All Forum Posts by: John Johnson

I also figure that my interest rate will be somewhat high, I feel that it would be better to accept a higher than normal rate than to let this opportunity pass by. Based on my credit score what would be the range of interest rates that I could accept keeping in mind that I should be able to refinance in a couple of years?

Thanks for your reply J Scott.

I am a very marketable Sales Pro and could return to work immediately. As for my auto, it has a trade in value for over $16K, I should be able to sell it quick for a little more than the payoff. My wife and I have two ofther vehicles that are paid for, so no problem there. The biggest part of my other debt is in my mother's name for an ATV that my wife and I typically ride on weekends. I would take a big hit if I were to sell it. I owe nearly $8K on it and it could take a month or two to get $5500 out of it.
I have never had any trouble making these financial obligations. The rest is on a credit card that can be paid off at any time.

The offer from my mother to purchase the home I live in should still exist in 2-3 months or perhaps longer.

My overall situation with the 3 year old bankruptcy and 600 credit score don't help matters at all, I feel it necessary to post for full disclosure.

I just see an opportunity to spend $100K and have over $200K in real property value for a little less than I am spending a month right now.

If I had to sell my vehicle in lieu of being able to pay if off as part of a structured deal I would be willing do so in order to obtain these properties.

Also, It could be arranged for my mother to increase the selling price by $12K to $67,000 and pay off the vehicle for me, if it would be better to do so that way still acquiring the property for much less than half the value. I am just uncertain of the this would factor into the equation from a lender's standpoint.

I am just fishing for ideas and opportunities and thank all of you so much for time and wealth of knowledge.

My mother and father went through a divorce a couple of years ago. My father moved to Tennessee and my mother has since remarried. I live in the house that they used to live in (it is owned by my mother). It is worth about $160,000 and could be worth nearly $200k with about $10K in repairs and upgrades. She is willing to let me purchase it for the payoff, which is about $55,000. My father owns a piece of property across the street which has a mobile home on it that rents for $400 a month. He is willing to let me have it for $25,000, it would go on the market for about $38-40K. I had a bankruptcy about 3 years ago, and have slowly been building my credit. I purchased a new truck in 2008 and have my payoff down to $11,500. I also have about $9,000 in other debt for a total of just over $20,000.

I could purchase these properties and pay off my truck and other debt for about $100,000 and instantly have $100,000 worth of equity.

My credit score is about 600 and rising, mostly because of the bankruptcy and lack of accounts. I am drawing unemployment which about $1,700 a month. I have been receiving benefits for almost two years. I was a Sales Manager for for Fortune 100 Company. I went back to school for a year and have recently found myself back in the job market.

What I would like to do is obtain about $60,000 to start a small car lot with about 12-15 cars in inventory. About $40K of the $60 would be inventory purchased at wholesale price. $10K would be cash in a reserve account and the other $10K would be for dealer's license, insurance and other initial expenses.

If I were able to purchase these properties for $80,000, payoff my truck and other small debt for $20,000, receive funding for a car lot of $60,000 my monthly payments would be less than what I am paying now.

Do you know of anyway that I can make this happen in whole or in part?