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Author Topic: Life in America - I made the move.  (Read 678717 times)

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Offline Bikerboer1973

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Re: Life in America - I made the move.
« Reply #5600 on: June 09, 2018, 10:38:56 am »
Congrats on the new van, take some before and after pic's please! Hope you get the chance to make some moella this weekend.

Sorry to hear about the house, are you now going to lose everything you did there or can you take some off it with you?  Life makes strange turns but this way you are going to end up with your own place where you can do what you want. Know it will be great and holding thumbs that all will work out.

Excellent news about your dad, very happy for you guys!

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Offline Tom van Brits

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Re: Life in America - I made the move.
« Reply #5601 on: June 09, 2018, 02:57:49 pm »
Realy happy about your dad and hope his general fitnes and health will keep on improving!
 
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Online Oubones

Re: Life in America - I made the move.
« Reply #5602 on: June 09, 2018, 06:53:34 pm »
Maybe the house story is a blessing in disguise.
It is called wealth creation, you earn a wage to pay bills but create wealth by investing wisely!
You have the get up and go and ability to buy a cheap run down house and double its value in a short period of time.
Look at the repossessed properties and the need attention ones that have been on the market for long, those should go cheap and you should be able to negotiate a good rate on such a property.
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Offline Mr Zog

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Re: Life in America - I made the move.
« Reply #5603 on: June 10, 2018, 12:43:37 am »
Maybe the house story is a blessing in disguise.
It is called wealth creation, you earn a wage to pay bills but create wealth by investing wisely!
You have the get up and go and ability to buy a cheap run down house and double its value in a short period of time.
Look at the repossessed properties and the need attention ones that have been on the market for long, those should go cheap and you should be able to negotiate a good rate on such a property.
Go Zogging!

My thinking exactly Hennie.

I can fix-up most stuff, and if we own the place then I'll have lots of time to do it in. Except for stuff that may require urgent attention, life a leaky roof etc.  :thumleft:
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Re: Life in America - I made the move.
« Reply #5604 on: June 10, 2018, 06:35:29 pm »
Can you put in a bid on the house you are renting?
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Offline Mr Zog

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Re: Life in America - I made the move.
« Reply #5605 on: June 11, 2018, 01:36:03 am »
Can you put in a bid on the house you are renting?

Mrs Zog and I have just been discussing that... we will definitely try to see if we can afford this house. If I don't have to move I'll be happy. And we know this house, everything that works, and everything that doesn't work.

I had a quick look on a website that gives estimations on property values, and if it is in the right ballpark then we may have a chance.  :thumleft:
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Online Oubones

Re: Life in America - I made the move.
« Reply #5606 on: June 11, 2018, 04:46:18 am »
Can you put in a bid on the house you are renting?

Mrs Zog and I have just been discussing that... we will definitely try to see if we can afford this house. If I don't have to move I'll be happy. And we know this house, everything that works, and everything that doesn't work.

I had a quick look on a website that gives estimations on property values, and if it is in the right ballpark then we may have a chance.  :thumleft:
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Offline big oil

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Re: Life in America - I made the move.
« Reply #5607 on: June 11, 2018, 06:13:42 pm »
Can you put in a bid on the house you are renting?

Depends on whether another party has already signed a Purchase Agreement.
 

Offline Mr Zog

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Re: Life in America - I made the move.
« Reply #5608 on: June 13, 2018, 02:35:52 am »
Can you put in a bid on the house you are renting?

Depends on whether another party has already signed a Purchase Agreement.

We found a mortgage repayment calculator online.

Put in the amount the house we are in is worth, add mortgage taxes and insurances etc, and the repayment is too high for us to consider.  :(


So we'll have to try look for another place that is a LOT cheaper. It'll definitely be a "fixer-upper".

