Biggest Money - Biggest Risk

Posted by DruU on Apr 8th, 2008
2008
Apr 8

For most people buying a house is the largest purchase they are going to make in their lives. Most people start off with the little house for the family they want to get started on. then after the children start growing and space is tighter they realize their income will allow them to purchase a bigger house.
Well, being who I am I could not do something so easy. I talked to some mortgage company and got my pre-approval… I then grabbed my Real Estate Agent and made her show me houses. Being a single parent who has never completed any college degree out of the MANY subjects I have studied, I have a very limited income. I just could not think of paying rent so some Jackass would pay his property off with my money. That got me to thinking, why not let some losers like me pay for my property.
This is where the risk level kicks in. When viewing all of these single family homes, that should have been condemed, I was looking at 42 percent of my income being eaten by one monthly payment.
I ended up getting a 4 family building that 10 years ago I remember driving by saying I want that house. I am now getting ready to pay my first mortgage. 97 percent of the income I bring home from my job goes to the monthly bill. One tenant payed rent this month… “OUCH” Ramien Noodles this week kids… But the good news, Ramen Noodles will give us a week to go fishing so we have food next week…

  • Home Ownership , Landlord , Property
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Dru’s World Update

Posted by DruU on Feb 26th, 2008
2008
Feb 26

(Post Transfered from old Blog)
I just wanted to fill in my readers on the update in the World of Drew. Some of my life has not reached the blog yet since I am trying to get more time to write I have a lot of things “in Work” I have actually been without Internet at home for the past 4 months and all of my posts have been done from my PALM TREO.
So I had interent connected at the new house yesterday so I will be able to be more consistant on my writings, I am actually looking for a new Domain name and Software to use for my Blogs. Any suggestions would be great.
Yesterday was a great day in the life of Dru… I finally found my self at a really large table with three lawyers two realators and a divorced couple. We all signed a lot of papers and haded checks to a lot of people for a lot of money. I am officially a Homeowner as of 12:30 pm yesterday. I am now a Landlord of a Four family and have one Vacant apartment that will have new tenants moving in on the 1st of March.
The other main Pain in my life has been the Divorce and Child Support issue. After the Closing Yesterday I went to the Mail box and sure enough there was my first Child Support payment.
Yesterday was a Great day, I hope there will be a lot more like that in the near future.

  • Home Ownership , Property
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