Dreaming of a different life...


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Faraday is online now Faraday Post #1  November 24,2011, 7:32am
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When I found out I was pregnant I dropped out of University I was 2 years in, on a 6 year program. I now have my own business where I work 11 hours a day from home (which is nice- I get to stay home with my daughter).

I have seriously been thinking about going back to school...pretty much every day for the last 2 years . I would take a 2 year diploma which would start me off working in an office making decent money.

Unfortunately, I can't do this while living in my place unless I'm doing the job I'm doing (my mortgage was approved for two people- and now I'm just one...some months are tough).

I was thinking about renting out my property and moving in with my daughters father. He has a big house so we would live on different floors, he works nights so while I'm at school, he would care for our daughter. I wouldn't have to pay rent as long as I maintain the property (he's a total slob and lets his yard go ghetto every year).

I guess I'm wondering if I should give up on dating during that 2 1/2 years? I realize that living with an ex is totally crazy and unappealing...but it's the only way I can go to school without ending up with 50,000 in debt at the end (which I'm not prepared to do).
 
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D_Lion is online now D_Lion Post #2  November 24,2011, 7:46am
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I'd probably try to find a different solution, personally.

I would not date someone living with another person, especially an ex-partner. I suppose the average person is more open to it than I (especially since there is a child), though.

I assume you're closed off to the option of attempting to repair the relationship with your ex-partner?

***

Every situation is unique, and must be calculated on its own facts, but the first thing I would pursue is getting a more favorable mortgage. Personally, I would use a line of credit, retire the installment mortgage you probably have; these are widely offered at 3% or less, and you don't have the liquidity drain of having to pay principal. It's a floating rate product, but you'd cut your perceived expense (I say "perceived" because principal is not an expense) in half immediately, and probably be done with school before interest rates could rise enough to make that a problem - in any case, if that even happened, you'd probably have gain on the value of the property.

Second, I would make sure you are not overtaxed. Many people who purchased a house within the past several years would benefit from a property tax appeal.
 
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Faraday is online now Faraday Post #3  November 24,2011, 8:00am
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D_Lion wrote :
I'd probably try to find a different solution, personally.

I would not date someone living with another person, especially an ex-partner. I suppose the average person is more open to it than I (especially since there is a child), though.

I assume you're closed off to the option of attempting to repair the relationship with your ex-partner?
Yes, it ended over 2 years ago. We remain great friends but our life styles are too incompatible.
***

Every situation is unique, and must be calculated on its own facts, but the first thing I would pursue is getting a more favorable mortgage. Personally, I would use a line of credit, retire the installment mortgage you probably have; these are widely offered at 3% or less, and you don't have the liquidity drain of having to pay principal. It's a floating rate product, but you'd cut your perceived expense (I say "perceived" because principal is not an expense) in half immediately, and probably be done with school before interest rates could rise enough to make that a problem - in any case, if that even happened, you'd probably have gain on the value of the property.
I have no idea about any of this. I'll look into it though. I'm in Canada, things might be different here. I think my biggest obstacle is that my daughters father is still on the mortgage (not on title though) because I can't qualify on my own. Most of my income is under the table.

Second, I would make sure you are not overtaxed. Many people who purchased a house within the past several years would benefit from a property tax appeal.
The other thing that makes living with him appealing is that I would be able to focus on school and not working full time...as well as not paying $900-1200 a month for child care.

Even if I could refinance, I would still need to work full time...and find time to go to school full time, keep my place maintained and spend time with my daughter.

I have thought about moving in with my parents...but that would be disastrous.
I moved out at 14, saved everything, bought my first place at 19...all so that I could not live with them...

I feel like living with my daughters father is the only option ...maybe I should just look at it as "working on myself" time and not date.
 
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tangochef is offline tangochef Post #4  November 24,2011, 8:17am
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Faraday wrote :
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I feel like living with my daughters father is the only option ...maybe I should just look at it as "working on myself" time and not date.
Of course, the other option is to find a guy that will move in with you, pay you rent, and support your school endeavours.
 
