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Extreme Veteran
Posts: 380
 
| Have you looked into a rural development loan? I only say this because with RDL the seller usual pays most if not all of the closing costs. So that would add to your down payment instead of it going to closing costs.
I'm not sure where you live or what your budget is but at $5000 to $7000 that might just do the trick.
I sold my house last fall. The buyers had a RDL and we had to cover closing costs because of the type of loan they had. The closing costs were $5000.
Edited by SloRide 2017-06-19 10:07 PM
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 Money Eating Baggage Owner
Posts: 9586
  
Location: Phoenix | I wouldn't sell your horse. I would get a second job and shop around for cheaper auto insurance and cell phone bill. We DID save $1200/year by switching to Geico from State Farm. This weekend we'll be switching to T-Mobile and saving an additional $100/month. We don't do cable, instead we have Netflix/Hulu/Amazon Prime. I haven't had actual cable TV in 4 years and don't miss it. We are working on getting out of debt before we think about buying a house. I need to get better about not spending so much on food. We also live on a budget and I map it all out and withdraw cash for food & gas. Good luck! If you need some motivation listen to the Dave Ramsey podcast. :). |
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 Certified Snake Wrangler
Posts: 1672
Location: North MS | YNAB Subscription and live by it before selling my horse (Youneedabudget). App for phone and a computer program. Also free for college students. LIFE CHANGING! Wish I had it while I was in college. It isn't a "forecasting" budget tool like most where you plan what you are going to spend for the month. It is a - I have $50 in the bank, how much gas and food can I buy this week type budget plan. Only what you have. But it allows you to make savings goals. Such as a down payment. |
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Veteran
Posts: 186
Location: Good ole SE Mo | We are broke and waste money, it's ridiculous really. We have some small debt that I would love to get "off the books" and could easily do that by selling one of my husband's heel horses. We have had offers for him that would make us feel really good. I bought him for $500 as a 3/4 year old (he's not papered but is probably 7 now) There is an older gentleman around here that has pretty much said name your price. What I am getting at is we could sell Blue Duck and give us some breathing room. Husband pretty much cut his thumb off last summer and has not been on a horse since. Says he's done and now a pig farmer. But I refuse to let him sell the horse he loves him plus he will be our 6 month old daughter's first horse. He is currently with a high school kid just raking in the money lol I know that by selling him it would make it easy for a little bit but the bills will pile back up, they always do. We will always be in this situation until we decide to change.
I really don't know why I typed all that out besides to say what someone else already has........... selling the horse ain't worth it if he means that much to you! Short term gain to me isn't worth the regret you will feel everyday after.
Good luck either way! |
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Location: NE Texas | SloRide - 2017-06-19 9:46 PM
Have you looked into a rural development loan? I only say this because with RDL the seller usual pays most if not all of the closing costs. So that would add to your down payment instead of it going to closing costs.
I'm not sure where you live or what your budget is but at $5000 to $7000 that might just do the trick.
I sold my house last fall. The buyers had a RDL and we had to cover closing costs because of the type of loan they had. The closing costs were $5000.
Where there is a will there is a way..... Lots of great advice here!
We were spending too much boarding but didn't have the down payment for a home with land already on it. So, we sold the house in the city, bought land with an old house (no value in the house, but this meant the property already had a drive, utilities & septic system). In our area, you can get a land loan with 10% down so it was doable for us. We lived in our Travel Trailer on the property for a year and a half all while saving money for a house to put on the property.
Best of luck!
(sorry Sloride - didn't mean to quote you! lol)
Edited by reese_tx 2017-06-20 3:24 PM
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 Elite Veteran
Posts: 602
| Wait to purchase a house. Once you get rid of a nice horse its hard to find another. Your money is already invested into the horse. I sold my barrel horse 3 years ago to take a break, this year I finally saved up enough money to purchase another one. It was harder to start over then to hang on. |
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Expert
Posts: 4766
Location: Bandera, TX | I sold my heart horse back when I was newly married. He built our home. My husband was so happy that we didn't have to get a loan. |
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Elite Veteran
Posts: 695
Location: Windoming | roperqueen - 2017-06-20 11:05 AM We are broke and waste money, it's ridiculous really. We have some small debt that I would love to get "off the books" and could easily do that by selling one of my husband's heel horses. We have had offers for him that would make us feel really good. I bought him for $500 as a 3/4 year old (he's not papered but is probably 7 now) There is an older gentleman around here that has pretty much said name your price. What I am getting at is we could sell Blue Duck and give us some breathing room. Husband pretty much cut his thumb off last summer and has not been on a horse since. Says he's done and now a pig farmer. But I refuse to let him sell the horse he loves him plus he will be our 6 month old daughter's first horse. He is currently with a high school kid just raking in the money lol I know that by selling him it would make it easy for a little bit but the bills will pile back up, they always do. We will always be in this situation until we decide to change. I really don't know why I typed all that out besides to say what someone else already has........... selling the horse ain't worth it if he means that much to you! Short term gain to me isn't worth the regret you will feel everyday after. Good luck either way!
