All Forum Posts by: Ornuma Panmunee

I'm looking for suggestions, investors, lenders, or alternative ideas.

Back story: So my husband and I are separate but not yet divorced because we can't come to any agreement on child custody. I bought two properties during the marriage; the 1st one I bought six years ago (lived there five years, rented it out for 2), and the other we purchased in October 2020. - I have no problem giving him 50/50 of these properties, but we are fighting for Child custody.

NOW: I'm a special ed teacher, and this school year, I moved to the new school, which is a 1.30 hrs drive in the morning, and nearly 2 hrs drive after work. I desperately need to move closer. My original plan was to wait until the divorce was finalized so I could buy a new place, live there for a year or 2, rent it out and repeat it. However, the divorce seems to drag on longer than I thought, and I feel bad that my son has to be in the car for 3 hrs every day.

What I need:

- I need to move, but I don't want to rent. (my credit score is 790) ** can be a condo, multi or single fam **

- But I can't buy anything at this point because it will consider marriage properties (I live in Chicago, IL)

- I'm looking for an alternative way to own this property secretly (but legally) or eventually working my way to own this new property.

- Is there a way for me to find a lender that allows me to choose a property and make rent to own deal or something like that? (I don't know .. you tell me)

- I have an LLC and am willing to open another one if needed, but I think it is complicated and risks sharing that property.

Please help; any suggestions and ideas are appreciated.

Signed

A tired mom

Overview:

• A bridge loan is meant to remove sales contingency concerns for a buyer. To be eligible, the client must already own a home.
• Why are we doing this? adds to our ever-growing suite of offerings that streamline the home selling and buying experience including Concierge.
• It bridges the gap in purchasing by
  1. covering the down payment
  2. funding escrow
  3. bringing a partial offer to a full-cash offer
• They allow for up to six months of loan payments (including eligible closing costs) to be fronted by xxxx, an independent lender through an exclusive partnership with xxxx --> AKA: no out of pocket costs for a client for up to 6 months on any approved bridge loan. The max advance from notable is $200,000.
• Benefits of using bridge loans
  
  • unlocks buyers: unlocks buyers who may not have the funding on their own
  • purchasing power: provides liquidity to those whose money is tied up in equity
  • speed: eliminates sale contingency
  • security: eliminates the fear of not knowing where your client may live if they don't sell their current home fast enough
  • control: allows the client to sell on their own terms, while they're comfortable in their new home (for up to 6 months)

I'm asking my realtor right now of what if I'm not selling my house in that 6 months time frame? but have money to pay back. what're the restrictions?

Any other loan option I should try?

Thank you for all the answers!!

quick update :

the buyer asked for $4,000 credit for cosmetic works. I denied.

Now, this property is only on the market for rent.

Thank you, Sarah, for the suggestions. after I calm myself down, I'm able to see things more clear.

I haven't yet decided on which loan I'll use tho. because now my realtor just mentioned another option called Bridge loan (which I will post more about the detail in my next reply)

Thank you Eudtih for the encouraging words. I won't give up!

Hello. My name is Orn.

I'm having some difficulty making the decision and want to see what other options I have that I might miss.

Part 1 - the background story

I own a 2 bed 1 bath condo in Chicago since July 2016. ($147,500 with 20% down at 3.87500% interest. $336 HOA -- as of today the loan remaining is $106,050.53)

I love this condo. it great sunlight, the perfect size for my family.

YET, I'm not satisfied.

My goal is to become a landlord and start to invest more in properties by 30.
I was a stayed-home mom for 2 years and just back to work for 11 months.
The very main reason I'm back to work was that I want to make my goal happen.
(already 30 and still haven't made my goal come true. Eventho I have 740 credit score, still had some difficulty because I wasn't working long enough)

I got  2 pre-approvals

1. conventional loan for $299,900 with 5% down (only if I sell this condo or have a rental least. -- I might misunderstand in this one whether I have to sell my condo or not)

2. FHA loan 3.5% down. Max loan limit on a 2 flat is $ 461,000 on a 3 flat is $569,000

Part 2 - What I want

My goal is to own a multi-unit preferably north side of Chicago or Northwest of Chicago but open for any safe area for 3 years old boy and me who always gets home from work after 1 am.
(lived in Division blue line, Logan Square, Avondale, Old Irving Park, and now Lincoln square)

- Want a property that can stay rent-free or pay nearly nothing.

- Have tons of renovation ideas and would love to learn to do everything by helping, observing contactor (if they let me)
  I only know basic like paint, grout, change faucets, apply silicone, cut drywall, etc
  My end in mind is to be able to gain more skills and knowledge.

Part 3 - My limitations

1. I only have around $28,000 in saving

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I put my condo for sell at $165,000. 2 weeks later got an offer at $158,000.
I was so ready to make a move to my next goal, so I accepted it.

Had the buyer came in for inspection. No critical repair but 16 listed of all cosmetic repair.
I agreed to fix some but not all. Now just waiting for the buyer to respond.

This is when I became to realize, I'm losing money in this deal. (sale commission is at $9,955 - 6% plus $475 for photos)
It's ok. it's happened. 

Questions :

- Is there a chance the buyer will deny and won't buy my condo? if that's a case, what will I lose besides having to start over?   

- What if I want to break the contact (not selling to that buyer), how much it cost? and what're other consequences?

- let's say I'm not selling this condo anymore and decided to put it for rent (between $1,400 - $1,500) Can I take out this condo home equity line of credit for next property down payment with the loans I got pre-approval? is that a thing?

- Do you suggest me to refinance?

- Ok, if the buyer agrees to buy, the closing date is on January 15th. I been searching for deals but haven't put any offer because my realtor told me it's no point to do it now, I should wait until the buyer is finalized. I don't want to hurry to choose just because I don't have a place to stay after the 15th. (I start packing and ready to move my stuff to self-storage unit I rented.)

- Is there other loans option I should look into?

thanks much!! I want to stay put, do not want to sell this condo at all. yesterday Orkin guy came for the 2nd treatment. Today I'm putting clothes in the dryer as it is a part of the treatment. we been sleeping on the floor for almost 2 wks now. will see either bed bugs or us must be gone!!

Advise needed. I own a 2 bedrooms condo. Our downstair neighbor had bed bugs. they are still in the treatment. the condo management sent Orkin guys to come check at ours, they found nothing. 2 months from there, we now found bites on our 18 months old son. And yes, there are bed bugs. we had the 1st treatment on Friday 23rd. my son still has new bites every now and then. tomorrow we will have the 2nd visit. here where the problem begin. my husband is already freak out (mostly because of our son is too young) amd he want to move out. he want to sell this condo or put it for rent. I DON'T WANT TO SELL THIS HOUSE. I'm now a stay home mom, and this house is only thing I own. we brought it 2 yrs ago under my name only. we were both working and made about the same money but he has huge student loan debt and he never pay, only has IRS take his tax returns. I was planning to start a new load for the 2nd house but both working parent with a newborn baby was a struggle. so I decided to left my job. which I think was the bad decision because now I know that I can't get the 2nd house to invest as I wish. sum this up, me and my husband, we both can't get a new home loan. But I want to keep this house and dont want to move to the rental house. we only have $10,000 in saving. and $5xxx something in my husband IRA. I been searching on Auction.com hopefully one day I can start my investment. ok here the questions. do you think what's the best move for me right now in this situation? should I look for a house we can rent for the price that cheaper than we are paying our mortgage right now? (but the cheap rental house come with not so great area. I had seen some rent to own options, is that legit? and how it's work? and other options help!! best orn