Decisions Regarding Owning or Renting Your Homestead

Irish Pixie · #21 09/15/13, 08:57 AM

Quote:

Originally Posted by Grumpy old man

debating a $15.00 difference between a house or apt payment is a serious money problem wouldn't you agree ?

No. I have no idea what the OP's balance sheet looks like and am in absolutely no position to guess.

VannFe · #22 09/15/13, 08:57 AM

Quote:

Originally Posted by Grumpy old man

Your best option would be to worry about yourself and daughter 1st and medical issues . So the best option would be to sell anything you don't absolutely need (YES including your horses )and get your credit right to have a stable life for your daughter first ,Hobbies and wants can wait till you are in a better situation for the both of you . Harsh but true ! Reality sucks .

My horses do not cost me that much more. Stall rent is $50 for both of them and most of my hay I get for free by cleaning the local feed stores' hay barns and then getting busted bales and bags from them for free or paying a fraction of what they would normally cost. I've had my mare for 7 years, since she was 8 mos old and my daughter has had her pony for 3 years. They're both easy keepers and it's really difficult to sell horses right now. Especially going into winter. We used to have 3 and when I moved into the apartment I sold one for a ton of hay to put us through winter. That was when I started cleaning barns...to make that hay last longer. And if I waited till everything was perfect, I'd never have my horses. It's like waiting until you have enough money before having kids. lol It just never happens for most of us. Plus they provide health benefits for us both. I have assisted with the Therapeutic Riding program at my school enough to be able to prove this.

Irish Pixie · #23 09/15/13, 08:59 AM

Quote:

Originally Posted by VannFe

My horses do not cost me that much more. Stall rent is $50 for both of them and most of my hay I get for free by cleaning the local feed stores' hay barns and then getting busted bales and bags from them for free or paying a fraction of what they would normally cost. I've had my mare for 7 years, since she was 8 mos old and my daughter has had her pony for 3 years. They're both easy keepers and it's really difficult to sell horses right now. Especially going into winter. We used to have 3 and when I moved into the apartment I sold one for a ton of hay to put us through winter. That was when I started cleaning barns...to make that hay last longer. And if I waited till everything was perfect, I'd never have my horses. It's like waiting until you have enough money before having kids. lol It just never happens for most of us. Plus they provide health benefits for us both. I have assisted with the Therapeutic Riding program at my school enough to be able to prove this.

No worries, your horses cost you less than a dinner out where I live and you don't need to justify having them to anyone.

Wolf mom · #24 09/15/13, 09:04 AM

First of all wants are entirely different than needs, although we can play with our mind and try to turn wants into needs. Needs further you along in life. Want's make life temporarily nicer.
Also substitute can't with won't and that is closer to the reality of many situations.

I see your needs as starting with an ill daughter and her need to get to the doctor ASAP at times.
Then comes your credit report - Many rentals require a credit report so that leads me to think cleaning yours up may be a need for your future.

Aside from wanting your horses with you (and yes, I did buy property for that very reason) homesteading is a major time & money pit all it's own. You are caring for an ill child & going to school - now you want to add driving time AND pour money into a project that is not yours?

Life is not an either or proposition. There are many alternatives right now that you can do in an apartment to help transition you to homesteading in the future.

My bottom line suggestion is to be brutally honest with yourself and make a pro/con list. You'll then see where you need to be at this time in your life.

Grumpy old man · #25 09/15/13, 09:04 AM

Yes I see you enjoy having them BUT they are an expensive hobby at best and I saw you just posted that you have down payment money but no credit or bruised credit so I suggest you use that money to pay off the credit issues and sell the horses to lighten the load so to speak and focus on finishing school and your daughters health until you can afford it and have the security and lifestyle you want with the homestead of your dreams! If this is unacceptable to you then all you really want is someone to agree with you and not provide a solution .

