The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: ExpatPat on September 30, 2017, 05:28:36 PM
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...and need all the advice I can get.
Why are we doing it in the first place?
A. leapt before we looked
B. we are tax exiles and can't be full time in the U.S. or U.K.
C. Homes here are half a million and up but building cuts it to 330 - 350K
D. I hate spending with nothing to show for it ie rent. Also have 10yrs of storage fees in UK -enough.
One year to pay off seller-financed lot. I better Know what we are doing by then.
The living frugally part I got down. We only started having a reasonable income less than a year ago from my man's now-thriving company: it's now reached 15k mo.
Before I get used to having money, nice to stuff some into a bricks-and-mortar piggybank.
If everything crashes, we can retire here.
So, besides learning the pitfalls of building, I want to learn about the world of credit: If I can get into a house 6mo earlier then the money saved from storage and rent count toward the loan breakeven point, no? That and how long will the exchange rate be this good?
$30K is the upfront building deposit.
36 repayments at not great interest around 1k which allows us to pay 10K a month for builders, maybe 7mo to move-in but not 100% finished. Can then seriously get loan paid off first before doing all the final bits.
Would love to be savvy enough to get my credit score above it's current 716 (Started in 2012 at 0. Expat life...) to qualify for a cheaper personal loan -don't see other loan options here in Mexico.
Have only a CapitalOne card so far with 7200 limit. Am claiming a 72K income as we put about 6K into U.S. checking each month. I am 'other' employed as a SAHM.
I'm using a friend's house as my permanent address and keep U.S. car insurance and phone.
Anyone else built credit as an expat?
I am ready to learn