My Dh wants to be a CRNA. he's finishing his bachelors now, and is looking at the different schools, etc....but is concerned cuz i don't work (right now) and we have 2 kids,with one on the way. So he doesn't know how we'll do it when he goes to CRNA school with 3 kids to manage. i KNOW it can be done, and i'm sure i'll be back to work by the time he gets into school. But honestly.........how did you do it? Financially and such? i'm scared to death to buy a house cuz i don't know if it would be worth it or not at this point. If we have to move for him to go to school, that's fine. But most programs he's talking about are 2-3 years. And full time, so how can we manage? I'm COMPLETELY supportive and will do whatever it takes to get him thru school. i'm hoping he'll be able to get some schlorships, etc...to help with expenses while he's attending. But is there anywhere i should be looking for him? Any type of programs, schlorships, any type of assistance? I'm hoping we don't have to do school loans when he goes, but if that's the only way then so be it. Just looking for some guidance from the pros!!!
Before you dismiss the idea of buying a house vs renting I would get yourself preapproved for a loan, now. And then look for a house in the town you and your husband are planning on going to school in before school starts. This is not strictly "kosher" but finance companies might be more willing to give you a loan for a house while you are employed, but not when you are a student.
Especially in SD, where housing is relatively cheap, compared to seattle.
Therein lies the challenge. I don't want to settle down in SD, so if he goes to school there it would be a temporary move. I've thought about buying in the interim tho, but its so scary to even consider!!!!! AAAARRRRGGGGG the decisions..........
Please don't feel frustrated, there are a lot of ways to work this out.
1. If you are a vet- no down payment
2. If you are a vet and buy a house, you can refinance to an adjustable rate mortgage ARM which would reduce your interest rate and payment.
3. Go to school, without losing the money you would be spending on rent. Each mortgage payment is an investment, minus the interest.
4. Sell the house when you graduate
5. Or rent your house to an incoming SRNA and keep the house as an asset
6. If you have bad credit there are ways to get approved for a loan, don't give up, try.
7. Renting is throwing your money away.
My neighbor is a mortgage broker who specializes in high risk customers, i.e. poor credit. She is amazing at getting people approved. There is money out there.
Please don't feel frustrated, there are a lot of ways to work this out.
1. If you are a vet- no down payment
2. If you are a vet and buy a house, you can refinance to an adjustable rate mortgage ARM which would reduce your interest rate and payment.
3. Go to school, without losing the money you would be spending on rent. Each mortgage payment is an investment, minus the interest.
4. Sell the house when you graduate
5. Or rent your house to an incoming SRNA and keep the house as an asset
6. If you have bad credit there are ways to get approved for a loan, don't give up, try.
7. Renting is throwing your money away.
My neighbor is a mortgage broker who specializes in high risk customers, i.e. poor credit. She is amazing at getting people approved. There is money out there.
Good luck
cory
Hey,
I don't want to sound obnoxious, but this is some bad advice.
Why is rent throwing away money? Someone is giving you something very valuable ( a place to live), I suppose you consider buying food throwing away money.
Go to MSN Housing and use the RENT vs. BUY calculation I think that you will decide that buying a house with such a short time frame (2-3 years) is a POOR investment decision. This is especially true in a place like South Dakota, I am from Nebraska and the housing prices are stagnant. When you buy a house and get a mortgage you are buying a HEAVILY LEVERAGED ASSET, that means if the housing market values depreciate you lose your shorts. You have a very short investment time frame and high costs to get into and out of the assest, and no likely appreciation.
Do yourself a favor and dump the house idea unless you plan on living in SD for at least 5 or 10 years. And I am guessing but you probably need the cash that you would spend on a down payment on a house for school tuition.
FlyingED you should stick to nursing, or take some Finance courses before giving financial advice! Unfortunately, I waisted my undergraduate time taking Finance and Real Estate courses, instead of Biology, Chemistry, etc. so I am doomed to jobs that I HATE!
Thanks Cory. That's actually encouraging. I keep thinking like you do, that rent is just throwing it away. Maybe buying once he gets into school is the way to go, especially with the rates as low as they are.
We do have poor credit, and although DH is a vet, there are some issues that we dont' know or not will keep him from receiving a VA loan. I pray that's not the case tho. We'll see. I'd love to have ANY pointers from others who have poor credit and still are able to buy a house! I know that we need to save a big downpayment, but on one income these days something large isn't going to happen. That's just the reality. KWIM?
I don't want to sound obnoxious, but this is some bad advice.
Why is rent throwing away money? Someone is giving you something very valuable ( a place to live), I suppose you consider buying food throwing away money.
Go to MSN Housing and use the RENT vs. BUY calculation I think that you will decide that buying a house with such a short time frame (2-3 years) is a POOR investment decision. This is especially true in a place like South Dakota, I am from Nebraska and the housing prices are stagnant. When you buy a house and get a mortgage you are buying a HEAVILY LEVERAGED ASSET, that means if the housing market values depreciate you lose your shorts. You have a very short investment time frame and high costs to get into and out of the assest, and no likely appreciation.
Do yourself a favor and dump the house idea unless you plan on living in SD for at least 5 or 10 years. And I am guessing but you probably need the cash that you would spend on a down payment on a house for school tuition.
FlyingED you should stick to nursing, or take some Finance courses before giving financial advice! Unfortunately, I waisted my undergraduate time taking Finance and Real Estate courses, instead of Biology, Chemistry, etc. so I am doomed to jobs that I HATE!
I think that what cory was saying is that when you look at the rent vs. buy issue, its much easier tax wise, etc...to own a house. you get so many more breaks, etc... I don't think it was bad advice really.
