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Updated about 3 years ago on . Most recent reply

User Stats

8
Posts
3
Votes
Forrest Hollingsworth
  • Santa Cruz, CA
3
Votes |
8
Posts

Potential first house hack and its a probate sale

Forrest Hollingsworth
  • Santa Cruz, CA
Posted

Hey BP

I wasn't prepared for my ideal single family to pop up yesterday, but it did. The house is a probate sale and I intend to go view it tomorrow. It's a 3 bed, so I plan to occupy 1 room and lease the others out for $6-700 each. the property is appraised at 350k and it's in Carson City, Nevada. A big portion of the interior had been rehabbed not too long ago due to a fire. I'd like to put no more than $40k down if possible.

My situation seems like it could be more complicated than most. I'm currently unemployed but I have savings of roughly 60k. I intend on getting a full time job once I am moved in. I was recently in a motorcycle accident and expect a settlement from the offender's insurance in the next 6 months (I know, hypothetical doesn't stand up too much here). lots of details, sorry. 

FIRST question - what would some of you recommend as far as financing goes? I know it will likely be difficult to impossible to get a conventional loan. I may have a family friend who is willing to put the money up, so what would be a fair interest rate in this situation and in this market? What size down payment would one usually put down for financing like this?

SECOND question - I know I should have a inspection done and maybe a second appraisal. what else would you recommend I pay attention to when I go to view the house?

I know there is a unpermitted pool/bowl (for skateboarding) the last owner built. One reason I like the property, but it's not a deal breaker if I have to rip it out to be able to Refi later down the road.

thank you for any help and suggestion!

Forrest

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