A property popped up in Oregon where I live... to make a long story short, I want it. I have 13k in the bank, right now, and need $34.5k to be able to purchase a property outright. (Lets please not focus on the condition or of the property, assume that it meets my needs perfectly.) I have perfect credit at about 750 depending on the bureau and no notable assets (car is worth about 1k). My verifiable income is 37k, $200/month in student loan debt is all we have that will probably be deferred starting next month. Wives credit score is about 780, no income. What is the easiest way to get the remaining cash to pay for this? Family is possibly able to give me 5k-10k but never like to throw that wedge there and will need to pay interest to them anyway. Assume that anything under 25% is OK. I figure once I purchase it I can do a HELOC and pay off the loans.
I know someone is going to tell me the standard answer, but I'm looking for more specific direction. How have you successfully received large unsecured lines of credit. Is this something that I can AOR on? Should I do it all on the same day? What are the best places to go to? We have an account at a credit union, are they good sources?
I don't know all the rules on pulling cash out of credit cards, but would be interested to learn. We currently have about 10k each available on our current credit cards.
Is there anything else that I'm not thinking about. Sorry drugs are out, and I'd be willing to send pics of my wife... but that idea got shot down pretty quick. I am however open to other thoughts.
Many Thanks in Advance!!!!!!!!
Edit: Just to clarify a couple of things. I Still don't have any assets. My car is worth about $1,000, but I own it free and clear. Also the reason that I am pushing to get this without a mortgage is because they are offering $7k discount to purchase it with cash. I'm just trying to purchase it with any available credit I have and then will work on consolidation later/lower rates later.
Thanks there have been a lot of very usable comments.
Thanks for visiting FatWallet.com. Join for free to remove this ad.
ironfist99
Ancient Member
posted: Jun. 26, 2012 @ 11:39p
Prosper and lendingclub
mapen
Senior Member - 1K
posted: Jun. 26, 2012 @ 11:47p
Did I read too fast? I missed the part where you said why you can't get bank home loan despite having an income and good credit.
Table83 said: I'd be willing to send pics of my wife... but that idea got shot down pretty quick.
Glitch99
Senior Member - 10K
posted: Jun. 26, 2012 @ 11:53p
I doubt you are going to get an unsecured loan equal to your annual income. You may or may not get there with credit cards, but you'll be juggling payments to 6-10 accounts. Alot of unsecured debt may torpedo your plan to get a HELOC after buying this place, too - it's not a question you can ask ahead of time (you can ask, but you cant rely on the response being anything more than a guess).
Table83
Geeky member
posted: Jun. 26, 2012 @ 11:56p
mapen said: Did I read too fast? I missed the part where you said why you can't get bank home loan despite having an income and good credit.
Table83 said: I'd be willing to send pics of my wife... but that idea got shot down pretty quick.
They are dropping $7.5k off the price for cash buyers. Also the closing cost go down (no appraisal needed). I've been pre-qualified for up to 190k but like I said it adds 10k onto a 50k purchase is a lot. Heloc closing cost are usually only a couple hundred.
moolman
Ancient Member
posted: Jun. 27, 2012 @ 12:02a
Table83 said: Wives credit score is about 780
It's time to put those wives to work, they can bring in at least 30k each or get on a TV shows, Sister wives 2.
ynotme
Happy Member
posted: Jun. 27, 2012 @ 12:25a
I can't tell you where but there are people/company will cash out from your credit card with a fee(~10%)
or
check cashing/cash advance place
slow67
New Member
posted: Jun. 27, 2012 @ 12:33a
hard money lenders, but read what you sign.
SUCKISSTAPLES
FW Historian
posted: Jun. 27, 2012 @ 12:33a
ynotme said: I can't tell you where but there are people/company will cash out from your credit card with a fee(~10%)
or
check cashing/cash advance place why pay that when you can walk into a bank and cash advance the card for the stated 3-5% fee thats in your cardholder agreement? You can also do paypal to a friend etc for the paypal costs of 2.9%
qcumber98
Pickled
posted: Jun. 27, 2012 @ 12:38a
Short sell your current house to buy the new house then pay the amount of the down payment to each bank. Congrats you own the new home!
BitemeIamtoxic
Non-toxic
posted: Jun. 27, 2012 @ 12:52a
Cry on your grandmother's shoulder. Seriously, replace grandmother with that relative.
Table83
Geeky member
posted: Jun. 27, 2012 @ 12:59a
qcumber98 said: Short sell your current house to buy the new house then pay the amount of the down payment to each bank. Congrats you own the new home! I don't currently own a house, and I do have an ethical dilemma screwing someone else over because I made a bad purchase. You have to live somewhere right? However short sales do have their place.
Has anyone ever AOR unsecured loans?
qcumber98
Pickled
posted: Jun. 27, 2012 @ 1:07a
Table83 said:
Has anyone ever AOR unsecured loans?That won't work.
Glitch99
Senior Member - 10K
posted: Jun. 27, 2012 @ 1:13p
qcumber98 said: Table83 said:
Has anyone ever AOR unsecured loans?That won't work.Well, credit cards are unsecured loans, so....
jojosung
Tired Member
posted: Jun. 27, 2012 @ 2:15p
Pawn Shop.. any asset??? Loan Shark????
