All Forum Posts by: Andrew Benefield

Thank you all so much for the welcome and replies. I was trying to get back to everyone but the page wasn't loading for me yesterday when I got off work.

@James Caruso I am definitely going to be waiting a little longer till I invest in RE. I want to make sure I am set up for success and not still dealing with this in the meantime. I am looking into other means of bringing in more income as well.

@Michael Rhein We have thought about the storage tank option but wasn't sure how we would fill it and how to run from it. Also how that would affect the selling process. I did separate on good terms, so I believe you are right on thinking I can go back in. However I messed my knee up in service, that was one of the reasons I separated. 

@Susan H. Thank you ma'am! The house is in Pulaski County. The surrounding neighbors on my side of the street also have problems with their wells. On the opposite side, however, there seem to be no major issues. Employment around here is hard to come by, one reason I took the job I currently have. It has potential, but it may be a few years. You are correct about the "Deed in Lieu" option. It still goes against your credit, but not as bad as an actual foreclosure. I have been doing a little research on it. It seems to me that it will be my best option for now, as bad as I hate it. It'll keep me from getting another mortgage for either 2/4 years depending on hardship situation, but I can rent a small place for a few years while continuing to save and hopefully pay mostly cash for a place later.

@Dustin Davis I appreciate that. I think the house would be about 3 hours from you. Not sure if that is close enough or too far.

@Jerry W. I did get my house using the zero down with a VA loan. Thank you so much for the encouraging words, I know this will eventually pass and people have been in the same/worse situation as myself, it's just hard to see the silver lining in this case sometimes!

Hello Everyone,

(This may be rather long but I appreciate your time reading and certainly your advice)

I am new to the BP world and loving it. I have been a Dave Ramsey fan for a while, listening to him on and off while dreaming of getting my finances in order. I, unfortunately, haven't gotten serious enough about it until recently. I would try for a while then get discouraged. I recently started my own side (hopefully one-day full time) business, however, I had to put it on pause as I moved due to a career change. My goals are to one day run my business full time and get into real estate. I would like to have a few rental homes, then be able to cash buy homes to restore and flip.

I am in quite the predicament right now, however.  Trying my best to make a long story short, I recently separated from Air Force after serving for 6 years. While in the service, my wife and I moved from Wyoming to Arkansas and purchased a house. Unknown to us and not disclosed by the sellers; the home (which is on well water with no access to county water) has a bad well. The well sporadically runs dry and has very hard water. The 4 1/2 years we lived there, we had to constantly treat the water and conserve to try our best to not run out. Our options are: chance digging another well (approx: $8000) or get county water ran to our home (approx: $15k-$20k). Neither of which we have the money for or were prepared for. 

I separated from the Air Force because I got a job offer that was going to potentially set us on the right track and be closer to family. It went south. Now I have a home in Arkansas on the market that I can't sell because of the water issue. I have to disclose that because I don't want to do anyone like we were done. I had to take another job to have some income, while it's a great job I am not making enough to make the $1300 house payment. I have unfortunately missed a few payments while trying to make ends meet. I am looking into a "Deed in Lieu" option to get out from under the house, rather than it go into foreclosure. I am just worried about this further damaging my credit and also hindering me from being able to get another mortgage when I am ready to get another home. 

I was looking into getting a cheaper house, renovating it, and flipping it for profit, repeating, until we got into the house we could afford and stay out of a large mortgage as much as possible. I am afraid my dreams of doing something like this will be shot down all because of a problem we "inherited". My life has been full of terrible luck, some my fault, most just life I guess. But its rather frustrating when you finally get one leg up and something else knocks you back down. I have a lot of plans, I am listening to the podcasts literally all day at work and taking notes. I have lots of ambition, but I am not sure if it will do me any good. I know where there is a will theres a way, hopefully someone can give me some hope on the situation or some good advice. 

This was forever long, I am sorry. I tried to not get into every little detail and believe it or not, left a lot out lol.

Thank you for the opportunity to join you guys, I hope one day I can post something helpful to someone else, rather than needing so much advice. I am really excited about the opportunities and I am hoping I can straighten this mess out somehow.

Respectfully,

Andrew B.