New owner operator and buying a house

Nice. That's a friend I need right now for sure. And that's the information I'm looking for. Yes, there are people out there who know how to work the system just got to find em. And I don't mean work the system in a bad way. It would be all legal of course.

 

Didn't think of that. Good stuff. Thank you.

 

Were going to have around 35,000 after it's all said and done. 32,000 of it will be from the sale of the property and 3,000 I have in savings.

Were thinking use 15,000 for the truck and 15,000 to put down on a house. 5000 keep in savings roughly. My wife is a stay at home mom currently but will work if needed. She has no problem with that but I do. Don't want her to work outside of the home personally but would consider it if absolutely necessary. We only have one kido at home left and he's 16.

Could we survive on one income? Good question. We've actually been doing that for around 14 years now as my wife has been raising our children. She does get part-time jobs here and there not because we need the money or anything just because she gets a little stir crazy being at the house all the time.

All that was with no house payment though. We will be obtaining a house payment of some sort shortly as the property we live on is being sold out from under us this Friday 9-25-20.

Our monthly bills currently are around 850. That's not including gas, groceries & misc which would add another 800 or so onto it. With a 600 dollar house payment that would put the total at around 2200 per month.

If I paid cash for the truck I wouldn't have truck payment at least not in that form as a truck for that price would be breaking down on a regular basis probably.

If I put 7,000 (20%) down on a let's say 35000 dollar truck that may still have some warranty left on it my payment would be around a 1000 a month depending on the interest rate so that would make my monthly bills at 3200. and of course, the truck would require insurance which would be around 900 a month so now we're at around 4000.

That's just a rough estimate off the cuff.

 

haha, right but my wife would never go for that lol..

 

Interesting thoughts. That just might work.

Skip the mortgage crap all together and just rent to own a house.

Of course, they'll be asking around 25% more then the homes worth but if you pay it off early you would save on at least the interest.

Definitely something to consider.

Not very many of those in our area but I have seen them here and there.

 

2 years for fha 1 year for conventional.

 

Haha, my wife just got done digging into me saying you should put that payment at least 700 or we will have a crap home.. good grief. I told her were just giving scenarios on possible situations here. she couldn't comprehend that for some reason. We're now stuck at 600 because you put that on the calculations on your response. Funny if it weren't sad.