StevenColorado
Stand up guy
posted: Jun. 27, 2012 @ 2:16p
Why not try to get a mortgage to buy it? Why does it need to be cash?
If your wife would get a job, how much could she earn? Would it be enough to qualify? Could you get a different job earning more?
I'm completely confused by your approach. You seem to think that as long as you come up with the cash, everything will be fine. The house will likely need major money to fix up, the loans will need to be repaid, etc. Instead of thinking about how much cash you need, how about thinking of what kind of monthly payments you could afford?
Table83 said: I figure once I purchase it I can do a HELOC and pay off the loans.
Huh? If you take out unsecured loans for the house, and you take out a HELOC, all you will do is get a different interest rate and make the loans secured. HELOCs do not magically make debt disappear.
Also, you're looking at making some serious financial commitments here. How does your wife feel about them? Would she be willing to get a job?
StartByServingOthers
Senior Member
posted: Jun. 27, 2012 @ 2:26p
StevenColorado said: Why not try to get a mortgage to buy it? Why does it need to be cash?
If your wife would get a job, how much could she earn? Would it be enough to qualify? Could you get a different job earning more?
I'm completely confused by your approach. You seem to think that as long as you come up with the cash, everything will be fine. The house will likely need major money to fix up, the loans will need to be repaid, etc. Instead of thinking about how much cash you need, how about thinking of what kind of monthly payments you could afford?
Table83 said: I figure once I purchase it I can do a HELOC and pay off the loans.
Huh? If you take out unsecured loans for the house, and you take out a HELOC, all you will do is get a different interest rate and make the loans secured. HELOCs do not magically make debt disappear.
Also, you're looking at making some serious financial commitments here. How does your wife feel about them? Would she be willing to get a job?
Read the thread. He wants to pay cash to get a better price. He's not trying to make debt disappear.
Op how about adding info to first post to avoid confusion?
---
Sorry Op I don't have much advise better than what is here already. However I wouldn't be shy asking family as long as it is short term and you have a good way to pay them back. Make sure they aren't paying cash advance fees or anything that you will have to pay them. - Interest is expected but shouldn't be much for a short period of time. If you get money from Paypal as SIS suggested, be sure to understand that you aren't supposed to use Paypal as a cash advance. In fact I would recommend Amazon Payments, Venmo, etc. since Paypal has a history of tying up your money while asking for verification.
Depending upon the length of your credit, doing an AOR might help raise some of the funds. (750 score is borderline for this.) Apply for several 0% APR balance transfer cards from different lenders consecutively on the same day. Most will send you checks you can write to your self and deposit strait into your bank. You pay the 3% transfer fee, but have no interest for ~12+ months. (I suggest setting up to autopay the min. payment) Although there is a good chance you'll approved for most of them, keep in mind the decrease in account age, and high balances will hurt your credit temporarily, so no promises on how soon you can get a good rate on a Heloc. (The fact that you are using the Heloc to pay off the cards will help approval, but I'm not sure how much.) - I am not recommending the following: One way to proceed would be for your wife to focus on the AOR if she's able, and then you get the Heloc. I am not in your shoes and do not know if this suggestion is appropriate. (Also, it's unlikely either of you are going to get a $35K AOR, I expect $10k - $20K max for each of you.)
I would be cautious about someone discounting that much for cash. It could be because they need money, but it is likely because they are trying to avoid inspections.
bluegreenturtle
Tired Member
posted: Jun. 27, 2012 @ 2:28p
Hmmm, interesting, I live in Oregon. What part are you able to buy anything for that price?
I'm tempted to give you the money and have your wife be the collateral, but of course we'd need pics and a vote by the FW Board of "hot or not" to get a determination.
SUCKISSTAPLES
FW Historian
posted: Jun. 27, 2012 @ 2:28p
I'm Guessing the property is either up for auction that requires certified funds , or it's current condition is preventing getting a mortgage, so op plans on fixing it up so that eventually he can get a heloc
nagemnna2
Dismembered Member
posted: Jun. 27, 2012 @ 2:30p
not recommending these methods but.. 401k/ira/retirement withdraw, cash withdraw from credit cards (lots of credit cards), see if you can get a loan on a vehicle you already own (i did this type of loan once but it was during the housing boom and they would lend money to anyone on anything without much thought, so it might not work these days).
Table83
Geeky member
posted: Jun. 27, 2012 @ 3:31p
SUCKISSTAPLES said: I'm Guessing the property is either up for auction that requires certified funds , or it's current condition is preventing getting a mortgage, so op plans on fixing it up so that eventually he can get a heloc
Table83 said: SUCKISSTAPLES said: I'm Guessing the property is either up for auction that requires certified funds , or it's current condition is preventing getting a mortgage, so op plans on fixing it up so that eventually he can get a heloc
Property is not up for auction, but prices have just bottomed here.
No offense, but I think you should rent til you could afford something better. Anything similar to that is....just....
alamo11
Senior Member - 1K
posted: Jun. 27, 2012 @ 7:07p
OP, idk the oregon market, but in SW FL I'd expect to pay 8-9k for that house.
