All Forum Posts by: John Hummer

Thanks for the reply!

Future wife has decent credit score, but low income.. She is on board and has seen the house.. She has $10k cash to contribute, I left that out.

A lassssst resort is possibly maybe asking her parents for help, although that's not the way I want to start my marriage!

My parents are another option we've thought about, although I didn't think a mortgage could have a co-signer.. Asking my grandparents for a cash loan to bridge the gap is another thing we have thought about.

I would rather keep family out of it, as I'm not the kind of person to involve business and family, although if there ever was a situation where I would possibly ask, it would be something like this.

I understand what you mean about assessed/market value, but in this situation, I believe they are very close. The home is on an amazing spot on the lake, very highly sought after, it's right across the street from a state park, and next to the town boat launch, which is receiving a $200k update for landscaping and a new pier this fall from a state grant. T

There is a house 4-5 houses down the road, for sale right now, that is smaller and in very similar condition (needs updates) that's for listed right now at $450. I believe if you spend the $30k I estimated, the house would sell for $450+, and there is room on the property to do an addition. (Most homes are too close to lake). This my FIL confirmed, as be has done work on this lake as well.

What would you do?

Owned home since 2003, assessed at $200, balance of mortgage is $113, same mortgage, 30 years @ 6.0%, 10 years in

Found non MLS waterfront property assessed at $445, fsbo at $279/obo

Have looked at home several times, it is unique property right next to town boat launch, on highly sought after lake.. Almost 3000 Sq ft, w/17k Sq ft lot, w private beach, 75' pier included, new roof, furnace, hvac, city sewage (no septic),

My father in law is a structural engineer he has seen and approved home, no major issues

Home does need updates, carpet, windows, etc. I am a contractor and estimate these repairs/updates at no more than $30k, nothing is urgent (home is livable, all appliances work, etc.)

Sounds like a no-brainer, right? Well here's the issue,

Lost job in 09, moved across country to start business, which was not successful, I won't get into details, but my credit score took a major hit..

Have since move back into home, started new business, been very successful, and I have met the woman I'm going to marry.

Would like to do something w this lake house, but I do not have the credit score possible right now. (I had some judgements against me, which has since been taken care of, but my credit score remains incredibly low.

I know I have no shot at a mortgage.

Here is the situation at is stands:

Owe $113 on house assessed at 200k, this house is in amazing shape, including brand new roof last year, and new flooring, etc. located in sought after community.. I believe this house would sell quickly

$45k in savings

$15k liquid assets

Looking at property that is assessed at $450, listed at 280, and needs $30k repairs. This home is NOT listed on MLS or listed for sale anywhere right now. I just have chance to buy it.

Is there anything I can do? Like I said, credit score is not high enough to get approved for a loan.

My first goal would be to fix this property up and live in it, as I have always dreamed of being on lake. If that is not a possibility, I would possibly like to update this home and flip it since I am a contractor.

I would really appreciate any ideas you could give me, I am really at a last resort with this, and if I can't figure out something I'm going to have to walk.

Thanks for your help in advance!!