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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
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Maxed out my Navy card =( and don't feel bad!

LOL I can't talk this month, I MAXED out my Navy Federal account :smileysad: 

 

but on the fair side I did it for a good reason, I usually keep my utility at 0-2%

 

Had 50k in the bank, and house shopping, I was looking for 2006 built homes, but ran across a diamond in the rough, 4 bedroom, 1980 built house, close to the beach, freeway good shopping, nice neighborhood, school districts etc. Anyways Asking price $78,000. 

 

It honestly doesn't look great from the outside, but the inside is spectacular, open kitchen, vaulted ceilings, and the backyard and the amount of land in a good area of town is MORE than worth it. Offered $75,000 and offer was accepted.

 

Only problem is it had to be a CASH offer only. Borrowed 10k from parents, and 15k from Navy Federal Convience check :smileyhappy:    Since paperwork takes a few months I'll have the money to pay for anything else soon enough.

 

 (my interest rate is lower than most 2006 mortgages so I don't care much lol! I'll have it paid off in 3months anyways)

 

Just saying.... using credit cards aren't always a bad thing as long as 

1. you can pay it off quickly

2. have the avaliable credit to help you get great deals

3. have a low enough interest rate to support it :smileywink:


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toiletbowl69er
Posts: 106
Registered: ‎11-08-2012
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Re: Maxed out my Navy card =( and don't feel bad!

little off topic. but are you going to rent out the house, sell it to another buyer or live in it? and congratulations btw.

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armbenderc
Posts: 1,339
Registered: ‎09-11-2012
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Re: Maxed out my Navy card =( and don't feel bad!

That is an awesome investment. Hopefully one day, I can buy an investment properties with my credit cards :smileysurprised:

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12/19/2013, $100k+ Available Credit. Total Util: 0-1%
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jsickz32
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Registered: ‎06-25-2012
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Re: Maxed out my Navy card =( and don't feel bad!

75k for a house??? where are you located lol

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Dustink
Posts: 3,097
Registered: ‎10-02-2012
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Re: Maxed out my Navy card =( and don't feel bad!

Make sure everything checks out, no liens, back taxes, and a good deed. Consult a real estate attorney.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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wallyworld123
Posts: 455
Registered: ‎01-04-2012
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Re: Maxed out my Navy card =( and don't feel bad!

Wow congrats to you amazing deal! Glad you snatched that!

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distantarray
Posts: 2,112
Registered: ‎09-25-2011
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Re: Maxed out my Navy card =( and don't feel bad!

[ Edited ]

toiletbowl69er wrote:

little off topic. but are you going to rent out the house, sell it to another buyer or live in it? and congratulations btw.


Cause the house has such a big backyard and NO HOA or housing restrictions etc. I plan to make another house in the back to live in, maybe two more lol.

 

 

I plan on making one of these, my friend has one I helped build in the past, minimal cost is about $15,000 to build a nice one if you shop around, it's actually a cargo container x 2 modified to be a house. I don't care about huge houses, just like the idea of not having roommates. (bad stories) and I'm a low maintance person.

 

This appeals to me cause for cheap you can have 100% free living off the grid. Meaning I can use solar power + collecting rain water through light gravel and filter so I don't even need to hook up water. Since I'll have the land I need I won't have to pay anything else. The house I'm buying in my area will get $1,000 a month easily, estimated rent in the area is about $1,400.  If I charge $1,000 I'll be able to get 100% of my money back in about 6-7 years of renting it out.

 

http://www.youtube.com/watch?v=xUMqYSOlpNg  This is pretty much what I'm planning. the house is nice upfront but ugly on the outside, personally even if the place falls apart as long as it lasts 6-7 years I'll be happy. The property value in my area JUST for the land would normally run 70k, so basically buying the house for 5k =)

 

The most appealing part is these houses are stronger than anything else on the market right now once the containers are converted. They can withstand 175 mph hurricane force winds more than 10% stronger than the strongest regular built homes, and you can keep the doors etc intact for free hurricane shutters. (I live in Florida)

 

The houses here are pretty pricey as we're next to one of the most beautiful beaches in the world. Siesta Key it's got the whitest and softest sand in the world, and the area is 9th in the fastest growing community of 2012.

 

I'm jumping on it cause the house is supposed to be ATLEAST $150,000 but it has no lien holders, and ready to move in condition. Only thing that kept it from most buyers is they added a 4th room, and they did NOT get the permits to build, so that disqualifies the house for a mortgage. My family fixed our house before by ourselves with the help of our nieghbor who's a professional general contractor, so we know the work was done very well. So that's the least of our worries.


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toiletbowl69er
Posts: 106
Registered: ‎11-08-2012
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Re: Maxed out my Navy card =( and don't feel bad!

+1

 

that looks awesome. my best friend and I wanted to get into real estate investing but it's such a headache, especially for two college students that have no idea what they're doing. Props to you, I'm sure your temporary sacrifice of your Navy Card will be well worth it.

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bluesnowman
Posts: 464
Registered: ‎10-29-2012
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Re: Maxed out my Navy card =( and don't feel bad!

The real estate market is good to get into right now because there's quite a bit of land and houses for sale. I have a friend whose dad saved a lot of money and bought some land and apartment buildings in the West LA area (Santa Monica, Westwood, Beverely Hills, when land prices were cheaper) and now they're pretty well off for the most part. It's all about timing, I plan on saving and buying some land as well, but not now, maybe in 6-7 years. Good luck on your house buying though. And 75k isn't to bad for a house either, especially the area in which it is in and how you described it. 

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Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
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Re: Maxed out my Navy card =( and don't feel bad!


toiletbowl69er wrote:

+1

 

that looks awesome. my best friend and I wanted to get into real estate investing but it's such a headache, especially for two college students that have no idea what they're doing. Props to you, I'm sure your temporary sacrifice of your Navy Card will be well worth it.


lol I hope so, but since the yard is so big in a good area of town, imagine the possibilities, I got enough back yard to add atleast 3 more comfortably of a unit like the one pictured above. That means I could potentially make rent from 3 places at once (if I live in one) it's just a fun idea, but we'll have to see how it goes. My friend's parents turned their house into a Tri-plex and doesn't even have to work anymore. Since I personally rather live in Vietnam (not even from there just LOVE the country) If I can get $2,000 in income a month from rentals I could easily retire and live like a King there =)

 

$2,000 is more than enough to live comfortably since average person there only makes $120 a month. You can eat under $1 a day if you really wanted to. I spent 17 weeks there and I'm not Vietnamese but love the country. Wake up get a glass of amazing coffee (very different) go across the street, 1 hour massage, 1 hour shampoo, breakfast costed me about $7 to start my morning =)


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