Cocoa Rican charged me up, saying that I had not posted in a while. Well, the reason behind it is because of the fact that I have been so preoccupied and I feel guilty about posting when I am not getting the chance to look at my fellow blogger’s blogs.
Anyway, here goes:
As you know, a while back I posted about looking into me, my mom, nephew and younger siblings all attempting to move under one roof. Well, last week I started the steps towards that goal. On last Wednesday, we had a little family meeting to make sure that everyone was on board. The surprise from the meeting was that my little brother was the main pain in the ass. My sister was all good. Now I have gotten my pre-approval and we have started looking at five bed room houses.
So, here is the plan. First we find a house we all agree on. My sister went to look at one today, that she fell in love with. It’s a little further out than I wanted to commute, because right now I am only 15 minutes away from my job, but if it’s a good house…I’m in. Anyway, tomorrow, we are going to see Madea goes to jail and from there to look at the house.
Once we find the house, if all things go according to plan, I will put my house up for rent and we will put my mom’s house up for Section 8. Before we put my mom’s house up for Section 8, I am considering paying it off. The new house will be in my name, since I have near perfect credit. The little money my mom gets from social security, we will now put into a saving account for emergencies. The money we get from my mom’s house we use towards the mortgage on the new house and the money I get from my house, if God is willing, will go to pay off my house, with a little extra.
While we are waiting for all of this to happen, I will pick up the bulk of the builds, since it will be my house, and I will ask from a small amount of rent from my little brother and sister; plus we will share the cost of utilities.
Of course, my little brother is stupid. He wants us to purchase a new, flat screen, high def, plasma television (which we can, if he buys that bad boy). I already have four color televisions in my house, and one of them is one of those big bastards people were buying before the flat screens became popular. He also wants up to buy all new furniture, which is stupid. My leather living rum set is only two years old and very nice. (yeah, my little brother is stupid. Love him to death, but the reason for this move is to save money and own property….not to go into debt). His ass is all talk anyway.
The ultimate goal is to be there for the care and welfare of both my mom and my nephew. But if everything works out according to plan, we will end up with three homes, two of which will eventually be paid for, in full. That way, if anyone meets the love or their life, or whatever, they have a home of their own to move into. Plus, when Manny and I return from Disneyworld, we can surprise him with a puppy of his very own (because if that boy claims another dog, that belongs to someone else, as his own…..).
By the way, did I tell you that I booked the trip to Disneyworld? Yep, we are go to go. We will be staying for seven day at the Disney Pop Century Resort, get seven theme park ticket a piece, round trip tickets, and insurance on the packet, incase of unemployment or major illnesses. All for under $1,500.00. I thought that was pretty good. Of course, by the time we return I will be either bald or gray haired, and probably regretting any big purchases I made before we left.
-One Man’s Opinion. Peace.
29 comments:
Sounds like you have a good plan to not only help yourself but help your family. I wish you all the best on it. More people need to be thinking like you.
I've never been to Disney world but that sounds like a good deal to me, Have fun!
Well, glad to see you doing well, bro. Now ... the lecture!!
Even with family, you need to get ALL the living arrangments in writing. Yeah, I know we all like to live without paperwork, like we're all still hunter-gatherers in Zimbabwe, but as one of my legal professors (a black attorney) was always fond of saying about our folk who live without contracts, "Teeth and Tongue Fall Out ..."
Secondly, if I find out you bought a house with "no money down," "interest only," or an adjustable rate, I'm driving to Texas to do a citizen's arrest on your black ass!
Everyone else on the blog will give you high-fives for your good intentions, but unfortunately as your brother from the OTHER side of the law (attorneys and paralegals), everyday I deal with those who had "the best of intentions" and end up ass-out from not having written contracts.
That being said, I hope it works! Now, do your thing and go find some damn obscure YouTube clip of RuPaul dancing to "Single Ladies" ... (LOL)
I think the plan sounds good as long as everyone stays on board. Have ya'll talked about rules and what not yet?
The Disneyworld package does sound like a good deal. Is food included? Then it really will be a good deal. Ya'll gone be tired. You know little kids at Disney world can ride damn near every ride.
So.... you have been living alone and yet you have managed to put 4 tv-s in your house? I don't get it.. *lol* ;)
Greetings from the netherlands.
p.s. Nope, I didn't buy any of the stuff MJ was autioning.. I didn't even know he did that - I'm not very much in 'jackson world' (as fans like to call it) anymore.. hehe.. just enjoying the old music
Glad your back pa! I was beginning to think I was going to have to come down there, commit a crime and have you rough me up and try to arrest me to hear from you again...LOL. The house thing will be great...We both have birthdays in August, so don't play. I'm thinking of having drinks for mine at the new crib. I've done Disney the last two years and absolutely loved it - think I loved it even more than the Minnie! Keep us posted and post lots of pics - preferably with you smiling a lot.
