Profile picture for Nevuela

Help for my friend

My best friend has three children and she works very hard between raising them, her job as a bus driver, and going to college. I mean she works very, very, very hard. She is always exhausted, and she's the sweetest person in the world who deserves far better than a tiny roach-infested apartment she can barely afford. PLEASE tell me there's no outlandish catch here, and that she can easily buy one of the many homes I see on this site with monthly payments as low as twenty bucks a month. She's already under a mountain of debt without having to pay so much for that horrible apartment. The deals here are far too good to be true.
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June 01 2010 - Bakersfield
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Answers (5)

Profile picture for SoCal_Engr
@ Deborah - That's all well-and-good, but "so what?" My #1 peeve about realtors (and others in a sales/service industry) is when they will not listen to a question and answer it...without the need to inject their profound wisdom in the form of "you asked this, but you really need to know that" answers.

Do I think this lady is likely not going to be able to buy a house at this time. Yes. Do I hope her situation changes? Yes. Did you have an alternative to buying that might be worth looking into? Yes. Does any of this go towards answering the OP's question? No.
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June 01 2010
If the situation is as dire as the friend says the lady will not be able to purchase a home.   She may be over-stating the problems.  If the lady is working part-time and going to school and has 3 kids there may be programs that can help her.   I was merely trying to think of ways to improve  her situation.  Not everyone is a buyer.  It is also possible the debt is not that large and the pay is greater then I think.  Then it is possible that she could be a buyer.  If she is working part-time and going to school she needs to concentrate on a graduation, kids and a roof over her head.  I wish her well.
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June 01 2010
Profile picture for SoCal_Engr
@ OP - I believe what you are looking at are rentals that have been incorrectly entered. The prices you are seeing are most likely monthly rentals.

@ Agents - Two posts, neither answered the OP's direct question. C'mon now, answer the question first - and then add your $0.02.
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June 01 2010
Another step might be to find out if she     qualifies for subsidized housing or section 8.  I make the assumption that the job is part time.  I like the idea of seeing a financial planner but if the job is part time and she is going to college it will be hard to get ahead.  She will need to finish college and pay down debts (if they are as bad as you say).  The banks allow only 41% debt to income ratio.    If her credit is above a 640 and she has nothing in collections it is possible she might qualify for a community redevelopment loan.  You can also think outside the box and she could rent a house with another young mother.  That sometimes works out well.  When we were in graduate school we rented a house with another student (even though we were married with a kid) and left a home with lead paint.
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June 01 2010
The first step is to speak with a financial planner, than a lender. There are ways out of almost any situation if you have a plan. But first seek competent financial counsel. Then make a plan and follow it. Let's call it her flight plan!

Good Luck 
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June 01 2010
 
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