i need thoughts/ advice/ input
 

Hi all, okay I've been on here a couple months now and I've mentioned that I am considering a move to Oklahoma. I currently live in Oregon and our rent prices are through the roof in my area. I did have goats and lost them in a move to the apartment where I am at right now.

Several things have happened to make me to some self evaluation, my goal is to get off of government assistance and get to a place where I can have my goats and maybe make some money raising them.

So anyway yesterday I got this real estate guide from the Durant, OK area and am in shock over the prices! I could actually pay less in a house payment than I would be if I were renting!

but here's where I need advice: I have never bought a house before. I have excellent credit, my scores are in the high 600's to mid 700's. But I have nothing for a down payment unless I were to borrow off my credit card.

Should I look for something close to a larger town? Will raising goats even make any money? I know that I will have to have a town job for probably up to 5 years... anyway I feel like I am rambling, I am just so excited about the possibilities! :dance:

I also wonder if now is the time to be doing any of this with the way our economy is going and the devaluation of our $ and gas prices skyrocketing...

where do I start? is it better to buy than to rent? :help:

thanks for listening! Misty

Buying is a good option, and you may be able to find an owner willing to finance the down payment or work out a lease/purchase agreement.

It may be better, however, to rent something for awhile and use your money/credit to buy livestock, equipment, etc. Try to think of money as seeds, and plant it in such a way as to get the biggest crop. Buying real estate may be a good long term investment, but it won't necessarily produce any immediate income.

I live about 50 miles from Durant. It is a college town (Southeastern). There is a ton of growth going on there right now. Also to the south of Durant about 40-50 miles is Sherman, Texas which that area is growing rapidly. Dallas, Texas is spreading out in all directions. I would think jobs would be very plentiful. There are quite a few people raising meat goats. That whole area has alot of farming around it. But I think I would try renting first, mainly because that area is a college town. It really is a pretty nice area and tons of nice areas all around it. Good luck

home insurance
 

something I hadn't thought of with buying... home owner's insurance, property taxes, various bonds and measures that impact home owners... I know they are constantly raising taxes to fund our libraries/ swimming pools, etc...

if I were to use my money/ credit to purchase livestock and equipment what would I do with them if I got to the point that I could buy a different place?

thanks Misty

To answer another part of your post, I am extremely skeptical of your ability to make any significant money from goats. I would post something on the goat board asking how many people there are actually providing their families only income from goats. I strongly suspect that the answer is zero.

What's the job market like in Durant?

renting in Durant
 

I have really been considering renting, several things have happened: I have been in contact with 2 people over there about renting, they call, they email, they send pictures and then they simply DISAPPEAR! :grump:
They don't call back, they don't reply to my emails... nothing, notta! It is very frustrating.
Also doing this whole housing search long distance is pretty tiring. I haven't been able to find a place with any sort of acreage on which to put my goats.
I only have 4 so you'd think it'd be pretty easy, but doing this online isn't bearing much fruit.
I think finding a job will be really easy for me. I have done just about everything and am willing to do just about anything. I am a drug free, responsible adult and have found that in my area that's a rare commodity! I have a very strong work ethic, so being late or calling in sick just aren't options for me.

All I need is just 5-10 acres with a little 2 bedroom and lots of trees! :)

Thanks for your help, Misty

Misty, I will look tonight and see if I can find you some websites or the local paper address or something. Give me a day or two.

IMO buying is ALWAYS better than renting. Well, almost always. If you have excellent credit, you can easily get a mortgage with no down payment. We did, twice.

Getting cash from credit cards for a down payment is a bad idea. Read your card holder statement. Most credit cards charge 20-25% for cash advances! Some banks will work with you even if you don't have the suggested 20% down payment. I would hate to take out a $10,000 cash advance at those interest rates. It would basically equal another house payment.

The newspaper for Durant is www.durantdemocrat.com. You can google southern or southeastern Oklahoma or northeastern Texas and get a lot of info. Also Durant is by Lake Texhoma which is a very nice lake. There are some smaller towns by Durant, namely Kingston or Madill.

I thought the mortgage market was going through a major upheaval right now? I think I would talk to some lenders and find out if they still do zero down financing before setting my sights down that road. Plus you would be in a new job (who knows how much it'll pay) in a new location. Seems to be high risk for a lender in todays market.

But I actually know nothing about the industry! :) Just trying to be helpful.

You might want to check into financing through the Farmer's Home Administration (FmHA). The last I knew if you didn't already own a home, and chose property that was rural enough, without too much acreage (no 400 acre farms), and had regular income to pay the mortgage payments, then you qualify. They have significantly lower interest rates as well, and (the used to at any rate) they offer calamity considerations -- like if you fall ill, or are out of work, etc. they will even waive payments and interest for a time -- like a year. If that program is available the area of OK you are looking at, you might want to check it out.

Also there an HT member named "Okie-Dokie" who might be able to give you some info on OK in general. I can put you in touch with him if you like. PM me for details.

Good luck!