You truly are a good man. Sounds like a good plan.
I can't imagine living with my sister and mother. Someone would end up dead.
I wish my son could go to Disneyworld too. The only time he gets to play with kids his age is at daycare.
First off, if you're not Superman I don't know who the fuck is? You NEVER cease to amaze me.
The love and dedication you have for your family is NOTHING short of INSPIRING!
♥ you for it dude. ♥ you long time.
Secondly, your ass better take a TON of pics at Disney world. I wanna see it all!!! We're taking our 3 nieces and nephews next year....God save me now.
SOunds like a plan! You've got a lot going on, hun. I hope you have as much fun at Disney as the kid does.
JB
THIS IS MY DREAM! You know I am living with my youngest son, and his family and loving every minute of it. I wish they all could move in. It just makes sense in this economic time! And will be GREAT for Manny!
I'm happy to see you are staying on property. it's just the way to go! Park your car and use the Disney Busses. less hassle. I've never stayed at the pop resorts but I heard on the news that Florida tourism is down. So take advantage of the deal! Have fun!
this is sounds pretty economically sound. Hope it's fun too. And that sounds like a good deal for Disney!
Good Luck on the New Home Plan!
Oh Kids have a way to let you buy everything they like.
Oh I'm so glad to hear you got such a good deal on Disney! You guys are going to have a great time. Keep saving though, you will need lots of spending money while you are there :)
As for the new house, happy house hunting! It sounds like all of you get along really well, so I think it will be ok. Make sure to send us pics of the new house!
Better you than me, Bro'. I can't imagine living "under one roof" with my siblings, now that we're grown. It was bad enough when we were kids! But, like one of your other commenters said, you guys do seem like a very close-knit family, so maybe it'll work out. I hope so, for your sake.
Oh, and follow all of Mark D. Aster's excellent advice, when you purchase the house. :)
What does putting your mum's house for section 8 mean?
Also, you know how they drive you crazy- I hope you have some granny annex for yourself.
Sounds great though.
Thanks for all the words of encouragement and thanks for the words of advise, Mark.
Okay, Section 8 is a government program where the government helps low income families (normally single mothers) to live in a house at a minimal amount, while the government pays the bulk sum.
Ha, it is so interesting how my family works. Here i was thinking that i was going to be doing all the leg work and making the call on the house. Guess what, my mom is all over this. She is searching for home on the internet (something i didn't know she knew how to do). It is so cute. But the funniest part is that everyone, my cousin and my niece, are trying to get me to rent my house to them. What the hell? We haven't even found a home of our own yet and the vultures are already flocking in.
Whatever. I ain't even (ebonics), trying to rent my house to family, so they can feel like they can miss a payment and think I want evict their asses straight up out and not shed a tear.
Whatever. I ain't even (ebonics), trying to rent my house to family, so they can feel like they can miss a payment and think I want evict their asses straight up out and not shed a tear.
Doesn't matter whether it's family or not. GET IT IN WRITING! And don't be pennywise and pound foolish. Pay an attorney a FEW HUNDRED (or less) UP FRONT to review the lease, etc. so you won't be paying a lawyer THOUSANDS on the back end trying to evict some crackhead that ruined your property and got it confiscated by the DEA for hosting a MethLab in the garage (LOL)
I mean, that WOULD be kind of fucked up to see a cop's house on ... COPS. (But I'd still laugh ... sorry, Bro) ...
Mark D is right! I have been in litigation for yrs at about $100,000 in legal fees so far over family land because we didn't get things in writing.
I would go a step futher and say:
1. D o not rent to any family ever.
2. The members who are living with you should all commit to writing what they pay in and what percentage of the house they are entitled to, should you sell in the future. Make clear in writing that their rent is only rent and does not entitle them to a 'constructive interest'in the house.Otherwise a constructive trust which would be created simply by paying you money, as rent ,but wich helps pay off the mortgage, or any work on house which increases it's value.
Property law is very complex, expensive and one can inadvertantly create trusts-whereby family members earn a share of the house with the deed holder holding the house-and everyone's acquired earned share-on trust,with a legal obligation to divide up the kitty after a sale,without even knowing it!
Anyone who chips into the cost of the house,whether initially,at purchase, or through their rents going towards the mortgage[unless they have leases and are classified as 'paying tenants'] or even adding to the resale value of the house such as repairs, decorations wther they contributed financially or through effort begin to acquire a percentage of the house , as part owner!
If they help cover expenses, ensure that they do not add to value of house-like heat and hydro bills,telephone etc.The 'running'of the house bills do not acquire a constructive interest.
You also want to ensure they do not end up as 'owners in common' either ,nor do you want to create a trust without realizing it.
