About Al Romero, Ltrs. Expertise I can answer questions relating to general Real Estate in Pennsylvania including questions relating to Real Estate Investments and Landlord issues. I cannot delve out of my expertise ie;as in the practice of Law.
www.yorkhomeguide.com
Experience 5 years as an Investment property Advisor with a local Investment firm and 3 years of general practice.
Organizations National Realtors Association
R.A.Y.A.C
Pennsylvania Realtors Association
H.A.R
Publications york listings
Central Pa Real Estate Investors guide
Education/Credentials Center of Real Estate Law and Sales Practice.
Ltrs certified.
housevalues agent certification.
Expert: Al Romero, Ltrs. Date: 1/22/2007 Subject: advice
Question Hello and Happy New Year
I am 30 years old single male from Detroit, MI. I live with my 2 siblings and our mother. I make about $1000 only per month from my current job, my sister makes about $2000 per month, my brother used to make $2000 also, but he quit his job and he is unemployed now because he wants to finish his college education, and he expects to stay unemployed for the next one to 2 years until he graduates. My mother and sister own the present home that we are living in now; they bought this home 6 years ago for $144 K. I always used to pay my mother and sister $500 only every month to help for house mortgage and general house expenses. Every one of us used to pay a small portion, so we can cover all bills and mortgage payments and general house expenses; as a result, I was able to save $40,000 only so far for myself, I was able to take one vacation out of state every year, and I was able to buy a nice car for 6K. Notice that if I was living by myself, I would have no ability or I would had a little chance for doing what I did so far through living with my family, who have been helping me and each other all the past few years. Living with my 2 siblings and mother have helped me and gave me the opportunity to have lots of fun, and to save some money.
Now I am having a big dilemma because I need to get married and start a family, I need to start living my own life, but my income of $1000 per month will not allow me to buy a home and be independent because I will not be able to pay all house expenses by myself. The options that I have created for myself are:
--- Keep living with my siblings and mother while trying to start a new family with my wife in the same house. In this way I will have several people working and continue helping each other out, just like we were always doing together in the past, but the problem here is I might not be happy this way because if I start a new family, I will need to live separately by myself outside of my mother’s house. From my previous experience and other people experiences, I learned that when 2 families or more try to live in the same house, then problems and conflicts start to happen, so I want to avoid that by living independently which I am not able to do because of my low income level. You might say just work 2 jobs or get a better job that pays more money, but economy and job market is getting very bad in Michigan; we have a bad recession now going on that is effecting even college graduates who got bachelor degrees, and for me is worse because I have just high school diploma with no college degree.
--- My other option is to live alone with my wife through renting an apartment, but in this way I will burn and loose too much money, I will spend more money, I will pay more for bills, I will not be able to save anything, and an income of $1000 per month will not be able to support me and my wife unless she try to work and assist me too, and even if she work, can an income of $2000 per month pay all what have to be paid?
I have some married friends who tell me that if I need to live in my own house with my wife, I have to be making at least $4000 per month. Is there anyway I will be able to support a family of 2 or 3 with making an income of between $1000 and $2000 each month? Does the government provide any type of assistance for those low income families?
Sincerely;
Answer Dear fars,
Wow loaded question you have a few different concerns there, the main one being a low income and wanting to move out and start a family. I do not have intimate information about Michigan but from what you are telling me the area homes like your mothers are selling about for 130-140k.
Even at a price 6 years ago of 144k it is still a payment of $630 (at todays rates) and that does not even include taxes insurance or utilities, if you do not want to rent or live with you're family with your current income situation your options are minimal as the government home owner programs like FHA still have income requirements, you may want to consider moving to a more affordable area here in York,Pa you can buy a town home in the city for 40k-75k in great shape...the city will even pay for part of your closing cost at that price range you could almost buy a home cash and live mortgage and rent free and own a home that builds equity thats like putting your money in the bank with a better return...look me up if you want more info....AL Romero