This. I was offered an outrageous amount of money (more than he was really worth) for my heart horse. I cried every day right up to the day they were supposed to try him. I decided I couldn't sell him. Sometimes I do wish I had sold him, because I don't use him to his potential, but this way I don't have to worry about the kind of treatment he is getting. I figured like Roperqueen did, the bills would still start piling up and my horse would be gone. My husband didn't care which decision I made, thank goodness. I always thought that if something happened that we needed the money desperately, then I would sell him. Hasn't happened, knock on wood....... |
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Gettin Jiggy Wit It
Posts: 2734
| I am not much help... But I couldn't do it. I cant sell horses. Id sell obviously if I couldn't afford to feed them or our home was at stake but I would find some other way to make it work to keep my horse if I was in your situation. But that is just me and I am not in your situation. I shouldn't even be commenting. What I mean is, yes it may help put you in the situation to get a house faster but in the long run make sure you are going to be happy too. It doesn't sound like you are in a life and death situation that forces you to sell. |
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 Warrior Mom
Posts: 4400
| roperqueen - 2017-06-20 12:05 PM
We are broke and waste money, it's ridiculous really. We have some small debt that I would love to get "off the books" and could easily do that by selling one of my husband's heel horses. We have had offers for him that would make us feel really good. I bought him for $500 as a 3/4 year old (he's not papered but is probably 7 now) There is an older gentleman around here that has pretty much said name your price. What I am getting at is we could sell Blue Duck and give us some breathing room. Husband pretty much cut his thumb off last summer and has not been on a horse since. Says he's done and now a pig farmer. But I refuse to let him sell the horse he loves him plus he will be our 6 month old daughter's first horse. He is currently with a high school kid just raking in the money lol I know that by selling him it would make it easy for a little bit but the bills will pile back up, they always do. We will always be in this situation until we decide to change.
I really don't know why I typed all that out besides to say what someone else already has........... selling the horse ain't worth it if he means that much to you! Short term gain to me isn't worth the regret you will feel everyday after.
Good luck either way!
Sounds just like my situation... except mine drives a truck... he had a super nice head horse, we sold him once while we were in a rough spot... things got better and by the Grace of God we were able to buy him back from the gal and I have a lifetime friend in her! Well of course, things got bad again... he decided to sell him again... to help pay some things... we won't be able to get the horse back this time... and guess what.. we are broke, in debt and pretty much in the same situation we began with the first time! I so wish he hadn't sold him this last time... I've had my good horse sold and he called the guy and told him the deal was off because he's my heart horse and my hubby didn't want me to make the same mistake with my horse! Sigh.... so .... when my kiddos return to school, this momma is starting a part time job to help out! Don't sell the horse... unless it's your absolute LAST option.... wish I still had that big grey monster in my pasture |
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Extreme Veteran
Posts: 520
| I wouldn't sell my horse, you will regret it. What you want for him is a relatively small amount when it comes to buying a home. It wouldn't be worth that to me to loose my horse. I won't even sell my heart horse for $100,000 and mind you he is an athritic 14 year old with pssm that I can only occasionally ride lol! |
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 Bulls Eye
Posts: 6443
Location: Oklahoma | I can tell you I sold my heart horse January 2016. I loaded him on a trailer January 31, 2016. I've cried every **** day since he left. A couple of weeks ago they offered him back to me. He's been gone 1 year, 5 months and 20 days... Yes, I've counted. I can't tell you how happy I am he is coming home. My husband has said he will never leave again |
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 Half-Eaten Cookies
Posts: 2076
Location: Fort Worth / Springtown | Here is my one tip - pray about it! Invite God into your decision. Maybe you have already done this....I have no idea what your religious affiliation is, but IMO there isn't anything more important. I have a heart horse - selling a heart horse to me would be like selling a kid. If I look at him and envision a scenario where I'd sell him, I tear up - not doing it.
