Wed 8 May, 2013 10:00 am
Louisiana-46 y/o, Divorced 2years ago, moved to next town, renting $1,200/mo., nurse-have been unemployed those 2 years by choice(was making 60K), I'm raising 15y/o daughter attending gifted public high school program.
1. I'm tenants on common with my sister and her husband 50%-25%-25% of 27 acres & rent house in a non-growing area, valued 1 yr ago at $85,000, total rent income of $450/mo. ($225 income for me) My 50% has clean title (paid). My sister who raises cattle on it, refuses to 1. buy me out 2. Sell it 3. divide it. 4. split fruits & products from raising calves and selling them. I will NOT get courts involved, period, they're family even though not acting like it, but I have stated I will no longer invest a dime (upkeep of rent house-when unfit- renters can move out), cattle upkeeps land. They pay ins./ I pay prop. taxes.
2. Sold former primary residence this week for $165,000. Ck in hand for $135,000 (mortgage paid in full) (looking into MMA to store money until residential purchase)
3. $2,000 in checking (last of 50,000 in Exxon stock CASHED in to live on for past 2 years while I mentally recovered from divorce & helped child through transition)
4. $38,000 in 401k left in Former job's retirement. (Poor growth ~1%, fees $1.00/mo.
5. 1/3 owner of "camp" lot valued at $1,500 (none of us use it, but sisters won't sell it or buy me out)
6. $780.04/mo. Child support.
1. Rent=$1,200/mo. In mo. to mo. rental contract.
2. Jeep note= $403.58/mo. owe $10,012.00 @ 5.50%
3. Discover Credit Card= $144.00/mo.
Owe $7,051.00 @ 0%
Total credit line-$9,600. Acct. open.
4. Bank of America Credit Card= $160.00/mo.
Owe-$6,234.00 @ 3.75%. Total Credit Limit was $17,500 Acct. closed.
5. Citibank Credit Card =$20.00/mo. Owe $1,134.00 @ 0% Total Credit Limit was $1,500 Acct. closed.
6. HSBC Credit Card= 0 bal. Total Credit Limit - $9,600
7. Car Ins.= $185.25/mo.
8. AT&T cell phone=$94.93
9.Cable & Internet= $75.56
10.Electric= ~ $200.00
Would like to purchase & settle into residential home before starting job, but prob can't to get best interest rate on loan!?!
1. What to do with credit cards to improve credit score of 680?
2. Any government programs for farm to make more profit off investment? (invested in it to help sister keep all of deceased fathers properties by buying 3rd sister out, 5 yrs later she doesn't want to buy me out at 50% of value appraised 1 yr ago, offered 1 yr ago to buy at 30,000 & keeping all mineral rights.
3. How much house can I afford if I get a job paying what I was making, and how much down payment and want it paid by retirement age?
4. How much liquid money to use as down payment on residence? Any Gov. Programs? (looking into rural dev. prog. 0% down, 100% financing @ 2.75%.) Then maybe use liquid money to buy rent houses??
5. Should I use part of liquid money as down payment of residence and part as down payment in rental prop. in my growing area (house I'm renting sold for $115,000 8 mo. ago, owner gets $1,200 in rental fee, note is $680)?
6. Who can I see that can move 401k into some other investment for more growth that I can trust to have my best interest and not theirs or line their pockets?
7. Opinion on the best way to capitalize in growth on liquid money?
Contact your bank and have them give you the names of 3 certified financial planners. Pick whichever you like the best. And pay them for their expert advice, as they will be better able to help you and they will be a lot easier (and considerably more worthwhile) for you to sue if it all goes belly up.
You want real, in-person experts, and not Internet majority opinions.