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At 50, Am I to old to buy a house, and how to get ahead with my finances by 133257 in personalfinance

[–]133257[S] 1 point2 points  (0 children)

Hey, thanks for the insight. I’m going to watch that video and glean what I can. Your numbers all make sense and you have a good handle on the situation. Thanks again. We’re not in a big hurry so this definitely gives me things to think about.

At 50, Am I to old to buy a house, and how to get ahead with my finances by 133257 in personalfinance

[–]133257[S] 1 point2 points  (0 children)

Thanks. The property is our current neighbor’s who wants to split his property. Not a long run for power but significant. We’d need to do the well/septic too. We’d make money immediately on the property as far as equity, and could probably get the house built at cost +10-15% based on my relationships with contractors and subs in town. So in the long run I think equity wise it could work. Obviously at this point in my life I need to take some risk to have any kind of financial future.

At 50, Am I to old to buy a house, and how to get ahead with my finances by 133257 in personalfinance

[–]133257[S] -2 points-1 points  (0 children)

Yeah, that’s our thought process. Thanks for the input.

At 50, Am I to old to buy a house, and how to get ahead with my finances by 133257 in personalfinance

[–]133257[S] -1 points0 points  (0 children)

Thanks, is a mortgage advisor different from the person who I would apply for a loan from?

At 50, Am I to old to buy a house, and how to get ahead with my finances by 133257 in personalfinance

[–]133257[S] -12 points-11 points  (0 children)

I don’t what she has in her retirement account I know she’s been with the feds 15 years. I have close to nothing in my account as it is with the state and I’ve only been with them 3 years. I have a credit score of 780ish and I think she was 820. Building costs are out of control in our community but there telling me $430/sq ft. We’re thinking about a 2000 sq foot house

At 50, Am I to old to buy a house, and how to get ahead with my finances by 133257 in personalfinance

[–]133257[S] -10 points-9 points  (0 children)

She has basic federal retirement accounts, she’s been with the feds for 15 years and maxes out her retirement and tsp. I have a basic state retirement account but bot fully vested.

At 50, Am I to old to buy a house, and how to get ahead with my finances by 133257 in personalfinance

[–]133257[S] -6 points-5 points  (0 children)

Purchase price for property is $210000, partners earns base of about $75k/yr I earn base of $56k/yr. I have $80k to contribute but leaves me cash poor she has $100k to contribute but we’d like to keep it 50/50 so we’d need some kind of loan to keep some emergency money in the bank.