My husband and I found our dream house. When talking to another couple who looked for 3 years, we told them that there was no way we could wait that long. You know how long we searched? 3 years. It was so tough living away from my horses and driving to my parents' place twice a day to ride/feed, feeling like I was never "home" - once you get excited about that changing, 3 years seems like an eternity....but not in God's time. My husband lost his good paying job shortly after beginning our horse property hunt. And of course, it seems everything needs repair once you lose your job, shocks, tires, car wreck deductible, animals hurt....We called off the search, but soon after, my husband ran into a friend of ours who was recently divorced and just started a new career - she was putting her realtor sign up at a house when he drove by and stopped to talk - she led us to reluctantly look at properties in our new LOW price range - we had to search for a new finance company, also - wanting land AND a house took us to some dumps!....some places we were a little scared driving down the driveway - we even had gun threats at one place by the neighbors not wanting anyone but him to buy the property - scared off lots of buyers, including us (and that was actually a real nice place). Our house was on the market for over 2 years during a really bad time in the economy - everytime we got an email that we had a showing, we dropped everything and left our jobs to clean, pull up rugs that were on the new carpet, bake cookies, and remove our dog, even in the middle of losing a beloved cat from a freak accident, filled with tears, and having paint and plywood all in our house from working on a Christmas church program, I had to leave work to get our house ready for a showing . 2 years later, we finally decided to take our house off the market and then someone made an offer -go figure. There was this beautiful place I drove by twice a day on the way to my parents house/horses that had been for sale for a while. Around this time, I was scanning real estate listings while my husband was driving - I saw the price on that house had dropped, drastically, and I said, "no way!." Well, God said "YES WAY!!" My husband said, "call Ruth - put in an offer!" He knew he didn't even need to see the inside. We had actually seen the house get bought and sold years back. It was a short sale, but we didn't know that at the time. It took 8 grueling months from our offer to closing, and the sellers were not cooperative (I'll spare you that long story). We sold our house, had to move in w/ my parents -actually had an animal rescue agree to hold a cat for us for 4 months (one that looked just like our cat that died) - we lived w/ my parent for 6 months and my dad said he never wanted to hear the words "short sale" again. In that time we finished our car note that freed up more buying power for us. We were in "buying house mode for so long, that our credit looked really good and we knew what and what not to do, like not purchase furniture or vehicles or anything until AFTER you close on the house). We scraped all our money just to cover the closing costs + 3% - about $10,000/$11,000 - which was a LOT of $ for us and our situation, but everything fell into place all at the right time. The title company even said they don't usually see someone buy a house and already have that much equity in it. And we LOVE our place - it is like our little piece of Heaven on Earth. I pray you find yours, too! Keep us posted!
Edited by txbredbr 2017-06-21 2:50 PM
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Location: in the ozone | you have 3 horses together - one is leased out & then yours & the hubs. So why are you contemplating selling yours only?
I would NOT sell my heart horse, especially if I had sold it once & was fortunate enough to get it back. I would do whatever I had to do to come up with the extra. In the grand scheme of things, $5000 is not that much when it comes to down payment on a house/property anyway. |
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 My Heart Be Happy
Posts: 9159
Location: Arkansas | TwistedK - 2017-06-21 7:27 AM
I can tell you I sold my heart horse January 2016. I loaded him on a trailer January 31, 2016. I've cried every **** day since he left. A couple of weeks ago they offered him back to me. He's been gone 1 year, 5 months and 20 days... Yes, I've counted. I can't tell you how happy I am he is coming home. My husband has said he will never leave again
I'm so happy for you  |
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 Too Skinny
Posts: 8009
Location: LA Lower Alabama | So lets look at it from a math side. You are paying 300 in rent but with a home would be paying 900. So where is that 600 going each month? Save that for 6 months and you have half of what your horse is worth. In one year you have your full down payment, your favorite pony and a good budget going for survivng your first home purchase.
ETA I save drastic measures for times of true hardship. They will happen and selling may be your only way out but prepping correctly will help keep that from happening.
Edited by cowgalsissy 2017-06-22 9:34 AM
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Doggy Diaper Designer
Posts: 2322
Location: WI | Keep the horse. $5k won't get you that far ahead. And that's assuming you can even get him sold. Not sure what he is but...
Also if you enjoy him and have fun, keep him. You can get other horses but it's but the same |
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Bulls Eye
Posts: 6443
Location: Oklahoma | Chandler's Mom - 2017-06-21 11:15 PM
TwistedK - 2017-06-21 7:27 AM
I can tell you I sold my heart horse January 2016. I loaded him on a trailer January 31, 2016. I've cried every **** day since he left. A couple of weeks ago they offered him back to me. He's been gone 1 year, 5 months and 20 days... Yes, I've counted. I can't tell you how happy I am he is coming home. My husband has said he will never leave again
I'm so happy for you
It's like everyone else has said... you will still have bills regardless if you sell him or not. You've gotten him back once, don't make the mistake of letting him go again. I hemmed and hawed for years over selling Duncan... and when he left it was like a part of me left too. I still haven't enjoyed riding since he's been gone. He's still a stud, so I have a handful of mares interested in breeding to him in 2018 and that will help cover his board for a few months. |
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Money Eating Baggage Owner
Posts: 9586
Location: Phoenix | spitzh - 2017-06-20 1:17 PM Wait to purchase a house. Once you get rid of a nice horse its hard to find another. Your money is already invested into the horse. I sold my barrel horse 3 years ago to take a break, this year I finally saved up enough money to purchase another one. It was harder to start over then to hang on.
I agree. Unless you buy yourself a lower priced project to get going. I've always had horses given to me or traded around and when my horse passes or gets you old to do anything with...I will be at square one again and that's slot of money to shell out on a hobby when you really break it down!!! |
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Expert
Posts: 2531
Location: WI | First, take a hard look at your spending and saving habits. Chances are if changes aren't made there, you are going to be in the same boat down the road. With no horse left to sell. |
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