All Forum Posts by: Robyn Thorsen

Thank you Andrew

Your goals and story: To purchase either a SF or MF home to House Hack

Type of property: SF or MF

Location of property: Wilmington, NC

Purpose of financing: purchase

Type of financing sought: Not sure, Fannie/Freddie, private, seller-carried, subject-to, loan assumption, commercial, FHA, VA, USDA.

Current or prior ownership of real estate: Have not owned any real estate ever.

Occupancy: investment, owner occupied, short term furnished rental, rent-to-own, and or long term rental.

Value of property at present and/or your offer price: currently looking at properties

After repair value: $ N/A

Anticipated or actual appraisal issues: N/A

Current rents per month: $ an extremely cautious number we believe is $500/br

Fair market rents per month: $lowest we saw was $820 for a 1 br

Down payment or equity: $8,000  not sure of equity yet as we haven't locked down the subject

Source of down payment funds, if applicable: own funds

Income Source: Salaried/hourly W2 (In Illinois)

Gross monthly income (optional): $2,400 + pretty regular overtime

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: under $100

FICO: Good bordering on excellent

Credit issues: Length of time I'm only 20

Additional details:  Wondering if anyone can shed some light on this...how or can you get financing when you want to move to another state and have been working steady (Kohls for 3 yrs and recently changed jobs, about 4 months ago, to better salary, from $10 to $15 / hr, and opportunities, already been promoted twice) but will have no employment history in the new state.  I know people do it but I don't understand how.  Any thoughts or insight would be greatly appreciated.  I thank you for your time!  

Hi Arnel, Have you considered offering him cash for keys?  I've heard this is a great way to get your place back saving you both time and money...I don't have any personal experience with this but wish we had tries it with a tenant we had in Chicago.  We hired an attorney and when all was said and done between the time our office, property managers, court costs and attorneys fees were all added up we were probably around $5k.  I really think we could've paid him to leave for a lot less.  Good luck and let us know how it goes.

Good Morning Fanny :)  Have you tried to look on Zillow or Trulia for recent sales on lots in that neighborhood?  Or contacting an agent in the area for comps?  From what I've seen in most areas, the assessed values are not indicative of what a property will sell for.  Also, do you have an idea of what the de-foresting will cost?  I would make sure that's figured into your maximum bid.  Hope that helps and good luck!

How's the search going?  Have you found a place to live yet?  I actually live in Wonder Lake, IL but I do come across some great deals in the Daytona area.  Let me know if your still looking.