All Forum Posts by: Ryan Kelley

 A lawyer has gone over it for me.  He actually drew the contract up too.  I'm good to go legally, but no financing options.

Well I had one offer from a guy to "rent" me the cash for 30 days for $80k.  For 30 days.  His number is blocked from my phone now.  That's it.  I don't know who to call.  Most lenders say that hard money loans are not generally used for this purpose, as they prefer a situation where the home isn't occupied.  Still searching for answers. 

Thanks,

Ryan

I've called at least a dozen hard money lenders and they seem to shy away from "owner occupied" and any that spoke with me longer than 10 seconds wanted 10% down (equity doesn't seem to satisfy this).  

I emailed my contract to Brain and never heard back.  The seller is not interested in helping me acquire equity that he has a shot at, I can assure you.

Thanks,

Ryan

Thank you for the replies.  We've had a busy weekend trying to get things in order.  So far, most of the suggestions involve "hard money" lenders.  I'm researching this stuff now and trying to decide how to go about this.  Thanks and all suggestions and advice are welcomed!

Ryan

The Situation:

Hi all, my name is Ryan.  I am seeking advice on how to proceed with my situation. In 2012 I signed a lease purchase agreement and bought the option on the home immediately. I went this route because I am a 1099 employee and banks were extremely tight with non-w2 loans in that period (probably still that way). I'm a student and I have 1 year left, but our 3-year agreement ends in September, so I have to do something soon.

The Details:

The house has gained lots of value and the original owner sold the property at a considerable loss to himself so he is absolutely hoping to wait me out so he can reclaim the property. Here are the figures, so you can see what I'm working with:

My Purchase price: $245k 

What I currently owe: $174.5k 

Current appraisal: $309k

We have spent the past 6 weeks getting the home ready to sell and it's now ready to list, but I don't believe I have the authority to list (since it's still recorded under the original owner). I am seeking advice that can help because there is a very large amount of equity (~$135k) at play here.

We don't want to stay in the home. It's too large for us and we will graduate next year and likely move off anyways. We just want to extract the money from the home to pay down some debts and make life a little easier for the next year.

Banks are not an option. I'm a full-time student and we have an ebay business that does well, but not well enough to qualify for a loan of that magnitude. I've tried that road and not willing to eat several more inquiries just to hear the same answer. I'm seeking advice if anyone is familiar with this odd situation.

The Home:

The house is located in a very desirable area is very desirable and families are snapping up properties very quickly. The property is one of 3 subdivisions that have larger lots (we sit on .75 acres). The high school that it is zoned for is also nationally ranked in sports (I know this is a big deal for some families). We have also made several upgrades to the home and have it ready to sell, we merely need to get on the right path.  We have spoken with a few folks so far and it seems like everyone is just trying to take us to the cleaners.

Thanks in advance for any advice, help or tips,

Ryan