Potential first house hack and its a probate sale
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