All Forum Posts by: Ryan B.

anyone?

Hey All so we are planning on quitting our jobs, moving down south, and getting a house.  The good news is we have quite a lot of $ saved up and don't plan on getting new jobs right away (even if we did it could take 6+months to find a decent job).  The tricky part is that will likely make it very tough to land a mortgage, despite the fact that we have a lot in savings, they still want you to have a verified income.  Wondering if anyone has any advice on obtaining a mortgage in this situation, or if there are non-traditional options that would fit well?  Basically our whole situation financially is great, except that the lack of jobs right away would kill a traditional mortgage application!  Our situation:

Plenty in savings, we could put up to 50% down payment on the home prices we're looking at.

Excellent credit for both of us, no worries there.

No debt really, other than a credit card balance every month but that's also paid in full every month (ie we never pay any interest on it)

No previous foreclosures or bankruptcy

We will likely resume similar careers in the new state eventually, but no need to hurry financially, and want to take our time in getting to know the area and career options well before doing so.  Obviously we could rent but definitely would prefer not.  Of course we could also just buy a house that is worth half as much and buy it with all-cash, but would prefer not since that would pretty well deplete all our savings.  Any advice would be great, I figured there has to be a good lending option for someone with good financials but no current job!

Hey thanks for the info. Although would it really be considered "borrowing" if the house is in the investors name and he's the one paying......but I'm basically just doing the work for him and splitting the profit?

Which also brings up another question: Would I be better off if we put the house in the investors name, my name, or both? I can see pros/cons to all of those!

Hi new to the forum here. We just started flipping some homes recently and very happy with it.

We are hoping to start looking for some investors to work with us, so that we can afford to purchase larger homes. I have the money to do smaller homes but nothing major yet.

My main concern is having a good contract set up with the investor so that both of us are very clear on our agreement and that neither gets hosed. Can anyone point me in the right direction, or maybe even someone has a template to work from?

Ideally I'm looking for a silent investor, somone to put up the cash but let me do all the work and split profit 50/50. I could even live in the house while it's being flipped to save some money. Just concerned that the investor could decide not to sell, not agree with me on final sales price, not give me half of the profit since the house is in their name, etc. Any advice would be great

Thanks!