So, if you were like me, you wanted to get into the housing market and thought “ohh this would be so cool, I can buy something cheap in a desirable area and be like those HGtv shows and fix it up, thereby creating some “sweat equity” well.. finding the right house was very hard to do and I don’t recommend going about it alone. I hired a nice group of agents who were more than helpful in finding me the right house in the right area for the right price. I looked at over 20 homes in the area and finally settled on one. It was a 1912 cape cod home, dormers on each side, over 3000 square feet. Well below market price as it was a foreclosure. My agent told me to be weary about this home but i literally fell in love with it the first time i saw it. I thought of all the things I could do to fix it and i was sold. We went into deliberation and I actually purchased it for a deal… I ended up needing 100K from the bank for remodeling however. Then the fun began… Needless to say I was not ready for the amount of work I had just gotten myself into, and luckily I had the help of many skilled family members.. The first step was over however and i was glad that I no longer had to spend my weekends in and out of old homes and I can focus on one property. The bank still had all the power and all my loan money, which was quite awful as I tell you the story. One word of advise I can give you…
Get a LOCAL loan and stay away from the big business banks. They are highly unhelpful and treat you like a number. I can honestly say that I will never get anything from this head honcho bank. They’ve left such a bad taste in my mouth.
Anyways, I gotta run. I will continue this story at a later date. Thanks for hanging out!