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awfulwaffle

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Has anyone had experience with finding a job in another state and then finding a place to stay there? I only ask because I'm thinking of leaving my work, and if I do why not go closer to my nephews. Just curious about the cost of traveling. And has anyone quit in one place and move somewhere else to find a job while there?
 

TheLegend

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Has anyone had experience with finding a job in another state and then finding a place to stay there? I only ask because I'm thinking of leaving my work, and if I do why not go closer to my nephews. Just curious about the cost of traveling. And has anyone quit in one place and move somewhere else to find a job while there?


I came to Phoenix 4 1/2 months before moving the family here. I had friends who had already come over and talked me into working here, so I had a place to stay while working. The weekend commutes back to San Diego three weekends out of each month tho...... :p:. Then it was three weeks with the family at an Extended Stay America before the new house was ready. But I had a lot to move. If you're on your own it shouldn't be as difficult. Find an inexpensive place that rents by the week until you can get something more permanent.
 

Jamieh

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One of Morgan's articles mentioned that Craig Cunningham had resigned but it had nothing to do with Combine issue. Anyone know why?
 

Mosby

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Don't know why but Cunningham was a pro scout, so he's not connected to the combine scandal.
 

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Has anyone had experience with finding a job in another state and then finding a place to stay there? I only ask because I'm thinking of leaving my work, and if I do why not go closer to my nephews. Just curious about the cost of traveling. And has anyone quit in one place and move somewhere else to find a job while there?

Cost of traveling is manageable IMO, but if you have a lot of stuff to move that can get expensive. Paying someone to move it is thousands of dollars...moving it yourself could still be hundreds depending on the size of truck needed, and then you need muscle at both destinations to load/unload. Why not try and secure employment before the move?
 

awfulwaffle

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So I just got approved for a mortgage loan, 230k for 4.125%. I've never purchased before, and looking for a condo. Any home gurus know what that looks like for me and what I might expect down the road payment wise etc.? I asked the guy and he said he couldn't even give me a guess.
 

_Del_

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So I just got approved for a mortgage loan, 230k for 4.125%. I've never purchased before, and looking for a condo. Any home gurus know what that looks like for me and what I might expect down the road payment wise etc.? I asked the guy and he said he couldn't even give me a guess.
On a 30 yr? Dirty rule of thumb is 100k at 5% is a touch over $525. So times 2.3 to get your 5% numbers. You'll be under that at 4.x %. There are online calculators for this sort of thing, too. Maybe buy small if it's just you, and try a 20 yr -- budget allowing, of course. Sets you up better when you're ready to flip.
 

Dirty Old Man

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So I just got approved for a mortgage loan, 230k for 4.125%. I've never purchased before, and looking for a condo. Any home gurus know what that looks like for me and what I might expect down the road payment wise etc.? I asked the guy and he said he couldn't even give me a guess.

I've only owned 3 homes, but the obvious ones to me, from mistakes i made with the first two, and mistakes others have, are:
1- try to get something you can put 20% down on to avoid PMI
2- factor in HOA/condo assoc fees
3- shorter the term the better (if you can find something you like that you can pay off in 15yrs do it, esp at these rates. I got a 2.875 in 2012 and feel great about it still)
4- buy to live, don't buy to flip. For every great flip story theres at least one disaster story.
5- you want your neighbors pulling your home's value up, not the opposite
 

_Del_

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I only said flip because I was under the assumption he was young and family-less. He can get a cheaper "okay" place instead of buying too much house, and build equity relatively quickly with short term and save monthly and annually on taxes-- and then if/when he needs space later, he's in a good place to flip.
Otherwise, I'm in agreement with everything you've said. People who are flipping regularly and/or cashing out equity are playing with fire.
Honestly, I'm of the opinion that you should never sell property, but not everyone can do that, and it is occasionally a hassle.
 
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moosemeister

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So I just got approved for a mortgage loan, 230k for 4.125%. I've never purchased before, and looking for a condo. Any home gurus know what that looks like for me and what I might expect down the road payment wise etc.? I asked the guy and he said he couldn't even give me a guess.

Who did you get your mortgage through and what state? I work for a mortgage company and I can probably ask.
PMI and HOA will factor into your payment, but if it’s your first place there are so many loan programs that could potentially allow my company to buy out your PMI with an extra percent for DPA
 

awfulwaffle

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Who did you get your mortgage through and what state? I work for a mortgage company and I can probably ask.
PMI and HOA will factor into your payment, but if it’s your first place there are so many loan programs that could potentially allow my company to buy out your PMI with an extra percent for DPA
On a 30 yr? Dirty rule of thumb is 100k at 5% is a touch over $525. So times 2.3 to get your 5% numbers. You'll be under that at 4.x %. There are online calculators for this sort of thing, too. Maybe buy small if it's just you, and try a 20 yr -- budget allowing, of course. Sets you up better when you're ready to flip.

