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Updated over 4 years ago, 06/25/2020

User Stats

7
Posts
3
Votes
William Dubus
  • Contractor
  • Denver, CO
3
Votes |
7
Posts

Long time lurker, am I ready to buy my first house?

William Dubus
  • Contractor
  • Denver, CO
Posted

Sorry in advance for the long post, and the lack of syntax. I'm on mobillong-winded. winded.

Hi, I'm William, I'm 26 with a construction background. I currently live with my folks as I save for a house, because the rent is pretty cheap with them.

long story short, I have a kid in VA, his mom moved away while she was pregnant so I really want to get out there.

Earlier on in this journey, when I had 200 dollars to my name I discovered Bigger pockets, and my focus changed from getting the dream house out the gate out there, to starting with a little 2 bedroom from the 70s or something so I can fix it while I live in it and then Brrrr or FSBO it depending on where I wind up and if I think the appreciation will be worth Tennant calls to me.

I'm looking in rural VA near Warrenton, but I've got about a 100 mile radius that im willing to work in. I know with that non specific of an area nailing down values is gonna be hard, so im willing to narrow my focus, but don't really know how at this point.

I'm looking for a house around 80-120k, I'm comfortable with a c class property, I just wanna be out there with my Kid, and starting my "rental empire" while I'm at it will be helpful.

I have $8,500 to my name, and a 640ish score, I missed pre-qualification with a very large national lender by 4 points on my credit so I know if I call around to little banks I can probably get that, provided I manage to find employment beforehand.

Im trying to go for a usda loan, most of where im looking is pretty rural anyway, id like to save what I can for the rehab, and I'd like to work toward having a cash reserve if I can. I know 8500 won't rehab much, but I'm magic at cheap fixes with my background. Ive done a lot of construction with reclaimed materials, and leftovers from bigger construction companies, diy rehabs and building demolition. Lucky for me I know a guy who builds houses in the area. 

I know im capable of moving there with a fair amount of work, that doesn't intimidate me; however I figured asking smarter people if that was the smart move was smart. 

I'm open to solicitation, I'd love to work with some bigger pockets people, and I dont have a lender, or a specific deal in mind.