Poor my whole life, inheriting a house. Advice Please

So, my family and I have always been pretty poor. At one point we were so poor that 10 dollars was literally a LOT of money to us.

I inherited a house worth roughly 60K.

What should I do?

reply to post by graphuto


Sell it and party in barbados.
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reply to post by graphuto


Live in it, treat it like the golden opportunity it is. Fix it up yourself, don't pay others. Keep it well maintained. Get a better job, bam , set for the rest of your life.

reply to post by donkeystyle


Yea probably a bit more sensible, still would have been a good party... wouldnt it? 'dreamy look'
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Originally posted by donkeystyle
reply to post by graphuto

 

Live in it, treat it like the golden opportunity it is. Fix it up yourself, don't pay others. Keep it well maintained. Get a better job, bam , set for the rest of your life.

well said donkeystyle, id go with that, chance of a lifetime...good luck

Here's more information on the whole situation.

My fiancee is like 26K in debt for student loans and she owes her current university about 2K. She really wants to finish school but can't right now because we don't have the 2K. The house is in a town a good distance away, there isn't really anything for me there.

I dont know...

No chance I can have it, eh?

I'd definitely stick with keeping the house. Well, I'm really not sure, never have owning one. I don't know if taxes would be a hassle, etc. I'm sorry I can't shed any light on this subject.

I'm 10k deep, if I was to try to get my drivers license back. Which I'm not, though It's essential for a job, I don't trust myself. I'm irresponsible like that.

Rent it and get an additional income?

No brainer to me, or keep it and have a safe house no one knows about when tshtf?

reply to post by graphuto


modernize it,on a set budget...even if it's just a lick of paint....sell it,buy a cheap one bed flat,and pay off all outstanding debts..and whats left,spend on putting some comforts in the new flat..



i like hearing these story's,were you have to make ends meet all your life,and then get a little break in life...

goodluck,and i'm happy for you.

First, if you don't have to, don't let other relatives know, cause they might want a share of it too. I think the poster who mentioned renting it for a while, has a good idea. Even for 6 months, that would give you time to really think about what you want to do.

Originally posted by TheMaverick
reply to post by graphuto

 

modernize it,on a set budget...even if it's just a lick of paint....sell it,buy a cheap one bed flat,and pay off all outstanding debts..and whats left,spend on putting some comforts in the new flat..



i like hearing these story's,were you have to make ends meet all your life,and then get a little break in life...

goodluck,and i'm happy for you.

Thanks a lot. This break for me can be attributed to none other than God Almighty. I won't say that I've had a HORRIBLE life, but by most modern american's standards, it's been pretty damn rough.

Anyone else have other thoughts?

Is the house already paid off?

if so, where do you live presently? a house or do you rent?

if you already own a house, and this one inherited is paid off, I would seel the one you are in. If you rent, same thing. I would make the decision that involves spending the least. If you live in a house and its paid for, then decide which is better and sell the other. or keep both. make your decision wisely.

reply to post by badw0lf


don't know what it's like in america,but in england,the renting game,is a nightmare,non stop probelms,and hidden costs...

it's hard to make any credible return..

but i guess there's loads of factors unknow,like,does the house meet basic living standard regulations,IE: plumbing,heating,and all the health and safety madness....

but like i say,i have no idea how it works in your country...but in england,there no money in the buying small properties to rent.

Originally posted by Myendica
Is the house already paid off?

if so, where do you live presently? a house or do you rent?

if you already own a house, and this one inherited is paid off, I would seel the one you are in. If you rent, same thing. I would make the decision that involves spending the least. If you live in a house and its paid for, then decide which is better and sell the other. or keep both. make your decision wisely.

The house is paid off. It was my great grandmother's house. Me and my fiancee live with her sister and her husband. Our car has 166K miles on it. We're used to living hand to mouth. Being the person that I am and having led the life that I have, here was my immediate train of thought:

Sell the house immediately. Pay off ALL outstanding debt. Buy a new car.

Thoughts?

