All Forum Posts by: Account Closed
Account Closed has started 1 posts and replied 2 times.
Post: Newbie looking for help getting into first home
- New to Real Estate
- MD
- Posts 2
- Votes 0
@Kevin Romines Thank you for the insight. Credit score isnt an issue here, but income is. I have been working as a software engineer for 3 years now so my current salary isnt bad, fortunately now that I've built the skills and reputitation to be a lead/senior engineer I am expecting a substantial salary increase within the next couple months. But I want to exhuast my options before then to try to get the house as soon as we can because we love it so much.
Post: Newbie looking for help getting into first home
- New to Real Estate
- MD
- Posts 2
- Votes 0
Hi all, I'm a real estate newbie and first time home buyer in MD looking to purchase a specific house in Rockville. Pre-approval came back 200-250k under the asking price, I've already discussed my options with my pre-approver and agent, and suffice to say I'm not going to be taking a mortgage on my own to buy this house. The thing is, my partner and I adore the house and its in a location we really want to move to. I've been educating myself on creative financing strategies and how to purchase homes with minimal cash on hand, and I'm looking for someone willing to help me get into this house.
We are still looking into a joint-loan with my partner and I, but until then I had my agent discuss with the seller about a lease-to-own agreement, which they declined. They are trying to sell the house ASAP. My idea now is to find a willing investor or private lender who can either help finance the purchase, or purchase the house and give me the lease-to-own agreement as their tenant. Some notes: I'm willing to take on the costs of the inspector, appraisal, property management. Ideally, if someone else purchases the house, they would not have to deal with anything and just receive a check from me for the monthly costs associated with their mortgage, or private loan to me, plus interest/bonus up to the agreed upon rent to ensure the property will produce income to the investor/lender during the leasing period. Other conditions can be discussed and written into the contract.
What do you all think, do you have any advice or tips for making this kind of arrangement, and anyone willing to do this with me?
THANK YOU!