VannFe · #26 09/15/13, 09:05 AM

Quote:

Originally Posted by fordy

................Are you working and paying for your monthly living costs , or , are you using student loans to pay your living costs ? I'd minimize my living costs to mimimize student loans ! Once , you finish school , your monthly loan REpayments will significantly inhibit your ability to finance a homestead . , fordy

I am paying for my education, thus it may take a bit longer than 2 years, even if technically I could finish all the classes within that time period. I am not accruing loans. I rely on my own money and any scholarships I can get. I do not work, I had a health related settlement that pays for my rent and then I save what I can each month to cover my school. I also make a lot of stuff. I used to sell at the Farmers Market, but since moving into the apartment and not having eggs or produce to sell, we stopped having a booth there. I also homeschool my daughter and she comes with me to school, so I do not have childcare costs for her. Other than my utilities, rent, and food costs, I don't have a lot of 'bills'. I own my truck, but of course money goes into it for upkeep, and then twice a year I pay for its insurance. I had considered getting a car, to lessen the miles accruing on my truck, but I've decided to just keep it to my truck. It's been good to me, although I had to replace the tranny at 138k...

am1too · #27 09/15/13, 09:06 AM

Quote:

Originally Posted by VannFe

I am facing a dilemma that I would like everyone's opinion on. I am currently living in NM, not my hometown, for school and I still have at least 2 years left, more like 3. I'll move to wherever I get work when I'm done. I'm not getting any younger, nor is my daughter, and we want to have a small homestead again. I had rented a place a couple years ago, that the landlord decided that he wanted to move back into, and since I've been in an apartment that I'm sick of. I'm boarding my 2 horses at my school, roughly 8 miles away. And I'd like to have them with me again.

My situation is this... My credit needs some work, which I'm working on, and I won't be able to buy a place based on my FICO for probably close to a year. I'm not really sure I want to buy a place here either, even though I've been here for 6 years. I've been looking at houses to rent and have found 2 that I'm considering. One has a much more efficient, and just plain nicer, home and property, but it's 30 minutes outside of town and from any grocery, less land, and inconvenient to get too. The other has a little over double the land, 10 min closer to town and 5 from a grocery store, and has an outbuilding that the other does not, however the house is MUCH less efficient and although bigger, not as nice. Same rent. I wish i could switch houses. ;0)

I cannot decide if I want to just stay in my apartment and wait until my credit will support a mortgage, or just rent someplace again. It will realistically be 3 years until I'm done with school due to finances and able to move from this area, possibly longer. And if I choose to rent, which place should I choose, or just wait and see if I find another property that has the best of both worlds (house/land/location)?

Thank you for any input! I've been mulling this over all week. Checking my credit and everything.

BTW I realize that a 30 min drive for most is nothing, I was raised in So. California so I grew up driving 2 hours in to work each morning. But now I really don't want to waste the gas (in a truck), or my time, driving further than I have to for school and then anything else that comes up (i.e. doctor apts...of which we usually avg 2 a week).

My vote is for close. This is a temporary problem for you. Many places are for sale here with the cost of commute. Many can't afford both.

Irish Pixie · #28 09/15/13, 09:07 AM

Quote:

Originally Posted by Grumpy old man

Yes I see you enjoy having them BUT they are an expensive hobby at best and I saw you just posted that you have down payment money but no credit or bruised credit so I suggest you use that money to pay off the credit issues and sell the horses to lighten the load so to speak and focus on finishing school and your daughters health until you can afford it and have the security and lifestyle you want with the homestead of your dreams! If this is unacceptable to you then all you really want is someone to agree with you and not provide a solution .

Seriously? VannFe asked for suggestions and doesn't have to take your opinion of a solution on anything. You are badgering her.

Grumpy old man · #29 09/15/13, 09:11 AM

Quote:

Originally Posted by Irish Pixie

Seriously? VannFe asked for suggestions and doesn't have to take your opinion of a solution on anything.

I gave a suggestion ,Take it or leave it it's only a suggestion and MY OPINION ,SERIOUSLY !

VannFe · #30 09/15/13, 09:12 AM

Quote:

Originally Posted by Grumpy old man

Some people (NO ONE IN PARTICULAR) just can't afford horses and to fulfill a want over a need is a bad Idea for you and the horse .