Not following Mark D's advice could bancrupt you one day, if you had to fight such issues in court one day.
But do not go to a general lawyer who deals in leases- go to a property lawyer who only deals in property law. In the long run it will be cheaper as they are experts,whereas other lawyers of other fields are not and would not know half of what I have just mentioned.
P.S It's better if you move in ,taking possession of home first, and then have leases drawn up after,but before they move in.
I would get very specific IE
Sister 1 rents bedroom 2 at cost of----but has communal use of---for as long as she remains a tenant.Make sure lease stipulates some sort of clear caveat [not open to misinterpretation which a /non property lawyer could accidently create.Then you will be fighting in court anyway,over an interpretation of a clause.] something clear like she is a lodger and lease does not confer upon her any entitlement or share in equity of house now or in the future.
To avoid anyone acquiring contructive interests in property equity is why landlords don't let tenants paint ,wallpaper, change floor coverings or even upgrade shower heads.
This is why a lease would need to be done properly so that if brother painted his room,changed the carpet, they all chipped in for better bathroom suite, they did not all gain shares in house.
Remember they will ll want to decorate their rooms.
A lease is nullified if it breaks the law- like simply saying their decorating rooms will not acquire interest in equity-if the law says they do- your lease would not stand up as one can't sign away their rights.
Also, as lanslords [as that is what you and your mum will be]ensure that they are advised in writing to have an independant lawyer look over their lease prior to signing.
All this advice applies to not only your individual houses ,but the house you intend to share.
Then keep original copies of all documents off of property in a safe that only you have access to.
Lawyers only have to keep files for X number of years, so do not leave them with lawyers.
Most people regret these family arrangements later, as they often destroy families,so everyone needs to know, nd agree, where they stand and you have to treat them as non family whilst th legalities are being worked out.
Another consideration: The housing market has not hit bottom, yet (sorry, but Obama and THE NEXT president will still be cleaning this shit up, decades from now). Example: You buy a house with a $80,000 mortgage in 2009. The market may bring the value down to $65,000 by the end of 2011. Now, instead of equity, you owe a $15,000 deficiency.
So, the HUD thing might work if you can buy it a decent price, there aren't too many regulatory requirements and associated costs for "fixing it up," and the other associated costs with living in HUD housing (increased crime and insurance rates, fucked-up neighbors, etc.) don't cause you to go into the "red."
Now that I think about it, you should talk to a financial planner, too. Sorry, it seems like I'm fucking up your dream, but everyday I help folk sweep away the broken dreams that fell and turned into shards of nightmare (how's THAT for a metaphor!).
Ubermouth: sorry about your troubles. I disagree about family and real estate. For example, if One Man's mother had a home she owned outright and needed cash, an inter vivos trust arrangment would be a great way for her to stay in the home for the rest of her natural life, get cash from selling to the children, and keep the property in the family without having to get involved with reverse mortgages.
Sound like a solid plan if everyone is on the same page.
That's not what I meant Mark.
I meant if One Man and is mum togeher used equity from their houses to purchase one, it needs to be clear they are th only ones wo own /accrue equity in communal one. Vis a vis family- if they were renting rooms out to strangers they would not think twice about legally protecting themselves whereas with family people tend to have oral agreements or none.Not only does this false sense of not needing to be as diligent with family cause legal nightmares, it also divides family when everyone feels 'taken.'
Are you a property lawyer Mark?
I find property law fascinating,don't you?
Nope, not a lawyer (I'm an analyst at a firm), I don't give legal advice. Just a few observations from one erstwhile artiste to his cyberspace homie.
"Damn near perfect credit" Now that's sexy!lol, I couldn't get past that line.Seriously, I admire the fact that you all are willing to live under one roof. Although I wish I could, especially in these times, it can never be. I wish you the best and have a ball with your nephew at Disney!!!
Am I the only one that thinks this is a bad idea on so many different levels starting with you just throwing away your personal and private moments to whatever drama that will be going on elsewhere in the house.
But, Curious, people PAY to watch drama these days. A few webcams, and One Man has a whole new revenue stream!
Mark, somehow I don't think the Dallas PD would like to see one of their officer's home life plastered all over the TV like a black version of Jerry Springer. So unless stringing up those webcams is going to cover the loss of a paycheck, then I'm even more against it, but that's not my call.
And One man I'm not really comparing your family to Jerry Springer, but you have to admit from the stories you've told there's a similarity.
i have faith that the first plan will work and enjoy the magic kingdom folk
Whew!!!! That's a serious plan! I hope it all works out. Your family is lucky to have you in their life.
What do you do if/when you get married?
Sounds like you are making a plan happen but the question I have is, how will this house full impact your love life. You are single right? SO what happens when you are ready to boo up or bring a boo by for a jump off??? For real?
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