Hi there! Hoping you can critique our progress (or lack thereof).
My partner and I have tried to get loans through local banks, though we've hit a wall at 20% down. Even at a $50k loan, a $10k down is out of reach for the time being. We are waiting to hear from one more credit union (We've tried 4 banks) before we put the banks on the back burner. I should note that HML's won't touch our area because "we're far too rural" and "we don't have anyone to drive that far out to see the property".
The next strategy is to mail absentee owners of vacant land in our area, and do the same for dwellings. I'm hoping for a few vacant land deals as those prices are going to be more affordable and we have some experience "flipping" land for farm use...as you can imagine would be handy for a place like Wyoming.
A few questions:
1) If we DO end up coming across a deal, land or otherwise, what I want to negotiate towards comes up blank. I have no idea what to ask; I only know what I can offer - which is to take the problem off their hands, but only with low monthly payments with a small down (or no down at all). I know I'm supposed to help solve their problem...but what do I do when I have to rely on only our own limited resources when things like HML's and bank loans are not available for being creative? Just stick to what we can offer and hope for the one deal?
2) As far as that unicorn owner finance deal goes, where should I go to make sure any contract we decide on is safe and legal in the state of Wyoming?
3) What the heck should I do with my primary home?? We got it with the intent of fixing it up as we lived in it, but this was about 3 months before we found BP (of course!!). As many others have encountered, we thought it was a good deal. It could be, with the right renovations, but we have no equity (MAYBE 10k...the banks won't give us a HELOC over that, though) and no guarantee of equity after a face lift. We are considering selling it as renting it out is not allowed via the lender (subsidized). We also are not allowed to sell it at a profit or else we have to pay back what was subsidized (About 15k). We are allowed to sell it at any time. Now that we're in a different mindset about housing, we are considering selling this place and calling it a wash and get something more along BP lines...like a house hacking situation.
A few problems:
1) Flipping land here is impossible in the winter. This would only work during warmer months and we're about out of those.
2) Same thing applies to houses. We'd have to do all reno's indoors only, and only in places with working heaters.
3) Wyoming is kind of this forgot about state. It's all boom and bust cycles which can both help and hinder. Google "Gillette Syndrome" for example.
A few advantages:
1) My job allows me to live ANYWHERE! And right now we'd be ok living ANYWHERE in Wyoming. We're thinking Laramie to take advantage of the student renter market. We're also thinking that might be a saturated area.
That's my only advantage...
Thanks for any advice and help you have!