MaryNY

While normally buying is better than renting, since you're moving to a totally new area, I'd suggest renting first. That way you aren't locked in if it turns out the area is not exactly what you want. Even if it is what you want, it gives you time to look around and find the 'right' place with the 'right' location. And time to really explore your potential market. Goats may not be what is marketable there. It might be chickens! That doesn't mean you can't have goats, but they'd be more for your personal benefit than for marketing.

Give yourself time to know the area.

Meg

Call the local HUD office and explain that you could make payments and have good credit, but have no down payment. Ask their advice, they are good at getting folks with not much cash into houses.

We did, at the advice of a realtor, and HUD financed us at 99% instead of the usual 70%. They gave us no money, and we did not want them to, but they DID make it possible for us to buy without a down payment.

Oklahoma has Enterprise Facilitation. If you want to make money with your goats, as breeding stock or dairy or fiber, contact the Enterprise Facilitator in your county. The office of economic development would have the number, as would the extention office (and probably the banks).

http://www.oklahomameatgoatassociation.com/
http://www.obga.org/

From:http://oklahoma4h.okstate.edu/aitc/l...cts/goats.html


One thing that you might think about: Oklahoma recently adopted a very strict law against undocumented workers. Hispanics are one of the market segments for goat meat. While the rules are aimed at illegal immirgants, many Hispanics have been moving out of the state.

While owning property is better than renting, I would agree with others who pointed out a move like this it would be wise to rent for awhile...even a few years while you sock every penny away you can for a down payment.
Even at the expense of liquidating your current livestock.
Credit cards must never be used except in a real emergency and only if you know you can pay the darn thing off within a month or two. You must have cash on hand or in the bank for unforseen car or truck repair, regardless of where you live.
Take advantage of automatic paycheck deposit into savings, as much as you can even if you can only afford to go out for a hamburger once a month and forget about those funds until you are ready to buy.
For several yrs after children grown up I saved 40% of my income (at the time we were a 2 person income) and we own our own property. Hubby got laid off, I made a few car truck & mortgage payments which took out a huge chunk, before goats. This is the reality, getting either sidetracked or shortchanged of your goals.

I agree with the suggestion to rent first. From what I've been reading, home loans are a lot harder to come by these days, so holding a job for awhile first might help your chances of qualifying as well as giving time to save up for a down payment. Besides, the area of your dreams may not be so dreamy after a year or so, and it's a lot easier to get out of a lease than it is out of a mortgage payment.

Another thing to keep in mind; when you own, all household repairs are yours too so it's not bad to have a cushion for those unexpected but inevitable expenses. Roofs leak, pipes burst, heaters/water heaters go out, etc. As a property owner, I can vouch that these repairs can be quite costly and usually happen when you least expect it (and are prepared for it!)

I read an excellent story in the Arizona Republic newspaper (unfortunately I can't locate the story online) on how first time homebuyers can "prep" themselves for their purchase. The author recommended researching how much a mortgage payment might run for the desired house in the desired location, what utilities, insurance, etc. would run and figure in for repairs. Then, while living where one currently is, put the difference between the rent and this "cost to own" in the bank. This way you'll see how your budget can handle the added expenses of home ownership and at the same time put away for a down payment. I thought this was a totally awesome way of trying the budget without committing to the purchase.

So, do the work and find out if it's cheaper to rent or own in the area you want...some places are cheaper to rent.

If you find it's cheaper to own, and you are "handy", get a fixer-upper...fix it, sell it, get another, do it again, and again, etc. Some you can find for as little as $10,000, which would be $2,000 down or less. Payment would be around $75-100 a month...maybe less.

Work your way up to what you want.

Mon

so much to think about!
 

Yikes there are so many things to consider!

I have been trying desperately to find a rental where I could have my goats and so far I am striking ZERO~! I talked to this one guy for a week and thought that it was a go and now he's completely flaked out. I have never known people that don't have the courteousy to just say no.

I like the idea of renting first, it's just how in the world do I find a place from clear over in Oregon? And if I were to go over there to find a rental what would I do with my critters while looking?

We found a beautiful little manufactured home with 15 fenced acres, it's going for $89,900... I just gotta figure out the whole mortgage/ loan stuff out... my brain is going about a million miles an hour!

Thank you all for your suggestions, I really appreciate it!

Misty

The housing market is in a downward spiral and won't pull out of it for several years. Park your remaining four goats somewhere with a friend, move to the new area and find a new place, job, etc. Then have the goats shipped or go get them. Rent for several years and save money for a down payment. House and land prices will be less in several years so you will get more by waiting. Figure that whatever you pay for a place now, it will lose probably twenty to thirty percent of it's value before it goes back up again.

My kids are in Sherman !!! We went there this last April , and visited Durant !!! I LOVE lake Texoma !!!!! BEAUTIFUL !!!!

Just 2 things to remember: If the housing prices are low, the local jobs pay little and might be hard to get.

And, never buy what you have not seen!

What DH and I did was, we applied for work in the area we wanted, and when we drove down for the interview we also looked at housing.