Joined: Oct 04, 2004 Posts: 5433 Location: Oklahoma
Posted: Tue Apr 08, 2008 3:22 pm Post subject: Re: Requesting your input...
We are keeping the TX place. My mom lives here in a rental in town, and my sister lives here as well. It's a home for my mom if needed, a place for us to stay when we visit, and a backup plan for us. Taxes are less than 300 per year.
Heineken, it was one week from when I got the call about the job to when I had to show up to work in Norman. Before that I had no idea it was even a possibility. So I've had almost no time to think this all through very well, I had to seize the opportunity when it came. It's been quite unsettling for all of us, especially my son. We decided almost immediately to keep the TX property, at least until we owned a place free and clear up there. Selling it wasn't even on the table for more than about 2 days.
I agree I tend to panic and assume the worst. That's a result of the worst actually happening too many times over the first 25 years of my life, starting before I turned one with the death of my sister. Not whining about it, just saying there's a reason for that part of my psychology. I know you are familiar with PTSD. I do think 2-3 years is a long time, though, despite my tendency toward pessimism. A LOT can happen in 2-3 years. Or not. That's why I'm asking for input here, I figure I can get a good sample of opinions from people running the doomer to cornucopian spectrum.
BigTex, I don't know. Will have to give that some thought. Thanks for the suggestion.
Thanks again, everyone, for the input. _________________ "Every junkie's like a setting sun..." - Neil Young
Joined: Mar 12, 2007 Posts: 1004 Location: As close as I can get to the beginning of the pipe.
Posted: Tue Apr 08, 2008 3:25 pm Post subject: Re: Requesting your input...
Shannymara wrote:
So we will be stuck renting up there, at least for a year or two. Here are the problems I have with that . . . .
Hey, Shanny. I would frame all arguments pro and con in terms of what is going to happen first on the peak oil descent. Prioritize your choices based on what's going to disappear first. And we know from the economic discussions that jobs will go first. Then maybe transport fuels. Etc. etc.
I would say that the first question to ask yourself is whether your new job is Peak Oil proof, since job losses will be happening way before food shortages and other concerns you list. If your new job will not survive a peak-oil driven depression, then maybe it's all for the best that you didn't get the mortgage. But if your job is a solid post-peak job, then pursuing your career while sidelining preps sounds OK to me.
Second, flexibility is highly under-rated during times of chaos. Having the knowledge you do have about peak oil will allow you to adapt much more than circumstances of dwellings and location. There will be lots of people in the same boat as you, changing jobs and becoming more migratory. You can capitalize on that and probably score a much better, cheaper house in two years after the housing market finishes collapsing.
Third, my observation of futurists' predictions is that, almost universally, stuff takes longer to happen in a large complex system than is predicted. Often much longer (Rome took 400 years to collapse.) I understand that you want to get settled and do preps, but my perspective is that we have a fair amount of time to adapt during this phase of bumpy plateau and initial downturn. As long as you've got basic needs covered, you'll be alright during this one to two year transition period that may be required with this new job. And short term of basic needs can be dealt with through storages rather than sources. Costco won't be going away immediately. Yes, sustainable living requires a steady input of supplies from a local source; but you needn't be sustainable in the short term.
Avoid setting yourself up for a long commute; I would place a premium on being able to bike to work. That's my big picture take. _________________ "When fascism comes to America it will be wrapped in a flag and carrying a cross." --Sinclair Lewis
Posted: Tue Apr 08, 2008 3:31 pm Post subject: Re: Requesting your input...
Keep the job...
Rent something cheap (and short term) as a temporary fix. Aim at two factors - low cost and minimal commute time.
Start contacting banks and credit unions. Look for an appropriate property in foreclosure. The institution might be eager to make a deal, including financing.
Consider seller financing. It may not work - then again, it might.
Consider a wrap. Sometimes the seller has a mortgage, and is willing to sell you the property, accept payments from you, and pay on the original mortgage. Yes, there are risks. Talk to a lawyer on this one.
