All Forum Posts by: Katryna Wood

 She is willing to sell the home to us for $120k.

An appraisal needs to be done because it’s hard with few comps in that area. Trulia and Zillow value it at $240k. Realistically I’m thinking $150k+.

I considered renting our home out but our mortgage is almost $1600 and I don’t think we’d be able to rent it out for more than $1700.

The home is foundationally sound and just needs cosmetic repairs. As in it’s just outdated and needs a stair rail. It’s perfectly livable!

I believe it would take 2 years tops. 

I tried this but they aren’t able to do that unfortunately 

Thank you @Jay Hurst! I didn't know this. I am not back at a w-2 yet. I quit my w-2 in 2023 and pursued real estate full-time. Then, in April last year, my husband and I started a business, and I temporarily put both of those on hold while taking care of my dad. My husband left his job to help me in the business this past year and went to work at a dealership as a salesman when my dads health started declining. 

Then my husbands aunt offered to sell us her place for this cheap, and I wanted to hop on it if at all possible so thats why I am here trying to figure this out lol

Thanks! It does help. 

My husbands aunt is selling it to us at a discount but is unable to do any sort of financing as she needs to sell it and get the funds. It is in livable condition but needs cosmetic repairs.

We are currently paying $1600 on a $220k mortgage and we want to sell and move to this home, but we would only net about $7-10k on the sale of our home. 

The only reason we don't qualify for traditional lending is because I took some time off to help my terminally ill father, and my husband has been in a commission-based role for less than a year (the lender said you need 2 years of history for that). This is why we are seeking a private lender as we would refinance after 1-2 years once we have proof of steady job history.

Hi all! I am struggling to find someone to fund a primary residence. It would be for $120k plus closing costs for a year or two until we could refinance. I have been told to check this website, but I haven't found anything yet. 

I have looked into hard money loans but they are all for investors. I just want to find anything that is no or low down payment. The loan would be secured by the property. I don't even mind paying ridiculous interest rates as I understand this is a big ask. I just don't know where to find a private lender as anything I have googled looks to be for businesses or a scam. 

Please, anyone, point me in the right direction. Thanks! 

Hi all!

A family member is offering to sell us a home at a discount ($120K+closing costs), but they aren’t in a position to finance it to us, so we need to figure out an alternative way to buy. Trulia and Zillow estimate this home to be worth over $200k so thats a steal of a deal! We don’t qualify for traditional lending right now because of Job history. My husband has been in a commission-based role for less than a year (he took some time off for education before that), and I took time away from work to care for a terminally ill family member. Unfortunately, we don’t have anyone who can cosign for us.

That said, we can afford the home—we’re currently paying almost $1,600/month on our mortgage and are desperate to sell our home(worth $235k) to move into this one. This would allow us to save money long-term, have more land, and be closer to family.

Once we sell our home, we would be able to put $7k down give or take, but we don't want to list our home until we know we can purchase this one. What we really need is more of a bridge loan—someone who can finance us for a year or two until we qualify for a traditional mortgage.

I know creative financing is an option, but I’m trying to figure out what structure would make the most sense in this situation. Would a lease-option, contract-for-deed, or another route be the best approach? I also know investors want security, so how can I make this appealing for both sides?

Any advice or insight is greatly appreciated! Or if anyone is interested in working with us to make something work we would be interested in discussing terms.