All Forum Posts by: Account Closed

Welcome, I'm in the Hernando County area. Looking to connect with other REI's in the Tampa Bay area, hit me up!

Thanks! That seems to be the consensus. I'm searching for good duplexes around me. There are only two duplexes, no quads or tri's around. I'll keep searching, need to get out of this rental.

And FYI the only reason i'm remotely interested in this property is:

1.It's less than a mile from work (no commute)
2. I could live for free by having the 1 roommate that i already have.
3. It's next door to my best friend/like-a-brother & we work together.
4. I'd be around my god children (they have 2 kids) *i've been a huge part of their lives. So i'm REALLY weighing my options before moving further away & spending a whole lot more.

Ha, cookies, i hear ya.

The house is nice, cracks are only visible outside. I believe the market rate for rent is at least $850 for this neighborhood. (nice, quiet). Comps are higher, around $60-70k for sink hole damage on 3/2/2's

The owner does need a reality check, and she is enticed by cash up front. I don't have alot of cash for a high up front down payment.

She did take the money and didn't repair anything since it wasn't enough to pay for the repairs. That part i know she's not lying about. (Thankfully I can trust her.)

The plan would be to buy it at the 30k range and not fix the cracks. I currently rent out one of the rooms to my roommate so that would pay for the entire mortgage. Essentially i'd be able to live there for free + build a little equity.

The part that isn't apparent in this is that i'm only 0.9 miles away from work currently, i bike around town and am always next door at my friends house. The closest duplex (no tri or quads) is 20 minutes away and the gas/time to commute for work & friends would add a few extra hundred a month (time is money) since i'd be losing at least 40 minutes a day to commuting and i couldn't ride my road bike. (no gas, just calories)

And i understand it's an emotionally charged situation. Which is why i'd love for it to be a loan and not a mortgage, that way i can still go out and buy another property with proper credentials and no issues.

The owner will be hard pressed to sell it for less than 50k since she's currently renting it out. She used to be in real estate and won't do a personal note. She's sick now and might not have too much time. If i were in her shoes i'd keep the house as a rental and pass it onto my kids since it has more value as a rental.

I'm just trying to see what financial loan options are even possible. like the 203k that Mr Quinn mentioned.

Hello, I'm a new member of BP and in a unique situation. I need to find a way to buy the house i'm currently renting.

I'm new to real estate experience wise but I've read just about every article on this site, none of which quite cover what i'm looking for. *if it's even possible.

Home: 3/2/2 built in 86 with settling damage in the early 2000's. *Damage is estimated to cost $20-25k to fix with piers. It is not a sink hole, it's simply built on clay. It's a normal home in a descent to nice neighborhood and it's the only home with settling damage. And yes, the owner already collected insurance $$ from the damage but it wasn't enough to fix it (or so she said).

The current owner (83 yr old lady) loves me to pieces and wants me to buy it for $55k, but no one believes it's worth it, Zillow says it's value is $53k but i figure 35-40k considering the damage. I've been renting for over 18 months @ 800/mo so i need to either move out and buy a duplex or get this place and keep it as a rental for the future. *cut costs either way from 800/mo in rent to around 300/mo mortgage.

The question is financing. I have descent credit and a good paying job but i know banks or FHA won't finance a mortgage on house with "sink hole" damage. What makes it more interesting is my boss/best friend (like a brother) who happens to be my neighbor wants to help me get the house (long story, we grew up together so it'd be awesome if we were neighbors again) and he's got tons of cash & collateral. But we both agree that it's best i don't borrow from him, but get a loan of some kind and make payments, but he'll either co sign or put up collateral so i can get the house. (I don't have alot of cash laying around).

So, is this scenario even possible? The house is worth it if i can get the owner to accept 40-ish to buy it. The question is will any financing institute help me get a loan on it since i essentially have near unlimited collateral/co-signer quality.

Your advice is greatly appreciated.

-Jon