This is true. I have seen ppl collect them like stamps and then not be able to handle vet bills, feed expenses, etc. I am fortunate in that I've known my vet for years, knew him when I lived in CA and then was surprised to find he moved out here, and so my vet costs are usually at cost. Most stuff I do myself. Any surgeries, I participate in. Any medications that are given, I do myself after meeting his tech somewhere and getting the meds, or he'll call in the script for me. After being a farrier and working as a groom on the horse showing circuit when I was a kid (that's how I paid for my rabbit showing/breeding addiction) I've learned to do A LOT on my own. So for me, they're not to expensive, the feed and board is the biggest expenditures. But I get a break on the board by keeping them at the school, as long as I'm a student, and even if I'm not for a semester, the board doesn't go up that much. I don't need a fancy boarding stable

Grumpy old man · #31 09/15/13, 09:17 AM

I have to ask what are you going to school for ? Will you finish with a degree ?

VannFe · #32 09/15/13, 09:23 AM

Quote:

Originally Posted by Grumpy old man

Sorry but I have to say it if your counting your money right down to the point of a $15.00 difference you are putting the cart in front of the horse and can't afford either .sounds like 1 extra vet bill or God forbid Dr visit would put you in serious trouble and from what you've said you can't afford it .

I have always been very frugal. I clip coupons, won't go to a restaurant unless I have one for it, and have survived, quite well, on very little. I make everything from scratch and prefer it that way. Those that are wealthy don't usually blow all their money on junk either. I know of several VERY wealthy people. My father is one of them. And yet, I am very cheap. It's a choice. No, I'm not a surgeon like my brother or investor like my dad, but I also have more with less, in many ways. I too, was pre-med with a full ride to vet school until I messed up my back. 5 herniated discs, 4 bulges, 3 bone spurs and a pinched sciatic nerve do not make going to vet school an option anymore. I currently have 2 Associates Degrees and am working on double majoring in Animal and Range Science with several minors. Just because I'm frugal doesn't mean I'm broke or lacking in intelligence (common sense). And even if I was broke, it wouldn't necessarily mean that I couldn't pay for my vet bills. I used to set up payment plans for ranches and farms for their vet and farrier expenses all the time. Everyone has a cap on what they are 'willing' to afford. And anything can be done with the right desire and motivation.

VannFe · #33 09/15/13, 09:25 AM

Quote:

Originally Posted by Irish Pixie

Since you have stated you have the down payment VannFe but not the credit to get a mortgage right now I'd wait to find the perfect place even if it is after you finish school. I'd keep looking for nice places to rent in the meantime tho, you never know what will pop up. Good luck.

Thank you very much for your sincere advice and perspective. It is greatly appreciated.

AngieM2 · #34 09/15/13, 09:31 AM

Just remember you do not have to reveal any information here that you do not wish to.
And remember anything posted will be on the internet possibly forever somewhere.

I only remind you this because you're new, and some as too much about a new person asking for advice.
But, information also allows for a more informed piece of advice.

VannFe · #35 09/15/13, 09:35 AM

Quote:

Originally Posted by Wolf mom

There are many alternatives right now that you can do in an apartment to help transition you to homesteading in the future.

My bottom line suggestion is to be brutally honest with yourself and make a pro/con list. You'll then see where you need to be at this time in your life.

What ideas did you have when you mentioned 'alternatives'? I'd love some ideas... :0) I've been trying to grow vegi's on my patio, and I'll be honest, I can't seem to get any produce. Or what I get is pitiful. They grow beautifully though. When I have ground to plant, I get 7+ foot high tomato plants and giant squash plants that produce an abundance. But with pots I really struggle to get edibles.

