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ActuariallySpeaking

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Hi there!

First time homebuyer here (well, this past spring). My husband and I (who knows, maybe he'll post under this username as well), purchased a REO home last May as a 401k, and while we've settled for the most part, there are still a few parts of the house that need minor updating and we will be most likely DIY'ing it, hopefully sooner rather than later... We aren't really in love with the location (it's kind of a long story but essentially we moved for my job- but since I work from home 4 days a week, the possible living locations has been expanded considerably), and already have flipping it on the brain!

I loved getting a 401k- it was so awesome to see the house transform from a sad, moldy house to a comfy little lakehouse- and we don't mind a *few* DIY projects ourselves, and if we were to sell this house in the near future, there's no doubt I'd consider another 401k our even a dated house that we could update as we go. (Hard to find FHA funding if it's got anything more than updating "wrong" with it)

Well... there's a jumbled intro! Looking forward to joining this forum!
 
Welcome to the forum.:welcome:

We bought a similar REO (real estate owned) home a couple years ago for 25K and put a year of blood sweat and tears into bringing it back. It is rewarding and nice never having a payment or interest charge. We lucked out it is in the perfect neighborhood we wanted to be in and is the style of house we like best. They are out there if you don’t mind the work. They held ours for sale for a couple years before we came along. Mostly as you mentioned no one had the cash and banks won’t loan money if it needs too much work.
 

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