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Author Topic: Manchester Area, Couple to team up and purchase duplex/homestead??  (Read 2046 times)

wowzaa33

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Manchester Area, Couple to team up and purchase duplex/homestead??
« on: September 20, 2013, 10:40:19 am »

Hello all,
 Me and my wife are tired of city living and all the irritation that comes with it. We're both hard working (full time, stable, decent jobs) but due to some financial black marks from my divorce and her lack of credit history we keep getting shot down by the banks or are being offered unreasonable mortgage terms for even a small modest home loan. Also, to top it off, how the heck is anyone expected to have 20 to 30 THOUSAND dollars for a down payment? We don't have car payments or any credit card bills and are lucky if we can save a few hundred a month. Most times that gets eaten up with new tires for the car, kids summer camp, or other unavoidable life necessities. After all I like heat, lights, and having three meals a day.
 
We were hoping there was another couple in a similar situation, around our age (mid 20's to mid 30's), and with similar interests and goals. Together we have 4 children but currently only have her youngest  son living with us. We'd like to find a duplex or farm type property and stop paying someone else. Maybe some place in one of the towns surrounding Manchester where we could have a chicken coop, small vegetable garden, and a YARD where our son can go out and play. A fixer upper is definitely a possibility as I have quite a bit of experience with home renovations as I've worked for general contractors in the past. I'd like to improve the property as time and finances permit. Maybe a deck/gazebo for outside cook outs on the nice days, a shed/workshop for projects to noisy or large for the house (lots of wood working projects in mind, but don't have the room at the moment). An archery range as I'm getting back into the sport and my wife would also like a nice flower and herb garden someplace on the property (she's getting tired of gardening on our small front balcony).  

Anyone interested with helpful pointers or maybe someone willing to do a rent-to-own or owner financed sale would be greatly appreciated. I'm looking for any resource I can find and I'm quickly running out of options (and hope).

 If anyone is interested in meeting and discussing options, pooling resources, we'd love to sit down and chat and get to know each other.
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freedomroad

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Re: Manchester Area, Couple to team up and purchase duplex/homestead??
« Reply #1 on: September 20, 2013, 07:30:16 pm »

Hello wowzaa33. Welcome to the FSP Forum!

You are able to improve credit over time. They are many ways to do it but it takes time. If you want an improved credit score, you might want to start implementing some of those things right now.

As for anyone being able to have a down payment, New Hampshire actually has 1 of the highest homeownership rates in the nation. With near the lowest overall taxes in the US, the most affordable housing in New England and 1 of the top median household incomes in the nation, it is not surprising that it is easier for people to buy homes in New Hampshire than in other states. http://www.infoplease.com/us/statistics/homeownership-state-2000-2007-2010.html

If you are having trouble saving money, I recommend budgeting. Another option I tried before I moved to NH have to get a 2nd job. Maybe just a holiday job, summer job, winter job, weekend job or whatever. I know it can be time consuming but it's a common way younger people get ahead in the US.

Condos start at about $50k in NH for decent ones. Condos that need quite a bit of work can be found for less. https://nhfreedom.wordpress.com/2013/09/06/lots-of-affordable-housing-in-new-hampshire/ If you can find a manufactured home that is not in a park, you can help reduce your rent.

Someone named Liberty Village is trying to start a liberty village. http://forum.freestateproject.org/index.php?topic=25752.0

Maybe work more, budget more frugally and save some money. Then getting a 3 bedroom apartment in the Manchester area for $800-$900 a month. Maybe by then the credit score will have improved and you can get a house?

Anyway, here are some resources to check out. http://freestateproject.org/resources
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Bazil

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Re: Manchester Area, Couple to team up and purchase duplex/homestead??
« Reply #2 on: September 22, 2013, 08:31:30 am »

If you're interested in rural look at the USDA rural financing program.  They provide 0 down-payment loans for rural properties.   It's the program we used to get a house because my wife and I were in a similar situation on being able to afford a down payment.  They don't actually give you money or anything, they essentially co-sign the loan for you.  You need to make 60 grand a year or less to have 0 down payment though.  It's a bit like the FHA but the terms are better and only work for "rural" properties.
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