And We're Back...

Hello, Hello, its been a while.

To kick off the return to blogging, I offer you this new series: The Hunt for a Homestead. In this groundbreaking new addition to our blog, we'll be covering the home-searching process, complete with links, tips, and anecdotes to explain our journey to find a house. Should be worthwhile.


Hunt for a Homestead

• Ultimate Goal: Purchase a house, along with a few other guys, live in it for a while, and then lease or sell as I move in to another with a wife and kids.

• Cast: Jeff, Tyler, and Brett. Jeff and I are pretty much going to buy once we find something, while Tyler and Brett are merely interested in considering it. Zach would be interested in renting from us once we find a place, and he finds a job.

• Properties: First, there was a nice house on Highland Park Ave for 43k. Great price, nice house, but needed a lot of work. Once we finally got inside to look at it, we found out that someone else saw its potential, and put an offer on it.

Next was a brand-new house in Alton Park. (5 years old, but we would be the first owners). It was listed at 123k, but we could get it for 75, with what I initially thought was a government grant, but turned out to be an interest-free loan, payable back when we sold, or accepted tenants. Not a good financial move, so we're moving on.

Currently we are looking at a septa-plex on Mitchell Ave (yes, seven plexes). Its a complicated deal that would involve purchasing with a third-party via an LLC. Its is still an option, but for the future. The house is under renovation, and is not currently on the market.

• Where we are now: Jeff, Tyler, and I are looking for a house to move into immediately. Brett and Zach are thinking about moving in November or maybe even December. If we can find a 4-bedroom then we'll be set, but we may settle for a three, and see how many we can realistically accommodate.

• Financial: Here is an interesting article on 15-year mortgage vs. paying off a 30-year early. The gist: Actually doing a 15yr would save a few thousand in interest. The benefit of a 30, is that you aren't locked in to the higher interest rate, should you fall on hard times, and, perhaps the biggest thing, is that most people aren't disciplined to actually pay off the 30 year mortgage faster. By signing a 15-year mortgage, you are forced to make those bigger payments. Interesting as we get closer to taking out a loan...

Tune in next time for an update on the Apartment search, and perhaps some links to what we are considering.