Grumpy old man · #36 09/15/13, 09:36 AM

Too each their own ,But bad credit needs to be fixed before anything else or it will affect every aspect of your life and and having money but not paying off your debts to fix it ????

fordy · #37 09/15/13, 09:46 AM

Quote:

Originally Posted by VannFe

I am paying for my education, thus it may take a bit longer than 2 years, even if technically I could finish all the classes within that time period. I am not accruing loans. I rely on my own money and any scholarships I can get. I do not work, I had a health related settlement that pays for my rent and then I save what I can each month to cover my school. I also make a lot of stuff. I used to sell at the Farmers Market, but since moving into the apartment and not having eggs or produce to sell, we stopped having a booth there. I also homeschool my daughter and she comes with me to school, so I do not have childcare costs for her. Other than my utilities, rent, and food costs, I don't have a lot of 'bills'. I own my truck, but of course money goes into it for upkeep, and then twice a year I pay for its insurance. I had considered getting a car, to lessen the miles accruing on my truck, but I've decided to just keep it to my truck. It's been good to me, although I had to replace the tranny at 138k...

...............I was afraid you were taking out student loans which take a lifetime to repay . You're doing the best you can with the income you receive and raising your daughter as well so you'll arrive at a plan that gets you where you want to be in the future . , fordy

Bellyman · #38 09/15/13, 10:17 AM

I suggest taking the option that will fit your needs the best but cost you the least in dollars.

If you need a place to be growing some food, an apartment is really not cutting it too well. That's understandable. I wasn't sure if you were intending to move the horses to your new rental or not. (?) If so, that would save you time, and that might be important to your quality of life.

I wouldn't stress a whole lot over a temporary rental type of position. It's temporary. And it being a rental, the one that "needs work" would kinda worry me because it wouldn't be your property. Improving it would be giving your investment to someone else unless you had some kind of deal that your rent $ would be offset by what you put into the place. (I've done that before. It can work. They get their property fixed up, you get to stay free or very cheaply while you're working on it.) And there might be things that need to be fixed up that wouldn't really bother you if they weren't fixed up.

You do mention "efficiency". I did live in an old farm house for a few years that took over $1,000 in fuel oil just to heat it, and in today's world, that would be over $2,000 with today's oil prices. If you're paying the utilities, efficiency does matter.

A commute can be expensive. Your truck probably doesn't get but 20 or 25 mpg so if you're running an extra 2 gal of gas a day, that would be $180/mo in gas plus oil changes, tires, brakes, etc., aren't free. Your new transmission emphasized that. Not saying that commuting is bad. But it's not cheap.

It doesn't sound like your ideal property is in that general part of the country anyway so no need to invest any more than necessary to be basically comfortable. Heck, even the idea of building the soil for a large garden plot on a piece of rented ground kinda rubs me the wrong way. LOL! But I'd do it if I thought I'd be there long enough to reap some benefit from it.

Probably not much help. But thought I'd at least chime in.

Best of luck.

BTW, you mention wanting someplace more "green"... any general areas in mind?

VannFe · #39 09/15/13, 10:20 AM

Quote:

Originally Posted by fordy

...............I was afraid you were taking out student loans which take a lifetime to repay . You're doing the best you can with the income you receive and raising your daughter as well so you'll arrive at a plan that gets you where you want to be in the future . , fordy

Nope, I don't qualify for any type of financial aid because I have so many credits. Regardless of whether or not I utilized financial aid to get those credits. This was due to having earned 2 Associates Degrees prior to deciding to go on to get a Bachelors. I initially didnt' have any intention of going for my bachelors, and it wouldn't have changed my mind, but it would have helped to know that once you hit a certain no of credits you're ineligible for any type of financial aid other than scholarships, that WOULD have changed my mind on the 2nd Associates. Most of my Associates credits, even though they were in the same field I'm getting my Bachelors degree in, still ended up as electives, not counting towards my degree at all. I had an academic scholarship for most of my time here, up until this year actually. Now I'll be going part-time till I finish, and that's based on physical need more so than financial. I just can't do 15cr a semester anymore, which is what's recommended. I give huge kudos that can work full time and go to school full time. They are seriously under-apprciated. lol

Grumpy old man · #40 09/15/13, 10:27 AM

So I have to ask what are you going to do when your done with school ? occupation wise ?