Don't worry too much about sudden doom. A few gold coins and some decent firearms will let you execute a fighting withdrawal.
Bottom line - hold on to the job. Cash will be king, and as people become more frightened, you can profit from their pain.
Joined: Aug 03, 2006 Posts: 4303 Location: Graceland
Posted: Tue Apr 08, 2008 3:32 pm Post subject: Re: Requesting your input...
Shannymara wrote:
BigTex, I don't know. Will have to give that some thought. Thanks for the suggestion.
That would seem like an easy solution. Even if the terms are less than ideal, if you are within 2 years of paying off the IRS, there is no reason to think it would take longer than 2 years to pay off the note I am suggesting.
Just apply for a home improvement loan, home equity line of credit, or whatever they call it. If the lender balks at this one, tell them to make the check out to the IRS, since that is the purpose of the loan.
In the event that no lender wants to loan to you on the Texas property because of the IRS issue, take an IRA or 401(k) distribution and pay off the IRS, THEN get the note on the Texas property, use the borrowed funds to repay the 401(k) or IRA (actually it would be a qualified rollover, which you have 60 days to do--pm me with more questions about this one). There would be no penalty on the retirement plan distribution using this approach.
You could even use a cash advance on a credit card to pay off the IRS (if you have a card with that amount of credit). 24% interest is not a big deal if you just need the money for a month or so. _________________
Joined: Sep 02, 2005 Posts: 2970 Location: In a Nigerian compound surrounded by mighty dignataries
Posted: Tue Apr 08, 2008 3:33 pm Post subject: Re: Requesting your input...
Shannymara wrote:
We own our land in TX free and clear, and the house we built there is pretty much ready to move into.
I just sent you a pm full of my rambling thoughts on this subject that I'll share with the group here. Since you own the land free and clear I think you should hold on to your spread. I think the the answer is to weekend warrior once a month and maintain the property w/o the livestock.
My Dad's ranch is in Oklahoma but for the last 35 plus years work for him 8 months a year is in Nigeria, and Nigeria paid for much of the ranch. That being said, I say strike a balance. It's not easy but it's possible.
Quote:
Or is the chance at resuming a "normal" life, similar to my pre-red pill days, suckering me into going back to sleep?
You are powerful voice in the darkness of a approaching storm and a role model to others.
So go blow a little money at the mall or take the family to Whitewater Park of I-40. Just remember, Tigers loose their teeth but never their nature, your one of us. _________________ In other words, it's a huge sh*t sandwich, and we're all gonna have to take a bite.-from Full Metal Jacket
Joined: Aug 11, 2005 Posts: 724 Location: Eastern NC
Posted: Tue Apr 08, 2008 3:39 pm Post subject: Re: Requesting your input...
Sorry Shanny, no advice, Don't know the answer. I think you will do well with either decision. Your posts here show a resourceful person, good self insight, family support, and a good mind. Whatever comes down the pike I would say you have a far better than average chance of handling. Good luck.
Joined: Dec 27, 2004 Posts: 12529 Location: zombie horde wonderland
Posted: Tue Apr 08, 2008 3:41 pm Post subject: Re: Requesting your input...
I'm not good at evaluating scenarios, but, my suggestion is to rent a place in OK, with a bugout plan back to TX if things get bad. _________________ No original ideas are contained in this post.
Joined: May 02, 2005 Posts: 3420 Location: Oh really?
Posted: Tue Apr 08, 2008 3:42 pm Post subject: Re: Requesting your input...
Maybe dig a little deeper into the local community close to your employer in search of ideas. Find some friendly faces.
In the mean time; if your employer is worth working for, they will give you plenty of flexibility and space while you situate yourself. _________________ "It's not demand; It's not supply.
It's coming up with credit to buy"
Joined: Apr 27, 2007 Posts: 4353 Location: The Great Sonoran Desert
Posted: Tue Apr 08, 2008 3:47 pm Post subject: Re: Requesting your input...
