r/FirstTimeHomeOwner

I’ve got to get some help, I’ve got a mortgage payment on a house and property that’s almost $700 monthly. The overall mortgage is close to $50,000. The place is rented out for $700 a month. Those people have lived there for years, my dad rented it to them, it’s all under the table no lease. My dad passed a year ago and I inherited it, I’ve just been letting it coast and taking the rent monthly with no changes. I haven’t done anything to establish that I am in charge other than tell them and look at the house once. The siding is dry rotted, it’s on well water but the well isn’t deep enough for viable drinking water. (They are aware) the attic needs some work and probably the basement too. Now I have to give them a lease right? How do I make them sign it? How long do I make it and how much can I raise the rent without forcing them to leave because it’s too high? Keep in mind I’m a woman in my early twenties so I know they don’t take me seriously. I lost my only guidance which was my dad.

I am currently living in a trailer that needs some work (drywall, paint, new doors, bathrooms under construction, needs new carpet in a few rooms) that my dad owned but unfortunately it is not on our property and I have to pay lot rent which is $500 monthly. It’s 10-12 thousand to move the trailer to my property but then I’d have to set up plumbing and dig another well when the first well isn’t good enough to start with. What do I do? Should I sell the trailer and move into the house the renters are in and if I do that how do I get them out because I’m afraid they are the type to start squatting. I’ve sat stagnant for a year now just out of grief but now I’m afraid I’m biting the bullet when other people are renting 3 bedroom houses out in the area for easily 1200 a month. I don’t even know if I can do that given the condition I’ve mentioned of the house.

Hi Reddit! This is my first post so I hope I’m doing everything correctly.

I recently bought my very first house and it’s been having trouble staying cold if the temperature outside gets above 80°F. (In central Indiana if you’re curious about climate)

At first I thought the problem was that the AC unit hadn’t been replaced since 1999 so I dropped a pretty penny on a whole new unit about two weeks ago. Things were going great until the weather got above 80 and now it still can’t keep up. Yesterday when I got home from work, the first floor was at 75°F (set at 70). I called the AC company today and they came out to inspect the unit- they said everything is running smoothly and “it’s just a really hot time, all the houses are struggling”. I could see this maybe being true if it was over 100, but it’s only like 93 out.

After the AC guy left, I also left the house for a while and came back to the first floor being 77 and the second floor reading at 82.

Other things I am doing:
-changed the filter
-having a mini split put in on the second floor tomorrow
-all windows are fully covered
-almost all the lights in the house are off
-fans everywhere and bowls of ice behind some

Is there anything else I can do? Should I get an energy audit? Add insulation to the walls?

I can’t imagine the old owners were living like this.

Please help! I’m worried about my dogs, especially the old one

Edit to add: 1700 sqft, built in 1891, burned and rebuilt in 1999

Hi everyone,

I(27f) was recently approved for a mortgage loan at 400. My loan is a bit unique because I started an I-099 contract this year so the mortgage officer is doing a combination of business income + personal pay stub. I need to put down 15% for this loan.

I have roughly 60k in savings right now. After closing costs, the down payment I’m pretty much using everything to my name.

I have no debt, but obviously will have little financial security. How much would you recommend I have left in savings after purchasing?

Looking for realistic advice. This would my first home.