I asked for $175k, and $230k was the max I was allowed. I'm not planning on going to the 230, I'm a very frugal person. I just want a nice place in a nice area in a decent range of work(and the hockey arena). I would be buying out in the Dallas TX area.

I've only owned 3 homes, but the obvious ones to me, from mistakes i made with the first two, and mistakes others have, are:
1- try to get something you can put 20% down on to avoid PMI
2- factor in HOA/condo assoc fees
3- shorter the term the better (if you can find something you like that you can pay off in 15yrs do it, esp at these rates. I got a 2.875 in 2012 and feel great about it still)
4- buy to live, don't buy to flip. For every great flip story theres at least one disaster story.
5- you want your neighbors pulling your home's value up, not the opposite

I unfortunately can't pull 20% down. I am thinking of cashing out investments for the down payment, but I like to keep my investments also. I guess I need more info on what a bigger down payment might provide me. Obviously it's like any loan, reduce the total cost to me, but I look at investments on the long term also.

I only said flip because I was under the assumption he was young and family-less. He can get a cheaper "okay" place instead of buying too much house, and build equity relatively quickly with short term and save monthly and annually on taxes-- and then if/when he needs space later, he's in a good place to flip.
Otherwise, I'm in agreement with everything you've said. People who are flipping regularly and/or cashing out equity are playing with fire.
Honestly, I'm of the opinion that you should never sell property, but not everyone can do that, and it is occasionally a hassle.

Who did you get your mortgage through and what state? I work for a mortgage company and I can probably ask.
PMI and HOA will factor into your payment, but if it’s your first place there are so many loan programs that could potentially allow my company to buy out your PMI with an extra percent for DPA

I got it through wells fargo. I did get a call from the credit union who I have my auto loan through, and I'm speaking with someone Tuesday or Wednesday. This is very preliminary. I just was curious what my buying power might be and go from there. I'm a very frugal person. It took me 2 years without a car to finally say ok, yeah, I can afford a car. Imagine me thinking about this whole mess.
 

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I am thinking of cashing out investments for the down payment, but I like to keep my investments

If they are in a retirement account I would not touch them.

Very wise to buy less than what you were approved for. Don't want to be house poor.

Although the principle/interest are fixed, taxes and insurance will likely go up over time.
 

moosemeister

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Yeah if avoidable, try to keep your investments where they are. Use your tax return, ask for a gift (make sure it’s immediate family!), keep your investments where they are.

If you need to talk to someone else, we do have a branch in Texas. Im not sure if there are DPA programs to help buy out the PMI in TX. But if you want to see what first time homebuyer, and down payment assistance programs there are I can pass along info!

We used a program here in AZ where they gave us 5% of the down payment and used 1% to pay off mortgage insurance. We don’t have to pay the other 4% back as long as this is the primary residence for three years.

I get being frugal, but home ownership is you investing in yourself. Pay for what you can afford. If you play your cards right the home equity will rise and when you’re ready to sell/refinance you can make out pretty well.
 

awfulwaffle

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If they are in a retirement account I would not touch them.

Very wise to buy less than what you were approved for. Don't want to be house poor.

Although the principle/interest are fixed, taxes and insurance will likely go up over time.

Oh no, wasn't going to touch my retirement, even though the first 10k is tax free to a first time buyer. I want to keep all of my investments growing af they are.
 
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Dirty Old Man

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I unfortunately can't pull 20% down.

Oh, sure, and that's not really surprising at this point, just something to look out for. There was a book in the 90s called "Rich Dad Poor Dad" written by a successful guy who claimed his dad was Poor Dad...I could relate. Life would have been so much smoother had I known things I didn't learn about until I was 30 when I was 20.

But now apparently 20 year olds are having to get out from underneath a much larger mountain of college loan debt that I completely escaped, so there's that *oof*
 
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TheLegend

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Oh, sure, and that's not really surprising at this point, just something to look out for. There was a book in the 90s called "Rich Dad Poor Dad" written by a successful guy who claimed his dad was Poor Dad...I could relate. Life would have been so much smoother had I known things I didn't learn about until I was 30 when I was 20.

But now apparently 20 year olds are having to get out from underneath a much larger mountain of college loan debt that I completely escaped, so there's that *oof*

Really old guys like me didn’t have to take out loans back in day because the tuitions were cheap then.

