All Forum Posts by: Forrest Hollingsworth

Thank you for your response Rachel. sound advice! That has certainly been a major conflict and heavy on my mind. I have under the table work that pays great, but it is more less temporary. I appreciate the advice!

Hey everyone, I am fortunate to be able to say that I have two potential options here. I'll preface by stating I am a complete newbie to real estate, however I have followed BP for about 10 years now.

Option #1: House hacking

I am currently unemployed, but have a chunk of savings for a downpayment (roughly 50k) if I decide to go the route of house hacking. The question here is, if you were currently unemployed, but could put down a reasonable downpayment for a house, how would you do it? How could you get approved for a loan? is it even possible? if so, could you suggest the most efficient way to acquire my first home?

Option #2: Glamping

A relative has raw land with amazing views. I envision it to be perfect for a retreat or glamping/off grid Airbnb operation. I have played with the idea of putting an off grid tinyhouse on the property to see how it does and grow (or not) from there.. The major downside is the rugged road through the property.

Given these two options, I'm just curious what you guys and gals with the experience think of it and what direction you would go if it were you in my shoes. I really appreciate any advice!

Thanks Don,

I suppose my bid price will reflect what I can put as a down payment then, which will end up being 300k max. so I'll have to cross my fingers on this one big time. I plan to refinance, so ultimately, I will end up having to remove the unpermitted pool within a year or two depending on the private loan agreement. I should have both a solid income and credit score in that time. my credit is currently 805 and I don't plan on letting that slip!
 

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

thanks for all of the info Ron, very insightful! Hard money I’d tempting, but only with a good 6 month strategy I’d think? I may just have to see if a buddy is interested in co signing/partnering with me. Thanks again

Getting preapproved *without* income 

Hey Bp,

I've finally decided it's time to purchase my first investment property (live in house hack). I have savings from my days of bartending a few years back and what I've been paid "off the books" since the start of the pandemic. Also, I have my IRA and brokerage accounts totaling 65k and about 25k in crypto. I'd be comfortable putting 20% down on a $200,000 house but would prefer to do 10% or less. This will be a fixer upper to rent.

The question is, is it possible to get approved for a mortgage without having a source of income for the last couple of years? I will be moving to Richmond, Virginia in the fall and plan to begin working 40 hours a week welding, with good pay.

As of right now I am planning to get a three bedroom fixer-upper.

Thanks!