Archive for category Big Purchases

House Update – Close May 8th

So, right in line w/ what Escape Brooklyn is up to, I thought I’d update you all on our house progress.

The cute house on the lake was a short sale, and in the month and a half we had an offer on it, we didn’t hear squat back from the bank to accept.

Anyway, to make a long story short, we found another house on the lake, only this one was bigger, and has a bigger lake front lot. The Master Bedroom is upstairs (yes, this one’s a two story) with a balcony overlooking the lake. It’s got a big bathroom, and a walk in closet that’s about 10×10. The front living room will even fit my 15′ Christmas tree.

The only downer is that this one isn’t updated. The kitchen will need to be expanded about 4 feet, the appliances updated, and particularly the flooring, both tile and berber carpet are the original 1996 install.

Still, these are all things that we can do ourselves, but the structure of the house is what we fell in love with. With a little TLC and some sprucing up, this place will be a dream by Christmas!

Lately I’ve been busy gathering financial documents, homeowner’s insurance policies, etc. Good thing I have renters in my old house again, as they wanted a copy of the lease for that one too.

Anyway, still kicking butt on the debt reduction progress as it stands. Next up is Ed’s $2000 student loan from his daughter’s first quarter in college.

Buying a house really tempts you to spend money… LOTS of money! But we’re taking it slow and getting into the swing of things before we go out and buy anything substantial for that place.

I’d love to get a new refrigerator, or washer and dryer, but we’re going to pay cash for them, and I wouldn’t feel comfortable until we free up some monthly cash flow (and debt). $2000 and $50/month for a student loan isn’t going to cut it!

House hunting success!

Curb appeal!

Curb appeal!

So, after 6 months of Oogling over this house I fell in love with, we finally made an offer on it this weekend. It’s a short-sale, so the bank has to approve, but it’s PERFECT! We made an offer 15K over the other guy, and I did my pre-approval through their bank, so as long as we don’t get into a bidding war, I think we’ve got this one nailed.

This is a 1600 sq ft house on the Lake. (Okay, “Lake” means something different in AZ than it does in the rest of the world. It’s more like a series of man-made canals.) 3 bedroom, 2 bath, 2 car garage.

See pictures of the front:

And of the view from the back yard: 

View from the back!

View from the back!

Anyway, I should know whether the bank accepts my offer sometime this week. We did 10% down and a 15 year loan. I also found out my credit score average was 764, which apparently qualified me for best tier rates, and that was before they accounted for payoff of my car loan and the Citi card payoff (that will hopefully post tomorrow.) Using one of those nifty calculators, the Citi card payoff raises my score 30+ points, which should put me close to 800.

No worries though, I’m just pleased I qualified for the best rates at status quo. Once this house closes, I won’t care about my score anymore because I’m done w/ debt. I will close my Citi card and officially be left with one credit card open (the USAA) 2 loans on my rental house, and the 15 year lake house loan. Viva la new casa! Stay tuned for updates!

Rented my house today!

Well, after being on the market for about a month and a half – I have officially rented my house today. It’s two guys with a Golden Retreiver, which will be perfect for my little house and back yard. The renters will be moving in on January 1st, which gives me a few weeks to get the rest of my stuff out of there. Luckily, the week of Christmas I have Saturday-Wednesday off, giving me a 5 day weekend to get this accomplished.

Now for the financials -

My property management takes $85 a month in service fees – leaving me $765 in income. My mortgage is $1221.89 plus $45/month in HOA dues. Net of it is I will owe ~$500 out of pocket. Not bad considering I don’t have to pay for the apartment!

But the other good news is that I also get to get rid of about $350/month in utility expenses. Gas, electric, garbage, water, high speed, gardner, security system all accounted for about $350/month in expenses. The point is, I’m going to be banking a lot of cash!

I will however take over all of the foodstuff spending for the two of us, and probably the Cox Cable/Highspeed bill too. Still, this allows me the perfect oppertunity to play catch up on a few of my failing projects:

  1. Max out Roth IRA for 2007 – due by April 15, 2008 ($3792.00 to go.) 
  2. The great Credit Card Paydown – want to be under $10,000
  3. House payment – contribute an extra $100 per month (Starting January 2008)
  4. E-Fund $10,000 in Savings goal – finish by December 31, 2008.
  5. Car payment – pay minimums until 1-4 are finished.

Anyway, very excited that the universe threw me a bone on this one. I have a lot of catching up to do after 3 months of Unemployment. Off to cancel utilities. Man this feels good!

Moving!

OK, so I know it’s been a long time since I posted but a lot has been going on. New job. :-)  New routine. :-| New commute. :-(

My new job is for one of those companies that are the best corporate big brothers in the world. And it’s a good thing. Seriously. Free healthy lunch, environmentally friendly cars, unlimited complimentary snacks and drinks. Morning yogurt, cereal, bagels, whatever. Oh yeah…. and EVERY day.

Only bad part is that the commute is all of the way across town – read an hour and a half commute here!

But not for long! My house should be rented very soon and we just reserved our new place about 20 minutes from work. This is 20 minutes for the BF too…. as his office is only 2 miles away from my new one. We’re both excited to get rid of the commute!

Should be moving in sometime toward the end of next week – either right before or right after our trip to Seattle. Our buddy owns a furniture/moving company who will be helping with this so it should be relatively painless. Now, I just need to pair down my crap – sell the extras on eBay, Craigslist and give the reminants to Goodwill.

Long live the short commute! 

I’m In!! USAA stole me love!

As of yesterday I am officially a full fledged member of USAA. How you may ask? Well… my Grandfater was a Captain in the military and he had an account. My father has an account as a result of being one of my grandfather’s children, and I now have an account because I am his daughter. Can we say SWEET?!?!?

USAA has some of the best banking and insurance products on the market. Their Bill Pay Service is phenominal. You can deposit checks online, they refund ATM fees, and have free checks for life. They win awards for their phenomenal customer service year after year.

Anyway, as of yesterday I transferred my auto and home policies to them… saving me around $300 a year and putting all my accounts in one place. They couldn’t beat my life insurance premium with Prudential though, so I guess that one won’t go over.

I will probably be refinancing my mortgage with them as well – into a fixed 30 year product – and again – all at the same institution. My new vechicle will probably be financed with them as well, as soon as I figure out what I want to replace the ML500.

Credit Minitoring will probably go to them as well, as they have a $6 a month plan for unlimited Experian credit monitoring. Stay tuned as I learn all the intracacies of USAA!