I'll just have to hope that I do a proper inspection before we sign an offer to purchase, make sure that there are no latent defects etc, or expensive repairs needed, like roof or leaky pipes inside the walls...
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Online Oubones

Re: Life in America - I made the move.
« Reply #5609 on: June 13, 2018, 05:20:00 am »
My first house I bought, the owner said offer what you can and he would consider.
He took my offer even though it was only 2/3 of the value at the time.
His argument was that everybody needs to get a hand when buying their first house.
Try, they can only so no.
I am sure you will get this matter sorted just as easy as all the others. :thumleft:
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Offline Camino Cerdo

Re: Life in America - I made the move.
« Reply #5610 on: June 13, 2018, 06:32:14 am »
Find yourself that "fixer-upper" in an area where the neighboring houses are all better. Will increase in value more as you get it fixed up. There are getting to be too few with the gumption to find out how to do what they don't know how to do, then get it done. A place that has been abused can cost an arm and a leg to have contractors come in a fix it but with a little common sense and hard work you can do it much cheaper. Good luck on the hunt for the right place. My son has a condo he could sell you in Florida, but I don't see a condo as your type of place. How about 5 acres in the country where you would have so many projects you could never become board.

Talk to the lenders a bit. Before the housing crash there were some programs to get "first time home owners" into their own place. Not sure how many survived the crash, (they were part of what caused the crash)

Good Luck on it
« Last Edit: June 13, 2018, 06:33:42 am by Camino Cerdo »
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Offline Sylvester

Re: Life in America - I made the move.
« Reply #5611 on: June 13, 2018, 07:17:12 am »
Find yourself that "fixer-upper" in an area where the neighboring houses are all better. Will increase in value more as you get it fixed up. There are getting to be too few with the gumption to find out how to do what they don't know how to do, then get it done. A place that has been abused can cost an arm and a leg to have contractors come in a fix it but with a little common sense and hard work you can do it much cheaper. Good luck on the hunt for the right place. My son has a condo he could sell you in Florida, but I don't see a condo as your type of place. How about 5 acres in the country where you would have so many projects you could never become board.

Talk to the lenders a bit. Before the housing crash there were some programs to get "first time home owners" into their own place. Not sure how many survived the crash, (they were part of what caused the crash)

Good Luck on it

I agree.  Your first job with big boss and little boss, you did nothing else than home renovations.  Relatively cheap to renovate if you can do it all yourself, even if you do find the odd leaking pipe behind a wall...
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Offline 1190

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Re: Life in America - I made the move.
« Reply #5612 on: June 13, 2018, 07:54:15 am »
Can you put in a bid on the house you are renting?

Depends on whether another party has already signed a Purchase Agreement.

We found a mortgage repayment calculator online.

Put in the amount the house we are in is worth, add mortgage taxes and insurances etc, and the repayment is too high for us to consider.  :(


So we'll have to try look for another place that is a LOT cheaper. It'll definitely be a "fixer-upper".

I'll just have to hope that I do a proper inspection before we sign an offer to purchase, make sure that there are no latent defects etc, or expensive repairs needed, like roof or leaky pipes inside the walls...
A friend of mine buys houses in Texas and fixes them up and sells them at a profit.....He spends 6 months at a time there :thumleft:  He's on hes way back to complete he's third house and sell the second one :thumleft: With the cost of labour in the US being so high, if you have the skills, you can convert those skills into good money :thumleft:
« Last Edit: June 13, 2018, 02:55:47 pm by 1190 »
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Offline tok-tokkie

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Re: Life in America - I made the move.
« Reply #5613 on: June 13, 2018, 10:32:00 am »
About a bond calculator.  My daughter lives in Dubai & bought a house there.  I gave her some advice about bonds.  Here is an email I sent her:

