Loan amount
$186,000
Loan type
Purchase {Rent&Hold}
As-Is Property Value
$250,000 {PP:$200,000}
LTV
74% {LTV}
Property type
Single Family
Borrower Details
Credit score
636
Deal experience
None
This loan scenario was submitted by a Broker
No
Property Details
City
Cambridge
State
Minnesota
Loan Details
Purchase price
$200,000
Down payment
$14,000
Additional Loan Information
I have been keeping an eye on properties in my area and there are a few REO ones that are amazing deals. I won't have enough down payment with my credit rating to qualify for that type of loan. Hence why I am exploring other means. I have a Union job that pays a good wage, but as it is seasonal road construction, that too makes financing through traditional means tough. I could own a home with a couple acres for what I pay in rent and I'm tired of working so hard for money that isn't working for me!
Owning a property with at least one acre would allow me to start a permaculture garden to feed my family and friends and sell produce at local farmers market. I also grow hydroponic micro greens and Hericium Erinacious, which is becoming more and more popular so I have a good side income that I can expand on with more room. The market for natural food and supplements is growing and this is what I've been studying and producing for years, I just need a little more space to really take advantage of the new demand for this. It's something I'm passionate about and I need to expand. I need land more than the actual home, and many of these REO properties fit that bill and I know I can make a profitable living and these properties will only gain in value.
I am a single, hard working woman who came from nothing. Not even a family. Two back to back serious accidents basically ate up the last decade of my life, so I got a lot to make up for and I need to learn some investment strategies and as far as I can tell that always starts with owning real estate...help! I have the will, trying to get the way. Thank you so much for your time and consideration. Let's get growing!
Status
Created
March 29, 2023 - 10:48am

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