All Forum Posts by: Carren Krusleski

Quote from @Scott Wolf:

@Carren Krusleski, do your parents own it free and clear?  If so, they can do seller financing to you, but not sure why you'd want to buy your parents house at such a discount.  They can pull all that capital out via a sale, and help you invest in the future.

 Thank you all for the information, Tristan, Jose, and everyone.  The help and input is greatly appreciated

Quote from @Scott Wolf:

@Carren Krusleski, do your parents own it free and clear?  If so, they can do seller financing to you, but not sure why you'd want to buy your parents house at such a discount.  They can pull all that capital out via a sale, and help you invest in the future.

They owe 20k on it still i believe.  My dad says he just wants to help me out and he feels that selling me the house at that price would do that.   I told him he should just get it fixed up and sell it for full price.  He said that he doesnt need the money and doesnt have the desire to fix anything...and that selling it to me at that price is what he wants to do.  So now i am trying to figure out how to actually finance ... thanks for responding btw

Hello.  I am wondering if it is possible to get a loan for my parents home.  The home is worth about 325k - 360k judging from comps in the neighborhood.(and when it is fixed) currently has a rodent problem and needs to be cleaned out. this home is just a bit larger than some of the homes in the neighborhood (3100 sq ft)  one down the road at 2600 sq ft. just sold for 330k.   (parents Hoarders) finally got them some help and moved out.  Home is in a Very Nice neighborhood and area in Spring TX.  on a HUGE wooded lot.  my father is willing to sell me the home for 130k dollars.  IF i am able to get financing...I am not sure whether to move into it or to rent it out.  I already have two individuals that are willing to pay 2400 per month rent ...if i decide to rent it out after its cleaned up.     MY PROBLEM is that i have a 550 credit score.  my ex ran up and defaulted on 6 credit cards last year i did not know about and dropped my score. I have been on my current job just over 1 yr... Only bill that i have is a new truck i purchased 4 months ago.  I make 85,000 per year.  Does anyone know any way to get a loan on the property given my credit / work situation.  I was thinking that given the large equity position that would exist...it might help....but i really dont know.  would love some information from some knowledgeable members.  Thank you for your time !

Thank you

Hello bigger pockets community.  I am new to investing.  I have been reading all i can for a few months now attempting to arm myself with a little knowledge before i try to jump into an investing career, but i am sure that investing is what i want to do.

So my question is about the online auction process.  I have found a property that is on an auction site  with a start bid of about 250,000  i looked the property up via tax appraisal and the property tax appraisal is 425,000.  the home appears to be in pretty decent shape "good actually" ..at least from pictures, which i know certainly dont tell the full story, ...but again...it appears to not be so bad.  the property is now bank owned...foreclosure... and while i have not yet figured out a way to finance it.... i still plan to speak to a realtor about it tomorrow and try to get more information about property / comps in the area.   I have not gotten comps...but most of the other properties for sale in the area are listed between 400- 650k and up.  

all that being said... My question is this.  does anyone know if once a property is listed on the auction site...will they still take offers on the property if you do not do it via the auction site....  for example ... if I go in to the that bank owns the property and talk to them and submit an offer to them..... is the process that i will just have to wait until the auction is over .... or is it worth the time to go in and speak with bank if the property turns out to make sense and i am able to secure financing  

once again... thank you to bigger pockets, i am / have learned so much.  there is a wealth of information here.  and thank you to those that take time out of your lives and busy schedules to help others in the bp community... for a beginning investor like myself...it is really pretty great.