The0Walrus

The0Walrus t1_iyaw9a5 wrote

My mom passed away a while back. She wasn't very good with money so when my dad passed away she racked up a ton of debt and then paid off her debts with a home equity loan.

The house was bought for 125k. it's valued at 600k roughly. I know I don't have to pay her debts but if I want to keep the house, which I do want to since it's right by NYC and I love the area. There's a lot of stores around. I rent the basement to a friend. I am a registered nurse and I pick up a ton of overtime so I can pay this off in 1 yr. I don't want to have the debt/mortgage.

Once I pay the debt off I only pay 670/mth for property tax and about 140/mth for home insurance and that's really it. I would never find something like that with renting or buying property.

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The0Walrus t1_itgm11u wrote

At minimum 1-2 years. After that it's not really a big deal. I'd probably get a 2 yr old Toyota Prius after that. I'm trying to save money and I want is little monthly payments as possible. I live in Jersey City, NJ which is 5 min away from NYC. TONS of public transportation. I may buy a bike as well.

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