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Faraday is online now Faraday Post #5  November 24,2011, 8:20am
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tangochef wrote :
Of course, the other option is to find a guy that will move in with you, pay you rent, and support your school endeavours.
My last boyfriend wanted to do that too but we couldn't work out no matter how hard we tried
 
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D_Lion is online now D_Lion Post #6  November 24,2011, 8:23am
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Yes, I expected your qualifications to be the gating item. You might even convince your ex-partner to accept this liability again (I can't imagine why he did once, though.) Even if you cut him a share of the savings - in any case, he is in for a shock if you have a financial problem. That risk he already has.

I did date women who lived with parents - but if there's dysfunction, I could see not accepting it.

One good thing about your plan, is that it is not very high risk. Moving in together, even taking a tennant in the property, are things that can be undone without huge effort or expense. The rental income, avoided child care cost, and increased education all sound substaintial in securing your future. Impaired dating, for a limited time, is not much sacrifice for that.
 
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Faraday is online now Faraday Post #7  November 24,2011, 8:36am
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D_Lion wrote :
Yes, I expected your qualifications to be the gating item. You might even convince your ex-partner to accept this liability again (I can't imagine why he did once, though.) Even if you cut him a share of the savings - in any case, he is in for a shock if you have a financial problem. That risk he already has. We purchased the property together 3 1/2 years ago. I have been trying to get him off the mortgage since, but I can't qualify. He's actually in a really bad financial situation right now, he can't help me with this.

The large property he's living in is a vacant house that his parents own. He's supposed to be taking care of it but he doesn't so his parents suggested that my daughter and I live with him mostly because they hate getting letters in the mail from the city about the yard needing maintenance or from him not shoveling snow all winter.


I did date women who lived with parents - but if there's dysfunction, I could see not accepting it.

One good thing about your plan, is that it is not very high risk. Moving in together, even taking a tennant in the property, are things that can be undone without huge effort or expense. The rental income, avoided child care cost, and increased education all sound substaintial in securing your future. Impaired dating, for a limited time, is not much sacrifice for that.
It would be hugely beneficial for everyone. My daughter would love living with her dad, his parents would love that their property is being cared for...and I would love going back to school. I would also like to keep my property for now as the market is rising here and by the time school is over, I should have quite a bit in equity that I can start our new life with.

It's just hard to imagine not dating for a few years! I really want to settle down and have more kids...so it feels... weird to not be looking.

Thanks for your insight D- you're one of the most logical people on here, so I'm glad to get that perspective
 
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SteveManchesterEngland is offline SteveManchesterEngland Post #8  November 24,2011, 8:38am
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Would you really find an office job paying "decent money" in this economic climate? I know here in my country we're getting rid of staff and cutting pay.

Are you sure your plan is a good one?

Right now might be the time to spend with your child as much as possible and then go back to work when she is school age?
 
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Faraday is online now Faraday Post #9  November 24,2011, 8:52am
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Would you really find an office job paying "decent money" in this economic climate? I know here in my country we're getting rid of staff and cutting pay.

Are you sure your plan is a good one?

Right now might be the time to spend with your child as much as possible and then go back to work when she is school age?
I'm in a city that wasn't hit by the market crashing. We're an oil and gas city- things are booming here. I would definitely be able to get a job.

My original plan was to wait until she started school. I have been really stressed out lately because I'm not getting ahead right now. I can't really save very much, I'm not contributing to RRSP's (and I had to pull out all of my savings to pay for legal stuff when my ex and I separated)...it's scary having nothing to fall back on. I know my parents would help me...but running my own business, I don't have benefits. What happens if I got in a car accident and was off work for a month? My business would be destroyed (as it is I can't really take time off even if it's just a sick day) and I would have crazy medical expenses...it just freaks me out
 
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D_Lion is online now D_Lion Post #10  November 24,2011, 8:58am
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One other aspect, is that universities are very fertile ground for finding partners.

Higher income, lower expenses, more education - and the increase of available partners due to being at school - are all things which might fully offset the reduced "dateability" associated with living with a prior partner.
 
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