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Your Questions About Kitchen Appliance Repair Plans

Thomas asks…

Can I pay my mortgage with student loans?

I am undergraduate I can estimate 4 years of college that includes grad school. I am moving to UC riverside I looked up single apartments/condos and studios. I found that the average rent is 600 to 1300 for a single person.

I plan to take students loans out to pay any type of housing; I am going to get most of my tuition paid for the exception of housing.

I found decent homes with price tags of $38,000 -150,000 I am wondering it its better to rent or buy?

I don’t mind getting in debt now because if I rent or even live in dorms I would still pay a near equivalent to buying. The only withdrawal of buying would be flexibility, mortgage, water, electricity, gas and maintenance if necessary.

My monthly estimate for a 125,000 home
600 in mortgage rent
300 water/electricity gas.
+70 internet
+100 for food
Estimate total of

I would most likely get a job or school will provide me with a job.
I understand by the time I get out of school I am going to owe around $230,000. But at least I am going to have a home and ready to pay

Can I buy a home with 0 downpayment ?

What are better choices?

James Conley answers:

You are SORELY mistaken in your calculations.

First of all, you cannot get a mortgage without stable income of at least three times the amount of your combined debt (mortgage/student loan/auto/credit card payments).

You have also miscalculated how much it will cost to actually OWN the house. Property taxes, insurance, mortgage insurance and maintenance/repairs will probably add up to equal or even surpass your principal/interest payment.

I could make a list RIGHT NOW of 30 home improvement projects that need to be done just to keep the house healthy and “current.” Things like replacing roof, siding, gutters, deck, sewer, windows, appliances, hardwoods, carpet, furnace, wiring, plumbing, fence, driveway, chimney, kitchen, bathrooms….and the list goes on and on and on. Even if you only do ONE major project a year, you will struggle to keep your house in a state of good repair.

And perhaps we should talk about how much it costs to SELL a house. A truckload! There are commissions and excise taxes and title insurance and repairs and all kinds of stuff. More than 10% of the value of your home. So how do you expect to build any equity in your house so that you can AFFORD to sell it?

Not to mention that you will be the one fixing leaky faucets, replacing the mailbox when someone bashes it in, weeding, mowing, painting, cleaning the gutters, sweeping the roof, pressure washing the driveway, repairing the fence, replacing rotten deck boards and the list goes on and on and on.

People don’t own homes. Homes own people.

Your number one responsibility is to get an education. That is the best investment you can make.

Let me guess…you’re not majoring in economics. Lolol…

P.S. I highly doubt most people can eat for $3.33/day or $100/month. It can be done, but that means lots of eggs, beans, rice, potatoes and very little meat, fish and fresh produce. No luxury items like coffee, dessert, alcohol…

William asks…

Has anyone ever bought a for sale by owner vacant older home and then resold it for a profit?

I’m interested in buying the homes with a lender and then reselling for a profit.

James Conley answers:

People do it every day.

When going through the home, try and find one that doesn’t need major repair. Be leary of old wiring, bad plumbing, bad roofing, poor foundations, ect. ALWAYS have a home inspected before you purchase. Whoever buys it from you certainly will!

Look for small problems that will make a big difference in what you can sell for. Lawn maintance, dirty old bathroom/kitchen appliances/areas, paint, ect. If you get a good deal on the house, and can afford to hold on to it for a few months while its waiting to sell, go for it.

Check your market for what you can sell the house for after you fix it up. Make sure it will be worth it. Expect to hold on to the house for a couple more months than you plan! Problems come up, make sure you can afford them.

Email me if you have any more questions and I’ll try and help.

Lizzie asks…

I have $30,000 I plan to spend on updating my home. Will it be enough?

Will $30,000 be enough to update my 1,650 square foot home with the following:

Porcelain tiles in the bath, dining, entry way and kitchen
New bathtubs, sliding doors and travertine tile design
New mirrors
New faucets
Prefabricated granite counter tops for bathrooms
Medicine cabines

All new doors
Tankless water heater
Minimal drywall repair
Closet mirror door

Granite kitchen counter
New kitchen cabinets
New hardware
Remove wall and add support beam
New sink
New recessed lighting.

I am only paying for labor on the granite countertops and the water heater. I can do all the rest with the help of my wife.

I already painting, added new appliances, windows and a patio.

What do you think?

James Conley answers:

That’s going to be cutting it close, especially with the wall and support beam addition… That wife of your’s must be quite a gal!
The only mitigating factors that might drive you over your $30K budget would be how elaborate you want the fixtures and cabinets to be.
Good luck!

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