HOWEVER you bring up some great points on whether or not to buy in SD. I know we don't want to settle there, but if we kept the house if we bought it and leased it, wouldn't that be an investment as well? I mean think about it, i'm paying $725 a month for rent in Casper WY. That's $8700 a year that i get nothing in return financial wise. Yes its a place to live, but at what expense. KWIM? our landlords suck. And we've got no room to negotiate with them on things that need to be done in this house. Its so frustrating when you are at someone else's mercy. I mean if i owned a house, if i HAD to (not tha ti would) at least i could get a home equity loan for tuition if he needed it. Not that i would, but you kwim. However, SD isn't the best place to buy. So frustrating. Everybody has great points. Thanks for the tips and always looking for more input!!
Sorry, uh not really sorry. Just my advice. I guess I should have made it clearer that I think snowymtrn should talk to an expert and look at all her options with an expert.
Well, I was going to let it drop but I decided that I won't. Your analogy is flawed. Here is how, no I don't think buying food is throwing away money, but if it were practical wouldn't it be better to grow your own food i.e. investing money in real property that will provide for future needs. If you carry it out to the end you could, with the right investment, become self sufficient with your own food stock, cows, sheep, goats. Land to grow your own crops, it is true that most seeds these days are genetically designed to produce sterile produce, but you can find seeds that will produce viable seed stock, tomatoes are a good example, you can find old varieties that produce viable seeds that can be used next year. Etc, etc, etc, blah, blah, blah.
So, in conclusion, renting is not throwing away money, poor use of words on my part, but buying a house, if practical, I believe is a better way to go.
I think Snowy that you should focus on your school that is going to get you a great new job that is going to get you great pay, benefits, and work that you find rewarding!
I wouldn't take on the financial burden of a house, unless you have a lot of extra money to flush! I encourage you do a good WHAT-IF-ANALYSIS with the BUY-SELL CALCULATORS. And remember that you guessing so it is all risk, and as real estate professor used to tell me you should remember to PITUM (Principle, Insurance, Taxes, Utilities, and Maintenance) owners of real estate. Real estate is a risky investment, ask people in Texas and California during the 1980's who had inverted mortgages.
I assume that Mount Mary's College in South Dakota that you are going to go to. I would appreciate if you could write a description of the schools, and what you think of it. I hoping to possibly go there someday!
Well, I was going to let it drop but I decided that I won't. Your analogy is flawed. Here is how, no I don't think buying food is throwing away money, but if it were practical wouldn't it be better to grow your own food i.e. investing money in real property that will provide for future needs. If you carry it out to the end you could, with the right investment, become self sufficient with your own food stock, cows, sheep, goats. Land to grow your own crops, it is true that most seeds these days are genetically designed to produce sterile produce, but you can find seeds that will produce viable seed stock, tomatoes are a good example, you can find old varieties that produce viable seeds that can be used next year. Etc, etc, etc, blah, blah, blah.
So, in conclusion, renting is not throwing away money, poor use of words on my part, but buying a house, if practical, I believe is a better way to go.
Again I have to disagree with you Flying ED, because the CORRECT answer is it depends. You have to do analysis of the RENT-BUY decision, and then you will need to find economic data on which to base your analysis. It is not sound financial opinion to say that it is good or bad to buy a house without doing it. You build a financial model and you put in the likely scenerios that you believe will happen and that is your risks. It measure your tolerance for risks against the rates of return on investment (ROI) that you expect, and then choose your poison. You can get rich owning real estate, but you can get rich in Las Vegas too!
And no I don't believe that you are better owning all the stages of production in a product. You will spend all of your time doing low wage activities. Why would anyone who is going to be a CRNA making $80/hour want to do the work of growing food that payes less then $1/hour? Your comparing highly specialized localized skill with unskilled global labor. I hope you can see the difference, and understand why you should spend your money, time, and effort becoming a CRNA and not buying a house or raising your own food!
I also wouldn't be afraid of taking out student loans. In fact, you should be happy about it. The stafford and perkin loans have deferred interest, that means Uncle Sam is going to pay the interest while you are in school, the interest rate is subsidized, and the interest is tax deductable! Plus, you get a $150,000/year job out of it! I don't understand why anyone would not want to borrow money under those circumstances. Calculate the ROI on that decision! Bingo, we have a winner!
The only thing I would worry about is getting a good investment advisor when you graduate!
My Dh wants to be a CRNA. he's finishing his bachelors now, and is looking at the different schools, etc....but is concerned cuz i don't work (right now) and we have 2 kids,with one on the way. So he doesn't know how we'll do it when he goes to CRNA school with 3 kids to manage. i KNOW it can be done, and i'm sure i'll be back to work by the time he gets into school. But honestly.........how did you do it? Financially and such? i'm scared to death to buy a house cuz i don't know if it would be worth it or not at this point. If we have to move for him to go to school, that's fine. But most programs he's talking about are 2-3 years. And full time, so how can we manage? I'm COMPLETELY supportive and will do whatever it takes to get him thru school. i'm hoping he'll be able to get some schlorships, etc...to help with expenses while he's attending. But is there anywhere i should be looking for him? Any type of programs, schlorships, any type of assistance? I'm hoping we don't have to do school loans when he goes, but if that's the only way then so be it. Just looking for some guidance from the pros!!! 
SnowymtnRN
452 Posts
Therein lies the challenge. I don't want to settle down in SD, so if he goes to school there it would be a temporary move. I've thought about buying in the interim tho, but its so scary to even consider!!!!! AAAARRRRGGGGG the decisions..........