How long will it take for me to purchase a home after graduating from school need advice?
I am soon graduating from veterinary school (in May) and I am hoping to purchase a home within the next three years so I won’t be throwing my money away with rent.The only problem is that I will have a school loan debt of about 100,000$. I have the potential to earn anywhere from 50K to 90K a year once I start working. Is it possible to own a home within three years? What are the major obstacles do you think I will face? Any input would be greatly appreciated thank you?
James Conley answers:
If you are going for a large home in a high priced market, you will probably have to wait longer than three years unless you are extremely aggressive to get your loan paid off first.
You might be able to improve the wait by looking to buy a small home in a moderate market. You can build up equity and turn around and sell it later for a bigger and better home that is more in line with your long term goals. Most real estate advisors suggest planning on a minumum two year stay in a home before equity begins to pull ahead of the costs you cannot recover (closing costs, inspection fees for insurance, etc).
Do be wise in the selection of the home though. It is really easy to make a poor choice and end up with a home with a significant hidden structure issue or in a neighborhood that turns the corner and house values plumet. The costs of repair can actually set you so far back that it would have cost you less to have rented. If you decide to go for an older home (50 or more years), do have an electrician inspect the wiring before you buy. We asked all the right questions of the previous owner and he outright lied – We asked if the wiring was three wire and grounded. He told us yes. Once we moved in, though the outlets were three prong, only two kitchen outlets had a ground wire even present. This is a critical safty issue and many appliances will not function without it such as a surge suppression battery back up for a computer. My husband ended up rewiring the entire house. Once he got into the wiring, it was so poorly done he just scrapped everything. We were fortunate enough that he had the skills. We didn’t have to pay anyone’s time. But just the copper wire itself was over $600.
One good area to look to invest is on the outskirts of a rapidly growing city. Often what is a countryside purchase where it costs less to buy will soon be engulfed by a city’s expansion and have an enormous increase in property value.
One last parting note, do check into government programs to assist first time home owners. You will never again be a first timer. Though your future potential income will be well above the typical candidate, these programs look at where you are now. Just starting out like you are, you will probably quilify for grants. The main disadvantage to trying to go through these programs, beside the paperwork and wait, is that your selection of homes will be smaller due to the many restrictions. Look into Fanny Mae (not sure if this is the spelling), HUD (risky neighborhoods to invest in. Be careful), … There is another one but I can’t remember the name of it. It is the best one too. Do a bit of internet research. I bet you will come across it.
Accounting help please somebody thanks a lot?
43. Electronics Company sold $150,000 of kitchen appliances during September under a 6 month warranty. The
cost to repair defects under the warranty is estimated at 6% of the sales price. On October 15 a customer
required a $200 part replacement, plus $85 labor under the warranty.
Provide the journal entry for (a.) the estimated expense on September 30 and (b.) the October 15 warranty
James Conley answers:
Debit Warranty Expense $9,000 [$150,000 x 6%]
Credit Estimated Warranty Liability $9,000
Debit Estimated Warranty Liability $285
Credit Parts Inventory $200
Credit Wages Expense $85
How to ground yourself before adding RAM on notebook?
I know that we need to ground ourself before touching the delicate RAM module, but without using an anti-static wrist strap, are there any other options available? I have a wooden comb,a rubber slippers & metal keys around. Any ideas to ground myself ala McGuyver?
James Conley answers:
A bare metal part of a radiator, or a kitchen tap. If you know what you’re doing, you can connect yourself to the earth of a mains socket but if you make a mistake you’re going to cook yourself. Just touching something metal isn’t necessarily good enough. If you have another desktop around, you could touch a bare part of the case of that while it’s plugged in. You can use any appliance that has a bare part of a metal case that uses the earth of the mains.
Saying that, if this is a one-off then it’s probably not that important. It’s if you go into repairing people’s computers then it is worth taking the precautions.
Powered by Yahoo! Answers
Latest posts by James Conley (see all)
- Oven Maintenance Atlanta, GA - May 11, 2016
- Refrigerator Repairs Within The Areas Surrounding Atlanta - May 11, 2016
- Microwave Service and Repair Within The Areas Surrounding Atlanta - May 11, 2016