Guys,

I'll try to keep this as short as possible.

I have a chance to move from the Montgomery, AL area (which I don't care for) to the Marietta, GA area. I do like Marietta better, all except for the consistently heavy traffic.

My in-laws have a house that has, shall we say, been vacated. My in-laws own the house, but live in a 2nd owned house in south GA.

The previous ~renters / ~freeloaders have all but moved out. I'm considering buying it & moving in. I want some feedback from you guys because I tend to think that most of you guys are a lot like myself, and I have a lot respect for you guys and your opinions.

PROS:
The house will cost me 1/3rd the amount I owe on my current home. I could get 50% to 70% of the way to paying it off in cash upon moving in. And try to finish paying for it in the next couple years.

The house appraised for 50% more than what I can buy it for (these numbers may change depending on an aunt-in-law who is an Atlanta realtor & knows financial details about this house), I'm trying to get in touch with her.

The neighbors' houses on this cul-de-sac are very nice. I think the neighbors would LOVE me moving in there as their home values / sellability should increase.

Marietta is a valuable place to live / own a home.

Marietta is a great place to live to be a part of clubs, like DTR clubs for example.

This home has great potential to appreciate in value.

The schools in this area are some of the best in the state of GA. On average, WAY better than the ones in my area now. However, the elementary school that my oldest is going to now is very very good (but after elementary school, he'll have to wear gang colors and learn how to do drive-bys ... or there is private school which my wife I and do not prefer).

What ever job I manage to get, would be better than where I work now.


CONS:
The house needs a lot of work. The ~freeloaders who lived in it previously never did ANY up keep. If something broke, they just ignored it and/or expected "the owners" (my in-laws) to fix.

The yard is a mess. Basically no grass and probably 10 years worth of leaves. No big deal, just elbow grease.

I will be downsizing from a nice 2.5 car garage, and detached 2 car garage, to a one car garage that is currently stuffed with things needing to be taken to a landfill. More elbow grease, but no more parking my truck in a garage.

The house is probably around 1,600 square feet. My current house is 2,500 square feet.

My current house is in an area of Montgomery County that is appreciating quite nicely.

I don't have a job as yet in Marietta area.

My sons would be 2.5 hours closer drive to my maw & paw.


The Point of Doing This

Although I haven't read some of the books like, The Millionaire Next Door -or- Rich Dad Poor Dad, I'm sure I would be making a financial step in the right direction by making this move. That is, assuming I can find a good job and the deal on the house is really as good as it sounds.

I'm not hurting right now, but it would be nice to have more disposable income to be able to spend on my boys. Not that this would happen soon, but things like, I'd like to get 2 or 3 used ATV's and go off-roading/camping with them. Buy them nicer things. Or just to be able to have the option tell my boss where he can stick it if he requests me to do something that is not right, dumb, completely unethical, or is the kind of person I have no respect for and don't want to work for.

Basically, its a big stride toward FINANCIAL FREEDOM.

Any and all comments welcomed. And thanks.

- JyRO

 

Hey buddy,

Let me tell you, any move out of Alabama is a good one at this point. i haev been over here for 3 months now, adn it is dead pretty much. I stepped back 20 years in history coming over here. I like the people, but not the state.

Sounds like you will benefit financially if the in-laws make a little monsy off of you, and not a lot. Houses in the Marietta area are worth a lot because of the proximity of Atlanta. Anything you do to the house will make it's value go up. Just because it appraises for a lot, does not mean you have to pay that much for it. Not having a job over there yet, would be the hard thing, I (myself) could not move without knowing I have a job there first and foremost. You have a set amount of expenditures now because you are used to what amount of money you live on at your current job, can youmake the financial change with what you may have to lose as far as pay with a new job? Or if your field is high demand like mine is, maybe your not to worried about that.

Also, will you have your house sold before moving into the next one? Can you afford two house payments? You said the area you live in now is appreciating pretty fast, so I take it that you should be able to sell it pretty easy. That is as long as the new people do not find out that the lady down the street will be parking on their new tothem lawn when school starts back haha

Just common sense spilling out of me. it may not be any good to yah, but that is just SOME of the things i think on that situation.

Happy out

 

I was hoping you'd reply ... was even thinking of PM'ing you with a link. Man, you're really on the ball.

I certainly can't argue with that. That's the impression I had / still have when moving here. And, central standard time stinks when you're this far east.



I hate to sound like a turd, but here's a little more detail. The in-laws want to sell (me) the house for only what they owe. They don't want to make money, they want rid of it. The house is just a money trap for them. Plus, if they put it on the market, they'd have to put money into to make it sellable ... money that they don't have. They've re-financed it a couple of times ... I'm assuming that was done to keep it afloat. Which is a horrible thing to have to do. But they were stuck ... due to the free-loaders who only paid rent around half the time, and never fixed a thing, and never kept up the yard.

The job thing is my biggest hold-up. I'm a design engineer. I'd like to move into quality because there's more production in the south versus design. Its not a great field to be in, in the south. But I'm versatile, because us engineers are all basically genius's.

If I get what I think I can out of the AL house, I could easily take a lower paying job in GA ... but of course don't want to.



No, I will not have the house sold. I've discussed this with the in-laws and told them I will pay them 1/2 their house payment (which I can afford) until my AL house is sold, and the GA house purchase is closed. At that point, I'll pay them the other half of the house payments that I missed. My wife and I have a good relationship with them and they are flexible.

I think its important that my wife and boys go on and live there pretty soon, even if before I do because I may not find a new job quickly. I think my oldest son should start 1st grade in a new school ... and not have to change schools during the school year.

Plus if they're out of the AL house, it can be kept presentable to prospective buyers. My 3 little boys have a special way of keeping nearly all contents of their room scattered randomly through the entire house.

I think the parking in my yard is over. I think the lady down the street found out that I'm the V.P. of the neighborhood residential association as well and the V.P. - Head of the A.C.C. (architectual control committee).

- JyRO

 

Sounds like a deal that you can't pass up then...You get a house for what payoff is, and I assume that it is pretty low by now, depepending on how many times they have refinanced it and when the last time they did. If you and your wife can do your own work then, hey, your money ahead right there. Most house stuff that is cosmetic can be done by any ole weekend warrior, it is just that they have to have a drive to want to do it.

If you can fianancially justify it, then I would do it, and your right, you would only be making your life better with the move with all that is offered to you. Think of your childrens education, I know it is a long ways off, but the HOPE scholarship program will pay for pretty much all of college as long as you maintain a 3.5 GPA. That is how I went to Tech school for Drafting and 2 year college for my associates (need 2 more classes for this to be complete).
Got bogged down in work, and school took a back burner. And I do not owe a dime for anything, but you have to be an instate resident to qualify for this...

 

I've only ever rented an apartment, but I thought the landlord is reponsible for yardwork and normal upkeep on a rental property?

The local paper runs a rental property advice column and the columnist has written that a lease cannot include the requirement that the renter maintain the yard. The renter would need to be given a 1099 even if the payment is simply a rent reduction.

Brian Elfert

 

You're right, in a true renting contract, the landlord is generally reponsible for maintenance and repair. This was a family member(s) running the parents into the ground. And since they didn't even want to pay a rent payment (basically just the house note) half the time, the least they could've done was take care of the place. A sticky situation for the non-resident parents, to be sure.

- JyRO