All Forum Posts by: Adam Henson

Again, the heloc I want her to have in order to use ONLY at the point where most people would end up on credit cards. We're talking about the point where unemployment runs out, no job yet, and you have a house payment to make...

I may have given you the wrong idea of what is going on here.. the heloc will be used as a last resort only.. the house she's buying because she tried the "live with parents after the divorce" situation and she simply cannot stand it.

Knowing that she's got to get out of that situation I'm scared to death that she'll take the easy way out and try to RENT something. RENT is a dirty word in my mind if not followed by the word OUT. You get the idea. :)

Personally I don't mind her house payment being fairly high, so long as it's not because of bad terms.

This is because I do not want her to go out and buy some stupid automobile with some $500 payment. There is no excuse in the world for a $500 car payment taking home $2000.

I think that if we get her into a home in time, before she buys a car, she'll realise that she can't afford some new one.

Are lenders doing any kind of anything with 0-5% down any more? Will 10% still do the trick? What's out there for "Single Mother/First Time Home Buyers" who haven't got a down?

Thanks!

My woman is going to be looking for a house and I hope to be helpful to her. . . I will certainly need to be advised as I advise her!

She works at an aircraft plant in Wichita Kansas and earns a respectable "wage" of $20/hr. After the government gets done with her she "takes home" about $2050

Obviously this is not a billion dollars, but, I don't see why she cannot afford some kind of a home. We're out in the middle of kansas!

The goal is to find a home for her and her two kids and I've told her that she should work hard to find a deal on a property. I'd like her to be able to immediately open a HELOC on it in case she's laid off.

Layoffs happen in aircraft. You enjoy some unemployment benefits but they can run out. I would love to see her able to make use of a HELOC as an absolute last resort rather than ending up like alot of them living on credit cards until they end up so far in the hole they're doomed.

The only problem here is that she's not very open to buying a rehab and I am not too well versed on finding financing for a rehab project. What's more, I don't even know where to find a loan these days. ( See http://www.biggerpockets.com/forums/110-seeking-financing-money-or-loans/topics/27100-single-mother-4-years-out-of-divorce- )

So, what is the story here?
What are some good coherent ways to find a decent property at a discounted price? I've already told her that in order to find a deal you've got to be willing to spend TIME out there and to be pre-approved.

I thought that maybe we could find someone facing a foreclosure, someone with some considerable equity, and slide in that way?
I thought that maybe we could do a land contract for a nice low price on a cosmetic rehab?