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randysable is moving forward. Hopefully.

walk to work (read all 5 entries…)
Good news: I cheated.

I wanted to walk to work by living close to work. In my mind, I’d defined that as doing the following:

A.) Fixing up my current place so that it’s peak condition.
B.) Listing my current place in hopes of selling it.
C.) Eventually selling it, hoping to get at least $55k above the outstanding debt. (it was an REO, so in theory that could happen.)
D.) Use this bonus equity to put 20% down on 2-bedroom unit that’s across the street from work.

But then a year and a half went by and I was almost no closer to my goal then when I’d started. And then Monday something happened; I woke up at 2am and couldn’t get back to sleep so I lied in bed ‘til 5am. The real trouble was, I was under deadline and if I fell asleep at that point, I’d sleep through any number of alarm clocks that were set to go off at 7. So with 4 hours of sleep under my belt, I headed to work. While en route, I checked MLS on my phone and saw that there was a 1-bedroom a half-mile from work that I could afford to put 20% down on right now with the cash I had on hand. Doing a little more research I found a 2-bedroom that was a FannieMae REO and didn’t even need 20% down to avoid mortgage insurance. I could live there within walking distance of work and renovate the first when time permitted.

I was thrilled, because it meant in theory I could pick that place up while a friend rented out my current unit and covered almost all of the cost. Tuesday came and the same sleep pattern occured, instead this time I woke up at 1. This time I immediately got dressed and headed out (the deadline was officially later that afternoon,) made the deadline and then came back home and passed out. While at work today I thought of something: why try to buy a second place and jump through the near endless hoops again, when I was even more likely to be rejected due to the first mortgage, when I could just rent a smaller place across the street from where I work for the same cost? I know I wouldn’t be building any equity off the expense, but the building with the 2-bedroom unit in it was also really old and had HOA payments of $685/month, when a year ago they were only $450/m. The more I thought about it, the less attractive buying the second place in the older building appeared. Plus the rental was closer and had a balcony (and if you have spent any extended period of time in attached dwellings that don’t have balconies, you know how much you miss the outdoors.)

So there we have it, I redefined my goal to exclude buying the place . . . for the time being. In the mean time my place out in here in FauxPas will be more or less covered, building equity, and I’ll have more some 90 extra minutes of waking daytime to do whatever.

The soonest they’d let me see the unit on Friday, and I’ve got my fingers crossed it works out until then.



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