Hello everyone. My name is Juan Carlos & my wife is Gisela. Is our ambition to have a home rental business. My wife is on the next steps to get her realtor license. I on the other hand work in the concrete block manufacturing industry as well in the Information Technology as second job. We hit the financial button on Chapter 7 on 2013. Since circa 2016 we have the common idea of the business. But since we were living in apartments and overwhelmed on day to day living expenses we had little hope to exit the apartment and get a house with two properties. Then came hurricane Maria, as well problems with the bank and we were foreclosed on 2020 just before the pandemic. Now we rent an apartment unfortunately (or maybe is a sign), but from a rent of $550 is now $750 with paying laundry from my landlord now and we are forced to search to buy a home for that price monthly, it’s going get me and my wife into bankruptcy soon.
Now, a few years later today we are on the verge of becoming a house owner because we have no actual mortgage. The property has 2 structures as we were asking to universe some years now. I’m supporting my wife financially to her to become a real estate agent. We fiercely work to get my Credit Score and FICO up to 720 in about 3 years and is “paying dividends”.
This acquisition will be our asked solution to start becoming financially viable and to expand in the house rent market. The property as rural and having 2 houses, FHA’s requisites are more complicated and being a house with over 5 years of no use does not make it easier.
I was able to start the biding because I saved money from a car crash I had months earlier to option the house and use it for closing the mortgage. As it evolves into a Full 203k, the opportunity is shrinking. As a man of 49 years only breadwinner, working more than 12 hours a day is starting to get not as easy as before. Hence is why I am seeking to start a really good earning alternative moving into my older years. My son is over 21 years now home schooled by my wife on now she’s making a move to get a job opportunity.
If we have the opportunity to buy the property in cash it will resolve and make our future on track as the house sale price is at $89,000. With the 203k go up to $120,000 with getting mostly all the repairs needed. Right now, we are not sure if the closing cost surpasses what I have in savings. But I am pushing forward hard.
I am begging for $89,000, and that gave me the opportunity to use the equity to make all the repairs needed. If this cannot be met, $40,000 will be made for the repairs needed on the FHA 203k and closing costs with the mortgage bank.
I really appreciate your time to read my pledge. God bless you even if you only read this!
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