Wife though took out one not long after we moved to AZ in 2001 to finish getting her BS degree at UoP. She’s still trying to pay it off.
 

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I'm not dead set against student loans (like Dave Ramsey), but if taking one out you should have a reasonable expectation that they will lead to a career that makes it worth it. What's the ROI? Most 18-22-year-olds (including me) don't think in those terms. Degrees from private liberal arts schools almost never provide a good return.
 
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awfulwaffle

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I'm not dead set against student loans (like Dave Ramsey), but if taking one out you should have a reasonable expectation that they will lead to a career that makes it worth it. What's the ROI? Most 18-22-year-olds (including me) don't think in those terms. Degrees from private liberal arts schools almost never provide a good return.

My biggest issue with student loans is the government is giving out loans to people at astronomical rates. These kids have no credit history and proven history of paying off debt. I feel like student loans through FASB should have fed rate interest rates. That's the biggest struggle with student loans, interest alone takes up a majority if the monthly payments people will make.
 

moosemeister

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Maybe I’m an exception? I don’t think student loans are that bad. For most people who are realistic, your return on investment starts happening at about 12-13 years. In most cases, that’ll put you at about 33-35 years old.

I left ASU with a masters and was only about 31k in the hole. I’ve more than paid off 50% of the loans since graduation. I have a career. Granted it’s not amazing 6 figure salary, but it’s above the average household income in AZ. My fiancé is about 31k in the hole too and she’s a teacher. I believe if she makes on time payments for 10 years, they wipe the rest.

My friends went to Collins College (RIP lol). Left their schools with over 60k in loans and most of them don’t work in their field of study.

Sally Mae (now Navient) at the time had this payment plan. They were all broke so they couldn’t hit the minimum payment, but essentially they’d be making payments (0 of it hitting principal) so that they wouldn’t be considered late.

I suppose what I’m trying to get at is don’t go to these specialized schools and taking loans out. If you, or your future kids want to go hit the scholarships as hard as you can. The cost of college tuition is astronomical, and it’s scary. I’ve already started a college savings fund for my three year old. If she doesn’t go to school I’m gonna use it on hookers and blow
 
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Mosby

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The American college system needs a rethink. It’s a little better here in Canada but coming out of the gate 100k in debt is almost criminal. A lot of countries do it a lot better than here.
 

cobra427

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I'm not dead set against student loans (like Dave Ramsey), but if taking one out you should have a reasonable expectation that they will lead to a career that makes it worth it. What's the ROI? Most 18-22-year-olds (including me) don't think in those terms. Degrees from private liberal arts schools almost never provide a good return.
I am not a fan of student loans or debt in general. It is bad for kids to start off with debt and its too easy to get loans. The premise of going into debt in order to get ahead is a fallacy, especially at 18-25 years old. Work hard, make some money, go part time, live off campus, it might take longer to get your degree but you won't be buried in debt when your out of college.
 

Jakey53

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I am not a fan of student loans or debt in general. It is bad for kids to start off with debt and its too easy to get loans. The premise of going into debt in order to get ahead is a fallacy, especially at 18-25 years old. Work hard, make some money, go part time, live off campus, it might take longer to get your degree but you won't be buried in debt when your out of college.
Nothing wrong with student loans or debt if the ROI is going to be there. Many take out loans, then don't complete their degree and blame everyone but themselves. People take out loans for a business, then fail most times because of their stupidity, and again, blame everyone but themselves. My daughter has student loans from going to University for a PT doctorate degree. She complains all the time about debt, but I tell her she invested in herself, and treat it like a business. It would be nice to open a business and know exactly how much money you will make that first year. I agree there is a problem, but everyone wants a hand out, then when there is a bump in the road, they point fingers. Not sure what you mean by going part time, but my daughter's program was for 7 yrs. and if she took longer all she will be doing is delaying the evitable and will have debt later in life.
 
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Jakey53

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The American college system needs a rethink. It’s a little better here in Canada but coming out of the gate 100k in debt is almost criminal. A lot of countries do it a lot better than here.
If you make 65K a year coming out of school, why is a 100K is debt bad, or as you say, criminal? Open a business will cost more than that most times, but no one mentions the risk those people take, and what happens if they do not succeed. If you fail the banks don't care about you, they want every ounce of blood they can get from you to pay back the debt. It's hard and expensive to get a degree, hard and expensive to be successful in business. It requires hard work, and the is something most don't understand, and look for the easy way out. If you don't like the cost of university, or the price to open a business, do something else, no one is forcing you to do it.
 
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