Misfitmorgan's Journal - That Summer Dust

[misfitmorgan]

Looks like SOMEONE has warm feet!

For sure..that is his mom he is standing on the poor girl.

Am i posting enough pictures for all of you??

Alos DH brought home a borrowed boar last night....only about 600-700lbs
Hopefully he is gonna breed the open sows and gilts since we ate our boar. We don't think Eva took her AI, if she did she is hiding it super well as her due date was 03/14. If she is not bred she will go in with the boar to and then after her first litter she will be AI'ed again. She was from the same Sire as our boar so i hope she doesnt have a fertility issue as well.

 

[Baymule]

I hope Eva takes this time. I had to look up bond sheep. Their wool sounds like it would be nice to work with. Do you spin or knit?

 

[misfitmorgan]

I hope Eva takes this time. I had to look up bond sheep. Their wool sounds like it would be nice to work with. Do you spin or knit?

Atm i wash it and it gets stored lol. I need to get more equipment when i have time to actually make something and i would like to learn to spin. I do not knit but i crochet, DH knits.

 

[CntryBoy777]

The animals look so "Comfy" on the inside, and they are so cute. My Mom used to knit and crochet quite a bit. She preferred crocheting and did many things...mainly afghans in her later yrs. She had RA and would do it thru the winter to keep her hands limber. The last couple of yrs she was with us, she had to stop because her hands were deformed to the point she couldn't hold the needle any longer.

 

[Latestarter]

OK, so sometimes I'm kinda slow to add 2 & 2... $700/month seems an extreme amount of rent to charge on a piece of property with no (govt) acceptable residence and a total property value of under $50K... Am I missing something here? How much are you offering to pay for this property? And how much of a loan are you trying for that you can't get from a bank? I would think that you could use the raw land value as collateral for a personal loan. If I had the money, I'd write the loan for you.

 

[misfitmorgan]

The animals look so "Comfy" on the inside, and they are so cute. My Mom used to knit and crochet quite a bit. She preferred crocheting and did many things...mainly afghans in her later yrs. She had RA and would do it thru the winter to keep her hands limber. The last couple of yrs she was with us, she had to stop because her hands were deformed to the point she couldn't hold the needle any longer.

They seem comfy mostly. I had one grandma that crocheted, my other grandma did embrodury. red turkey, and knitting, my great grandma made lace, my mom crochets, sews and cross stitches. I crochet, sew, and cross stitch lol. We mostly make afghans too i have probly 7 of them mostly from my grandma but i also like to do fun stuff like a popcorn stitch stuffed sheep.

OK, so sometimes I'm kinda slow to add 2 & 2... $700/month seems an extreme amount of rent to charge on a piece of property with no (govt) acceptable residence and a total property value of under $50K... Am I missing something here? How much are you offering to pay for this property? And how much of a loan are you trying for that you can't get from a bank? I would think that you could use the raw land value as collateral for a personal loan. If I had the money, I'd write the loan for you.

Thats what we thought too. They arbitrarily picked $700/month because thats how much they wanted and it has little to nothing to do with the actual property value. The offer for the property to buy it is $45,000, the bank loan would be right around $55,000 after closing costs and all the fees and whatnot. The bank wont do it as any type of first time homeowners or even any sort of residence at all. One bank offered to do it as vacant property even though it isnt, and another offered to do it as recreational property, another bank offered to do a new construction loan so we could put a house on it but the house would need to be move in ready in 6 months for a modular, they do not allow mobile.

Vacant land option wanted 40% Down and APR 5.16% Down Payment - $18,000
Recreational Land wanted 40% Down min and APR 4.66% Down Payment - $18,000
New construction loan would take 20% Down with APR of 2.49% but that would bring the loan up from $55,000 to approximately $140,000 for a SMALL house. Down Payment - $28,000
I only have 20% of $45,000 for the down payment because that is all i was expecting to need and with rent at $700/month i can only save about $300/month so to even get the other 9k i would need to do the first two options it would take me 2.5yrs.

It is crumby but we are offering them a land contract with 20% down and if they refuse it we will start looking for another place. The problem is not my credit or my income I qualify for a $189,000 home loan even with having a high car payment and without counting DH's earnings and i was approved for a signature loan for $12,000. Problem is if I take the signature loan to get the rest of the down payment money my bank will want me to wait a year until i get the home loan.

It's a mess but we shall see what happens. If we get the land contract everything is black and white and then we can put a newer trailer on the place that meets code just to get it refinanced under a bank. Definitely not putting a new trailer on for them though. The trailer would only need to be a 1978 or newer to qualify assuming it is this year, 1979 if it is next year and so on.

 

[Bruce]

Geez.

OK so what if the sleazeball current owners take the 20% land contract AT A REASONABLE interest rate and you fix up the "guest house" that burned as you planned. Could you then go to the bank right needing only $36K to pay off your loan? Hmm, or not; you just gave the deposit money to the current owners and now you need another $7,200 Or would they give you a Zero down because you already have 20% equity (and no mortgage insurance )

 

[Baymule]

Finance Hell has struck again. So sorry you are dealing with this. I just read back some old threads on TEG when we bought this place. It's funny now......

 

[Bruce]

Right, funny ... NOW!

 

[Latestarter]

I don't know if I'd go so far as to say "funny" but for sure a heck of a lot less stressful! At least in my situation.