I was thinking about that bond repayment calculator last night.  I saw there was a monthly interest, capital balance display from a button.  I wanted to see what happens if you pay in your annual bonus as against simply paying in slightly more each month.  That display does not allow you to enter such payments.  I Googled for a better one & came upon this:

http://www.learnmoney.co.uk/mortgages/mort-04.html

I have set it up for 1 000 000 at 8,5% over 20 years.  The monthly repayment is then 8 678.  Then go down to the payment schedule for month 13.  We will add a lump sum extra payment in column F.  Note month 14 interest is currently 6 930.06  Now enter 100 000 into row 13 col G.  See the interest for row 14 now becomes 6 221.73  There is a nice graph showing the down step in the capital outstanding.  The period remains 20 years.  This is what I was wanting to show you yesterday.  The thing to clarify is how does it work like this in Dubai.  Yesterday’s graph did not cater for a single lump sum payment like this.  There is a field at top right Variable or Fixed rate.  See the dramatic difference that makes.  I suspect you will be on variable.  You can fiddle with the years the interest rate remains fixed & the escalation to see the difference in the graph.

'---------------
In the graph the total that you pay is the rectangle with the 2 ends of the graph as the diagonal.
What you pay as interest is the area under the graph.
What you pay as capital repayment is the area above the graph.
So you can see in the early years you are paying huge interest & very little capital repayment.
It is the length of the vertical line - how much is below the graph & how much is above the graph?
In last few years the interest forms very little of the payment and it is mostly reducing the capital amount. 
I then show what happens if you pump in extra money.  The example I give shows exactly how it works.  It puts a step change into the graph so from then on you score by paying less interest & more capital each time.
The graph shows nicely how the area above the graph is increased (capital) & the area below the graph is reduced (interest).

'--------------
It will be brilliant if you can get a bond so that part of your monthly expenses becomes an investment.
You are prevented from doing moonlighting work by the regulations.  Getting a 'fixer-upper' you will be able to circumvent that restriction.

 

Offline Mr Zog

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Re: Life in America - I made the move.
« Reply #5614 on: June 14, 2018, 02:05:21 am »
Can you put in a bid on the house you are renting?

Depends on whether another party has already signed a Purchase Agreement.

We found a mortgage repayment calculator online.

Put in the amount the house we are in is worth, add mortgage taxes and insurances etc, and the repayment is too high for us to consider.  :(


So we'll have to try look for another place that is a LOT cheaper. It'll definitely be a "fixer-upper".

I'll just have to hope that I do a proper inspection before we sign an offer to purchase, make sure that there are no latent defects etc, or expensive repairs needed, like roof or leaky pipes inside the walls...
A friend of mine buys houses in Texas and fixes them up and sells them at a profit.....He spends 6 months at a time there :thumleft:  He's on hes way back to complete he's third house and sell the second one :thumleft: With the cost of labour in the US being so high, if you have the skills, you can convert those skills into good money :thumleft:

My first job here in the US was as a handyman, fixing up homes for people to live in. So I got a lot of experience and a good general knowledge of all of the facets involved.  :thumleft:
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Offline Mr Zog

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Re: Life in America - I made the move.
« Reply #5615 on: June 14, 2018, 02:11:56 am »
About a bond calculator.  My daughter lives in Dubai & bought a house there.  I gave her some advice about bonds.  Here is an email I sent her:

I was thinking about that bond repayment calculator last night.  I saw there was a monthly interest, capital balance display from a button.  I wanted to see what happens if you pay in your annual bonus as against simply paying in slightly more each month.  That display does not allow you to enter such payments.  I Googled for a better one & came upon this:

http://www.learnmoney.co.uk/mortgages/mort-04.html

I have set it up for 1 000 000 at 8,5% over 20 years.  The monthly repayment is then 8 678.  Then go down to the payment schedule for month 13.  We will add a lump sum extra payment in column F.  Note month 14 interest is currently 6 930.06  Now enter 100 000 into row 13 col G.  See the interest for row 14 now becomes 6 221.73  There is a nice graph showing the down step in the capital outstanding.  The period remains 20 years.  This is what I was wanting to show you yesterday.  The thing to clarify is how does it work like this in Dubai.  Yesterday’s graph did not cater for a single lump sum payment like this.  There is a field at top right Variable or Fixed rate.  See the dramatic difference that makes.  I suspect you will be on variable.  You can fiddle with the years the interest rate remains fixed & the escalation to see the difference in the graph.

