Skip to main content

Need to purchase a home but I have a new business. What are my options?

My (25f) and I (29f) are in a tight position.

She needs to move out of her parents home in a few months. I don't have space in my small place for us both and will need to move soon as well (landlord selling). We started a business about a year ago and poured most of our savings into that, leaving only around 5k left. We weren't expecting our living situations to change at the time.

We don't want to rent as it feels like throwing away money with nothing in return and makes it tough to save, especially in our area (MA). We also operate a mobile business and need to store our trucks wherever we live. With most of the business loans in my name I think I'll have some trouble qualifying for a mortgage in general.

My gfs grandmother offered to cosign with her on a home to help us get one however with only 5k to put down and a relatively new business, I'm sure many traditional lending options are out of reach for us.

Does anyone have suggestions for what we could try?

Tl;Dr: we have a 1 year old business and only 5k left to put down on a house but need a home. What are some options?

submitted by /u/Accomplished_Mess625
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/13pnbci/need_to_purchase_a_home_but_i_have_a_new_business/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more

Do I need a license to remodel houses/properties in California?

I've searched online for an answer but nothing is clear. Do I need a license to remodel properties in California? Some sources say I need a contractors license, but I don't see why I would if I would be hiring contractors. Also, if you have any resources or know of any mentors who teach the business side of real estate, I would love some direction. I have no experience in real estate investment yet, but I'm looking to eventually become a developer. submitted by /u/reddit_PART2 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f4p74y/do_i_need_a_license_to_remodel_housesproperties/
Post a Comment
Read more