I'm sure no one cares but...
- Thread starter thom24ad
- Start date
Thom congrats! I'm in my late 50's but back 20 years or so I was allways crying about not being very successful or getting the opportunities my friends were. Well my father said , son they are disguised as Hard Work which you haven't done a lick of.You are ahead of the game, GL
Just got a look at the house
Just got a look at the house
Its a cape cod, 3 bedrooms but only one bath. Had hardwood floors and the maintenance was well maintained. I knew that punch-out work I did in summers through college would come in handy. The house was is great shape, just a little moisture in the basement but I can always seal that. Its going need a roof in a couple of years but lucky that was another job I had right of high school, so there is a little money I could save. Other then that I couldn't really find any other needed repairs.
Well its a small house but I think a good starter for myself and it had a decent sized fenced in backyard. So know I can always get that Bulldog I have wanted, going to name Brutus (go figure). No garage but I could fit three cars in the driveway.
What I decided to do is I am going to live in it for about 6 to 8 months and see if I can find anything wrong. And since this is family member I don't have to sign any lease and I can rent it for the mortgage payment. She said what I pay in rent she will also deducted from the sell price. The reason why she wants to sell it is because her and a close friend got in to buying/selling property and got over their heads a little. She had planned to rent it out but had a shady tenant and ended up having to kick them out. Plus my aunt wouldn't make a great landlord because she is just too nice of a lady. So instead of renting their are back to just fixing up propertys and flipping them. I know she has several other property's as of right now and I think this one just became a little too much to manage financially. So this where I come in because its not a loss to her as long as the mortgage is getting taken care of.
As for the value of the house, I am sort of lucky being banking because I was able to talk to our chief loan officer. And he is going do some research on the property for me and come up with a figure that he thinks the house is worth. And he also explained that he is going to see what he can do since I am employee about getting me some discounts and waived fees and chit hopefully a small discount on my interest rate for the loan. So we'll see and all of that is several months away.
But I am happy with everything so far and we'll see what happens from here. But I do want to thank everyone for looking out for little brother and giving their time and advice. And trust me I am trying to cover all of my bases on this one so any help or suggestions is much appreciated.
Thanks again guys!
:mj14:
Just got a look at the house
Its a cape cod, 3 bedrooms but only one bath. Had hardwood floors and the maintenance was well maintained. I knew that punch-out work I did in summers through college would come in handy. The house was is great shape, just a little moisture in the basement but I can always seal that. Its going need a roof in a couple of years but lucky that was another job I had right of high school, so there is a little money I could save. Other then that I couldn't really find any other needed repairs.
Well its a small house but I think a good starter for myself and it had a decent sized fenced in backyard. So know I can always get that Bulldog I have wanted, going to name Brutus (go figure). No garage but I could fit three cars in the driveway.
What I decided to do is I am going to live in it for about 6 to 8 months and see if I can find anything wrong. And since this is family member I don't have to sign any lease and I can rent it for the mortgage payment. She said what I pay in rent she will also deducted from the sell price. The reason why she wants to sell it is because her and a close friend got in to buying/selling property and got over their heads a little. She had planned to rent it out but had a shady tenant and ended up having to kick them out. Plus my aunt wouldn't make a great landlord because she is just too nice of a lady. So instead of renting their are back to just fixing up propertys and flipping them. I know she has several other property's as of right now and I think this one just became a little too much to manage financially. So this where I come in because its not a loss to her as long as the mortgage is getting taken care of.
As for the value of the house, I am sort of lucky being banking because I was able to talk to our chief loan officer. And he is going do some research on the property for me and come up with a figure that he thinks the house is worth. And he also explained that he is going to see what he can do since I am employee about getting me some discounts and waived fees and chit hopefully a small discount on my interest rate for the loan. So we'll see and all of that is several months away.
But I am happy with everything so far and we'll see what happens from here. But I do want to thank everyone for looking out for little brother and giving their time and advice. And trust me I am trying to cover all of my bases on this one so any help or suggestions is much appreciated.
Thanks again guys!
:mj14:
I completely forgot about that, next time I am out I will look for itdawgball said:Thom -- now go celebrate in a Columbus bar that sells my buddy's beer. The beer is named Scarlet, and it is sold in about 40 bars now around the city. Draft only.
Shameless plug for a friend.
Too Good to be true
Too Good to be true
I just got with the loan officer at the bank...we did some research and the house is probably worth 5-10K less then what she wants to sell it for...I also found that she refinanced the house for about 20K more then what was left on the loan...assuming she used the 20K to fix the property and for a possible down payment on another property...I'm going to call her and explain I just don't think its the best thing for me right now to eliminate any hard feelings...I'm not going to move in either cause its an old house and I'm thinking heating cost will be rather high..A little disappointed but I'm going to keep looking
Too Good to be true
I just got with the loan officer at the bank...we did some research and the house is probably worth 5-10K less then what she wants to sell it for...I also found that she refinanced the house for about 20K more then what was left on the loan...assuming she used the 20K to fix the property and for a possible down payment on another property...I'm going to call her and explain I just don't think its the best thing for me right now to eliminate any hard feelings...I'm not going to move in either cause its an old house and I'm thinking heating cost will be rather high..A little disappointed but I'm going to keep looking
Thom, BIG props to you for not jumping right into this without doing your homework. A lot of people would have, especially people your age. Keep looking and you will find something when the time is right! :clap:
I agree, smart move on your part Thom. Find something you can get at a steal like a foreclosure and fix it up yourself, then cha-ching instant equity. I got my first house at 23 and it was the best thing I ever did.