Iaato wrote:
I would place a premium on being able to bike to work.
or a walk across the house... _________________ "There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins
"... hope is a rotten-thighed whore" Niko Kazantzakis
Joined: Apr 28, 2005 Posts: 3649 Location: West shore Lake Eire, MI, USA
Posted: Tue Apr 08, 2008 4:53 pm Post subject: Re: Requesting your input...
Ask your realtor to search for a property with an assumable mortgage. Not many people have them, but they are worth their weight in gold, you assume the mortgage and pick up the payments to the bank as the new owner and pay the prior owner for the difference between what they owe and what you agreed to buy the place for.
If that doesn't work look for a Land Contract arrangement where the seller accepts direct payments from you as the buyer over 10 or 15 years.
If that doesn't work rent and put every dime you have into resolving the IRS mess so that it goes away and stops messing up your life.
Just my 2 cents. _________________ Oxygen: - An intensely habit-forming accumulative toxic substance. As little
as one breath is known to produce a life-long addiction to the gas, which addiction invariably ends in death.--Isaac Asimov
Joined: Apr 03, 2004 Posts: 6547 Location: My Grandkids' Farm
Posted: Tue Apr 08, 2008 5:47 pm Post subject: Re: Requesting your input...
All good thoughts and suggestions, PO.com is a cool place.
My thoughts (or at least seconds to what has been said) for what they are worth:
Do not mortgage the Home Place - for the reasons mentioned here many times.
Definitely cool your jets Ma'am. I'm thinking you have a tendency to get a little ahead of yourself if you don't mind my saying. Pay attention to your new job, it's the reason for all this after all so work it.
Bad food problems will not hit Norman for quite a while. Spend a few hundred bucks and stock your pantries - one at the home place and one at the new. Store what you eat and eat what you store, blah, blah and lay that worry to rest as has been repeated here over and over.
Rest assured the Real Estate Stationary Cycle will continue apace for at least another revolution. I know nothing about OK but if it is anything like MO there are lots of nice places with signs and big prices, which will come down as gas prices go up. Your credit score will increase with time on the job as well.
Again stuff talked about around here for several years.
Anyway, take your time, work your job, stock your shelves and have some patience.
Joined: Nov 18, 2004 Posts: 1086 Location: Central Texas
Posted: Tue Apr 08, 2008 5:48 pm Post subject: Re: Requesting your input...
Shanny,
Definitely do not sell the Texas property. Rent it. Keep that cash flow going.
Rent something in OK. In a year, house prices may be way less, according to all the posts on the subject, and make it easier to buy something then. You'll also know a little better if the new job is worth keeping long term.
The animals will either need to be sold, or as was suggested above, boarded somewhere else.
The Texas property is insurance in many respects. _________________ About my avatar: Guess.
Posted: Tue Apr 08, 2008 7:04 pm Post subject: Re: Requesting your input...
Being a doomer doesn't look good on a credit report. But once government buys all consumer debt, that won't be a problem. _________________ People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
Joined: Jun 30, 2005 Posts: 725 Location: northern California
Posted: Tue Apr 08, 2008 7:17 pm Post subject: Re: Requesting your input...
Shanny, fortunately you've got a good head on your shoulders to deal with this opportunity-turned-crisis. The board here has given you some really good advice as well as some bogus pointers. Never thought I'd see the day that it was clear that I'm more of a doomer than dear Heineken!! Anyways, the obvious thing is that it's not the time to be getting into ANY mortgages. You're lucky they turned you down--buying that property would not have been any more secure than a rental, if you lost your jobs. It's never a smart idea to buy property initially when taking a new job--lots of things can not work out. Keep on the lookout for some unimproved property in the Norman area, learn the new culture, as things change, as well as the new climate, before deciding that's the place to be. TSHTF can be soon, or a few years, it's hard to say, but I wouldn't be surprised at all if 2008 turns out to be the last "normal" year any of us ever see. As a last resort, the way you can shoot, your family is always welcome here if things get really rough! I've got room for the whole menagerie if you can get past the border guards into California, being from Oklahoma & all... _________________ "When men yield up the privilege of thinking, the last shadow of liberty quits the horizon."
Thomas Paine
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
