payment options
#23
Banned
RE: payment options
I'm predicting future factI will need to buy out relative's share of my mom's house soon...(she 77 and failing)......I donated an acre to her and built her house next door back in '94 and it's paid for, but her Will states my dead brother's children get half.
So I looked down the road and made some long range plans.....once she is gone I planned to buy out relatives share and then rent out both mine and herswhile I relocate to better fishing and get really deep in the woods........I then looked at my credit scores.....700........Hmmmm, kinda low cause I only owed on my house....no credit cards or revolving accounts....My income to debt ratio was 10%, but lacking credit history.......And also fact credit market is evaporating.......So in order to boost credit scores to 750's or higher so's I could guarantee super low rate loan to buy her house, I financed both bikes last fall....My house is nearly paid for but didn't want to encumber it with equity loan or borrow against 401K to buy her house from kinfolks.
I paid 7.5K cash down on bikes and got good rate....my scores are already bumping upwards......I put both bikes on auto pay and even got myself a credit card....first credit card in 20 years....it's on auto pay too....The good part is my Navy retired pay more than covers my house note and bikes and all other fixed expenses...so my day job is gravy to be saved or squandered as I please.....I'm liquid if needed.
I too hate credit...but it is a tool and youshould sometimes use it....I plan to die with something left to leave my son.....he's 30 and already owns several rentals and got there all on his own......I don't want the divorce tween me and his mom to cost him.....I owe himmore than that.
Yeah, I'm out there riding Harleys and keeping the dance pole wet and I have married/divorced several women half my age, but in the end my son will inherit more than just my debts and mistakes.
Edited to say............You know, no good deed goes unpunished.....I built that house on my land and now I have to buy it back.....heh, heh......."never invest in women!"......No, I don't hate my mother!....I'm just sick of watching women gut all the equity and effort a man attempts to build and pass on.
My son will inherit my property, but these two Harleys and me will be wore plum out I promise!
So I looked down the road and made some long range plans.....once she is gone I planned to buy out relatives share and then rent out both mine and herswhile I relocate to better fishing and get really deep in the woods........I then looked at my credit scores.....700........Hmmmm, kinda low cause I only owed on my house....no credit cards or revolving accounts....My income to debt ratio was 10%, but lacking credit history.......And also fact credit market is evaporating.......So in order to boost credit scores to 750's or higher so's I could guarantee super low rate loan to buy her house, I financed both bikes last fall....My house is nearly paid for but didn't want to encumber it with equity loan or borrow against 401K to buy her house from kinfolks.
I paid 7.5K cash down on bikes and got good rate....my scores are already bumping upwards......I put both bikes on auto pay and even got myself a credit card....first credit card in 20 years....it's on auto pay too....The good part is my Navy retired pay more than covers my house note and bikes and all other fixed expenses...so my day job is gravy to be saved or squandered as I please.....I'm liquid if needed.
I too hate credit...but it is a tool and youshould sometimes use it....I plan to die with something left to leave my son.....he's 30 and already owns several rentals and got there all on his own......I don't want the divorce tween me and his mom to cost him.....I owe himmore than that.
Yeah, I'm out there riding Harleys and keeping the dance pole wet and I have married/divorced several women half my age, but in the end my son will inherit more than just my debts and mistakes.
Edited to say............You know, no good deed goes unpunished.....I built that house on my land and now I have to buy it back.....heh, heh......."never invest in women!"......No, I don't hate my mother!....I'm just sick of watching women gut all the equity and effort a man attempts to build and pass on.
My son will inherit my property, but these two Harleys and me will be wore plum out I promise!