Don't go paying debts for a fiancee . You'll regret that once she's well educated and moves on . This is your shot , treat it like that , no one elses . If the house is where you don't want to live , sell it and sit on the cash . No rush to spend it . More than likely you'll never run into 60 grand again . Possibly a healthy down payment some time in the future on another house you want , in the location you want . If a fiancee becomes a wife some time in the future , maybe but don't do anything dumb right away . Don't go buying trucks or cars or any other bs right now either . In 4 years they'll be worth nothing and a good part of your 60 grand is gone . 60 grand can be your margin of safety if the economy keeps tanking some time in the future . You may find an investment , fund a pension plan , pay for health care , start a business or a host of other things down the road some time and if you blow the money you're right back where you are now . If your fiancee is being educated in an area of demand , can find employment upon graduating , becomes your wife and can contribute , only then consider paying her debt and not before then . When that day comes and your combined income will pay a loan , take a loan on good terms to pay her debt and keep your 60 grand . Money is cheap right now , interest rates are very low and if both of you can pay a loan , that's the way to do it because the odds are , even with a combined income you'll never be able to save 60 grand again . A couple of grand to get her back in school , ok , but you'd have to have rocks in your head to pay 27 grand in debt that you didn't accumulate and wipe out half of an inheritance that you'll never get again . 50% of marriages end in divorce and you aren't even married yet .

Originally posted by bandito
Don't go paying debts for a fiancee . You'll regret that once she's well educated and moves on . This is your shot , treat it like that , no one elses . If the house is where you don't want to live , sell it and sit on the cash . No rush to spend it . More than likely you'll never run into 60 grand again . Possibly a healthy down payment some time in the future on another house you want , in the location you want . If a fiancee becomes a wife some time in the future , maybe but don't do anything dumb right away . Don't go buying trucks or cars or any other bs right now either . In 4 years they'll be worth nothing and a good part of your 60 grand is gone . 60 grand can be your margin of safety if the economy keeps tanking some time in the future . You may find an investment , fund a pension plan , pay for health care , start a business or a host of other things down the road some time and if you blow the money you're right back where you are now . If your fiancee is being educated in an area of demand , can find employment upon graduating , becomes your wife and can contribute , only then consider paying her debt and not before then . When that day comes and your combined income will pay a loan , take a loan on good terms to pay her debt and keep your 60 grand . Money is cheap right now , interest rates are very low and if both of you can pay a loan , that's the way to do it because the odds are , even with a combined income you'll never be able to save 60 grand again . A couple of grand to get her back in school , ok , but you'd have to have rocks in your head to pay 27 grand in debt that you didn't accumulate and wipe out half of an inheritance that you'll never get again . 50% of marriages end in divorce and you aren't even married yet .

Damn what a negative reply. I love my fiancee, she is the love of my life. After living a tough life, did you not think that I have come to realize that money is nothing?

reply to post by graphuto


No!.. new cra, regardless how awesome, does not equal any roof you may have over your head. especially if you are to be married. marriage means your 1 step away from children. well mostly..

If you were to sell the house and get a car, I would get a used car or cheap car and use the rest for a down payment. I'm sure you future spouse's sister and husband dont want you there too much, especially if you just got a house.. maybe thats just me speculating.


I suppose the answer depends on how much money you make and where you feel comfortable living. if you were to sell and get a car, I would run in past your landlords so to speak. see what they say..

have to say...bandito throws down a great argument...his right,don't be foolish,and go buying cars...they will be worth nothing soon.....the price of oil is only going up..

do as much as you can,to bring the house up to living standards,to get as much as you can for it...your be surpised how much just a lick of paint,throughout the house can improve your profit.

bandito,was spot on,when he said...you wont get this again...it's your moment..be wise,like you never been wise.

what you do with this,will impact your life,if you never had this kind of money.....60k not a lot,but its also a good start to better things...


EDIT:
although he was a bit harsh towards the girlfriend..i guess,his just saying,don't go blowing it all on the feel good factor..IE: short term happiness,instead of securing your future.

reply to post by Myendica


I was thinking of spending about 10-12K on a car.

We make roughly 150 dollars a week.

Also what comes in my mind out of the blue is the heat... keeping the house warm with electricity costs a lot (at least here in Finland)

I'd aim towards selling, even if it is a family house, I guess your grandmother would like to see you off the debt, instead of living in a house that has sentimental values


My ten cents