Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

What should we do?

Posted by on Jun. 17, 2013 at 12:11 PM
  • 2 Replies

 

 Me my dh and our 2 sons 8yrs and 4 yrs live in Tennessee and my parents live in Kentucky. We were looking at moving but we aren't sure if we can financially afford to make the trip and possibly do worse financially than we do now and sent my father an email  explaining this. Here is his response. What do you think?

Right now dh makes 11.75hr.

dh,

We realize it is not easy with one worker in a family of four.  It does take an amazing amount of effort, commitment and sacrifice to accomplish things.

 

We figured since you would be on nights, (me) would need to get a job on days and (my mom) would keep the boys while you sleep.  Of course the boys would be yours on all of your days off.  So in other words, we would keep the boys only as much as minimally necessary so the two of you can work.  After all you are the parents.

 

There is a house in the neighborhood for $70,000 we have considered buying that you could rent.  The plan could be that you rent for say $500 per month and I would keep the yard work up since it is close by.  You could also make a monthly payment which would go 100% toward the purchase of the home.  After a couple of years when you guys saved or paid enough for a down payment I would sell it to you.  Your price would be what we paid, plus any repair costs we incur, plus whatever interest we had to pay on the loan we get for the initial purchase.  The sooner you were able to qualify for a loan on the property the lower the interest payback would be.  It is also possible you would qualify for government assistance on the rental and subsequent purchase.  The home originally listed for $98,000 when it went on the market in February so it would likely be a good investment in time.  With (me) working you could apply all or most of her earnings to the down payment and be able to get a much smaller loan.  The actual payment would likely be less than rent on a 30 year note.  I can create a chart that will show how this works if it interests you.  

Friday I made a big push to get you the grade 4 job as a Rewinder operator as we terminated one guy for smoking on site last Wednesday and we had a night shift Rewinder operator move back to packing so she could be on days.  This leaves us with two openings.  I am not sure what the pay is but suspects it might be about $14/hrs. after 6 months and would have $1 night shift premium added. The HR manager has my email request for help in getting you an interview.  I have not heard back yet so I am thinking she is trying to find out why you have not already been called.

 

As far as Southern Heights goes, I am sure we can work something out.  The lawn care for both properties costs me $95 per week on a bi-weekly mow basis plus extras related to removing limbs and such.  You are welcome to move back in anytime.  This may hold you for a little while.  However, I have been talking with (my aunt) about selling it.  She was supposed to have been working on getting a realtor the last few weeks.  So far she has not called back. 

Let me know what the plan is.

by on Jun. 17, 2013 at 12:11 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-2):
mommytoeandb
by Gold Member on Jun. 17, 2013 at 1:52 PM

You know your family best.  If you do decide to rent to own from family, make sure you get a contract and have a lawyer look over everything.  GL!

debwatson86
by on Jun. 17, 2013 at 2:46 PM

If you really want to move and you have family willing to help you out, I say go for it. But, I would suggest having a job already lined up, I know some places will do phone interviews with people who are relocating. And I agree with mommytoeandb definitely have a lawyer look over a rental contract. Borrowing money or renting property from family can be a really sensitive situation. Good luck.

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)