Wednesday, December 26, 2012

Getting In To Single-Mom Mode

Dec. 28th is approaching fast and if you have been reading this blog for the last few months then you know what that means.  My parents are moving out and I will become the guardian of my 13 year old nephew.  Most of my Christmas gifts revolved around this theme.  My mother bought me a big wipe-off board to hang on the wall for posting events.  I bought the wii for entertainment and exercise that we both can enjoy and for incentives for completed work (I am currently sore from wii boxing and tennis).  My new computer is still sitting in the box waiting to be set up as a tutoring station once my parents' furniture is gone.  I added Netflix through the mail for more homework incentives.  When he gets his work done he gets to pick the next movie in the queue.  When he doesn't, I get to torture him with movies from my childhood.  Heehee.  It's Teen Wolf and Short Circuit time!
I am also considering another big move.  And I really mean "move".  Since it would be easier if we lived near a school bus stop, I am starting to look at buying a small house within the school district.  I think I could afford a $100k house.  There are a few listed but they are short sales and I don't know if they are being bid up.  I'll have to do a lot more research but for now this gives me something to save for.  After the spending spree of Christmas and getting my truck fixed, I have $10k in savings.  I would need another $10k for the 20% down payment.  My tenant hasn't paid for December yet.  I hope they come through with the rent because I want the money and I don't want to go through an eviction or have a vacant house.  If my tenant does come through with the rent, I should be able to save $2k a month.  Hopefully, home prices won't rise faster than I can save.
My other option was to put a manufactured home on my old property which is also in the preferred school district.  I thought about this option from every angle but I just don't like the depriciation of a manufactured home and I don't want to go back to the problem of water delivery.  It would cost less up front to buy a house although it does mean more mortgage debt.  The rest of the plan would be to rent out my current house and live in the new house for the next 4 years until my nephew is out of school.  Then I would rent out that house and move back to the house I am in now or, perhaps, finally built a site-built home on my property if the banks are offering construction loans in 4 years.  
Ultimately, I would have 3 rental houses and I could live on my property in a small house, quit my current job and have rental income to allow me to do whatever I want...within my budget, of course.


High Yield Soldier said...

Hey, great thing for you to take care of your nephew...when I was sixteen I ran away from home for a variety of reasons, and my uncle and aunt were kind enough to take me in and raise me as their own. Big pat on the back from me to you for doing that. God bless.

Lizzie @ her homeworld said...

Oh yes, you really need the extra stress of moving! It does actually sound quite a good idea.

Good luck with everything, you are a good person.

Daizy said...

Wow, HYS, that is quite a story you have. I'm glad you had some family to help you. I hope it all turns out ok for my nephew. I think high school will be difficult for him if he doesn't find his niche.

Daizy said...

Lizzie, I seem to be addicted to moving. Perhaps I get bored in one place? And yet I keep planting trees and expecting to stay where I am.