SUCKISSTAPLES
FW Historian
posted: Jun. 27, 2012 @ 7:10p
Come on now, don't knock his housing choice . Not everyone lives in McMansions , nor wants to.
If It's got 4 walls, a dry roof and can accommodate a comfy bed I'm sure he and his wife will like it just fine
Rewdog
Member
posted: Jun. 27, 2012 @ 7:20p
Prosper or lending club. People seem to be defaulting on those pretty often; nothing like unsecured loan for a usually secured asset
ironfist99
Ancient Member
posted: Jun. 27, 2012 @ 7:22p
I actually think he is being rather responsible only trying to buy a house for 50K instead of the 190K he's been "pre-approved" for, on a 36K salary. Of course, his choice to pay cash and not do an inspection may not be responsible.
OP, just because you offer cash it doesn't mean you need to actually pay cash in the end, just offer it without a financing contingency, and then attempt to get a bank of private money loan. Of course to do this you will need to have certifiable funds in an account for the offer, and if the loan falls through you will be out your earnest money or have to pony up and pay cash. But this would allow you to get the house for the discount, and not have to jump through hoops to get a HELOC. For certifiable funds do you happen to have a 401k or IRA, which you could use as proof of funds?
Claymore
Senior Member - 1K
posted: Jun. 27, 2012 @ 8:40p
See Joey da Fish on 44th street.
Glitch99
Senior Member - 10K
posted: Jun. 27, 2012 @ 9:11p
Pun said: Table83 said: SUCKISSTAPLES said: I'm Guessing the property is either up for auction that requires certified funds , or it's current condition is preventing getting a mortgage, so op plans on fixing it up so that eventually he can get a heloc
Property is not up for auction, but prices have just bottomed here.
No offense, but I think you should rent til you could afford something better. Anything similar to that is....just.... ...where normal people making $37k/year in normal areas of the country live?
bluegreenturtle
Tired Member
posted: Jun. 27, 2012 @ 9:20p
Actually, with the Apple new data center opening in Prineville (about 15 minutes away) this could be a genius move. We had a Google data center open in The Dalles and real estate prices shot up throughout the area. Madras is not great. But it's a short shot into Bend and Sunriver.
bluegreenturtle
Tired Member
posted: Jun. 27, 2012 @ 9:28p
OP, what are rents like in Madras? I saw one that was pretty nice in Metolius for $80k. Seems like something you could rent for $7-800.
pillsdoughboy1
Member
posted: Jun. 27, 2012 @ 9:39p
I was able to get a 15 k line of credit at 11% from USBANK. They give you checks and all that jazz. have not used it yet though
pillsdoughboy1 said: I was able to get a 15 k line of credit at 11% from USBANK. They give you checks and all that jazz. have not used it yet though
Whats your income & credit score like?
Horseymen
Senior Member
posted: Jun. 28, 2012 @ 12:57a
I had to work at it - but my wife and I both have 50k credit lines (unsecured) through Navy, and both of us have about 40k (unsecured) through Penfed. When you're looking at "big credit lines" - usually the credit unions are most likely to have the biggest lines of credit. You will need military connections or sponsorship (easier for Penfed - I think you can just donate blood) though - but if you can get in - great rates, high limits.
cr3s
Handsome Member
posted: Jun. 28, 2012 @ 8:02a
bluegreenturtle said: Hmmm, interesting, I live in Oregon. What part are you able to buy anything for that price?
I'm tempted to give you the money and have your wife be the collateral, but of course we'd need pics and a vote by the FW Board of "hot or not" to get a determination.
There's always Klamath Falls. Pretty miserable place if I say so myself.
NOTPC
Member
posted: Jun. 28, 2012 @ 8:51a
do what we do in Atlanta,,just hold up a bank
jtroye32
Senior Member - 1K
posted: Jun. 28, 2012 @ 11:01a
Pics of wives?
Mickie3
Ancient Member
posted: Jun. 28, 2012 @ 11:16a
NOTPC said: do what we do in Atlanta,,just hold up a bank
Was wondering when someone would make that suggestion.
Go to work for one of the hedge funds? No risk of jail, but you can basically do the same thing as robbing a bank.
Seriously, if you can buy land using a bank, why not a house that doesn't meet code using the value of the land less the down-payment as the mortgage amount? I was looking at buying acreage and with enough down, they were receptive (was a local credit union.) OP is not looking at 5% down, more like 30%, so would this work?
Skipping 16 Messages...
solarUS
Senior Member - 1K
posted: Jun. 30, 2012 @ 4:44p
ScrawneyWallet said: 1. Borrow $35k from family member for 3 months. 2. Pay cash for house. 3. Get a PenFed 1.99% ELOC. 4. Repay family member. no. you generally cant get a 100% LTV LOC for an investment property. if the place is appraise-able for much more, that might help...but most banks will only lend BLOC's based on sale price, not on appraisal, for at least 6 months to a year after sale.
there are always exceptions, but it'll take some work to find one.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Shopping
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
Forums
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Support
Our customer experience team is here around the clock - real people ready to assist.
Click to copy code and go to .