'---------------
In the graph the total that you pay is the rectangle with the 2 ends of the graph as the diagonal.
What you pay as interest is the area under the graph.
What you pay as capital repayment is the area above the graph.
So you can see in the early years you are paying huge interest & very little capital repayment.
It is the length of the vertical line - how much is below the graph & how much is above the graph?
In last few years the interest forms very little of the payment and it is mostly reducing the capital amount. 
I then show what happens if you pump in extra money.  The example I give shows exactly how it works.  It puts a step change into the graph so from then on you score by paying less interest & more capital each time.
The graph shows nicely how the area above the graph is increased (capital) & the area below the graph is reduced (interest).

'--------------
It will be brilliant if you can get a bond so that part of your monthly expenses becomes an investment.
You are prevented from doing moonlighting work by the regulations.  Getting a 'fixer-upper' you will be able to circumvent that restriction.

Thanks for that Tok-Tokkie  :thumleft:


We almost made the mistake of just looking at the bond repayments. Luckily Mrs Zog found another one that also adds the extra stuff like mortgage insurance, home insurance, rates and taxes, etc. as well. It's scary how much extra all those things can make a repayment.

So we have decided on a maximum of about $100k for our home. This means that after all repayments and insurance and taxes etc, we will still have a small amount that we can put away into an "emergency fund" for things like geysers, water pumps, AC units etc when they go wrong. Once the emergency fund is at a decent level we will put that extra cash into the bond too. Will reduce total amount paid back to bank significantly. And then I'll do the renovations etc myself as we get the cash.  :thumleft:
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Offline funky_munky

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Re: Life in America - I made the move.
« Reply #5616 on: June 14, 2018, 01:21:45 pm »
My wife and I bought a plot about 10 years ago. We needed to fix a lot of things.

1. we had no glass in the kitchen and scullery windows. We moved in, in August, so was cold and draughty.
2. our kitchen had a gas oven and hob. no table, no chairs, no cupboards, just a single unit stove.
3. our scullery had a camping washbasin which we placed under the taps.
4. our bathroom had one source of water. the shower head. our free standing bath had to be filled from the shower head with a bucket. our toilet flushed on the same principle.
5 we lived in one room with 4 dogs, while we slowly fixed things up. paint a room, sort out the plumbing here, get a cupboard there. now I am trying to get rid of half the clutter that seems to accumulate over time.

My wifes uncle came to see us when we moved in, he was shocked that we where actually going to live in the house.

But looking back, it was the best thing we did. cost us way less, was not very comfortable, but we did it.
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Offline woody1

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Re: Life in America - I made the move.
« Reply #5617 on: June 14, 2018, 01:29:20 pm »
When we lived in Holland the same thing happened to us.
Earned good money, but not good enough to buy a new modern home.
So we bought a 100 year plus old house.
Re did the complete house over a period of 2 years.

Also moving from room to room as you go along.

Good memories

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Re: Life in America - I made the move.
« Reply #5618 on: June 14, 2018, 02:09:45 pm »
What are empty plot prices like over there. Maybe consider buying an empty plot and building over time. Get the house to where it is liveable and then,  move in. Finnish at your leisure. We did it many years ago, and it worked well for us. 
« Last Edit: June 14, 2018, 02:10:40 pm by Coxwain »
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Offline Mrs. Zog

Re: Life in America - I made the move.
« Reply #5619 on: June 14, 2018, 09:14:31 pm »
I know I haven't posted in a while, I've been working like a mad thing, hardly coming up for air!

Please guys, if you have two seconds, please vote for Sammy and me to win a $50 gift card: http://wshe.es/2rfMVSa0

GRACIAS!  :biggrin:
« Last Edit: June 14, 2018, 09:27:44 pm by Mrs. Zog »
Help reunite Mr. Zog and Little Zog for Christmas in 2018! Another GoFundMe campaign is active at https://www.gofundme.com/christmas-in-america-with-dad. You can read all about it there. Every little bit of help is greatly appreciated!