would imagine a bit of sleeping roll, a sack of smokes, biscut and some coffee plus a little bit of land and cabin would do you well.

I's scary where 300K comes in.

There is a recent discussion with a Canadian where I discovered that farms north of Toronto was covered in homes 10 yards apart over 5 years of my life running up and down there and sold for 70 t0 100K depending on model in the late 80's

Behold I learn those homes are reselling for 800 freaking K what a investment they would have been.

Makes me wonder what in the world has gotten into their maple? Up north there is nothing at all.

 

Gotta walk before you can run..
A smarter plan may be to purchase maybe a 100,000 house in a market you can be relatively certain it will hold or even increase in value. Pay off as quickly as possible if you so choose. Once paid off you can sell and move into a 200,000 place. Repeat again until you get your 300,000 place if that's what it has to be. When you pay one off you can relax a bit knowing the bank isn't going to extract the payment like a pound of flesh on day x of every month. Now you have some breathing room to consider your next move. Going to 300,000 right off the crack will not allow that.

If she wants it that bad she can stay working.

 

A long time ago it might have been Enterprise. I would in a heart beat. To rent a actual truck say a box truck with two axles and 16K gross weight... It's penske or enterprise if you can find it that heavy. ANything bigger requires a CDL. I just have a ordinary car license now. Things have changed.

 

Sigh ... First, in addition to the taxes on your 401k you will be paying 10% penalty. Plus the marginal rate on that is going to be 25%, not 20.

As far as qualifying for a loan. Don't worry about it, you are no longer eligible. As soon as you switch careers you have to establish yourself for 2 years in that career and a full year with the same company. Your relationship with bank doesn't mean squat. The loan has to be sellable and has to meet underwriting guidelines to be so. And career and employment aging is a biggie.

 

Not to mention causing your bankers fits as they fill out forms for moving 5000 to 10000 dollars. You are subject to confisciation by the Law if you have over 10K in possession at any time without a actual reciept sourcing that particular money.

Just moving larger amounts such as 36K to fed wire to pay off student loans a couple years required the bank hold for three months as the forms wound between Uncle Sam and our Bank. We finally got permission to wire that money straight away but it's gotten to be a struggle to move any real money these days, especially if you are a bump on a log taking VA income only or a SS income like me.

 

Sounds a divorce waiting to happen, not going to make much first year. Been driving 6 months, checks are anywhere between $500-1100. Mostly $600-$800 range

 

Don't mind the way I put this, it isn't bashing but what makes you think you can handle the road and a truck?

I don't think you are the guy who called me this morning and talked my ear off, he had the same exact story and I told him the same thing i am telling you, have a plan B.

 

My last month on the road with spouse literally generated direct deposits of about 150 to 270ish several times a week as the 5th wheel hooked on and qualcomm beeped with tax witholding, deductions, netpaid etc and I was taking 150 on top of that in those days for my expenses on the road.

Having the spouse sit home schlepping crap across the scanner at wallyworld at wages lower than me while I spent money being made it created tension that needed resolving. Rather quick.

 

Just because you are approved for $300k doesn't mean you should spend $300k. I recently applied for a mortgage and the broker was throwing out $350k figures. I said thanks but no thanks and am now in the process of closing on a $168k house. Even so, looking at property taxes home insurance etc it's looking like $1200 a month not including utilities.

That monthly payment you mentioned on $300k must not include interest etc unless you have a $100k deposit.

Where do you live?. Is there nothing in the area cheaper than $300k?. Get a townhouse or condo to start with until you know what you are earning for sure or your son is old enough to where your wife can go back to work.