Hi all!
Posting here because obviously, I’m seeking some financial advice. My friend has an extra house that I’m currently living in, and our living agreement was that if I renovated it for him, he would let me live in it for free. In recent weeks, he’s had the desire to sell it (not COVID related, he just has other priorities/desires other than the house). He got offered $25K for it from a guy who buys houses, renovates, and leases them for a living. My buddy is giving me a chance to buy the house since I’m both the tenant, and invested about $6K into it already. He’s not going to sell below $25K so that’s out of the question. My current financial situation is like this:
620 credit score according to FICO
Work full time, making ~ $27/hr, with varying OT per week.
$2k credit card debt (This is basically non existent as I rarely use my credit card anymore; I can pay the minimum payments for a while should i buy the house)
$295/mo. car payment (I believe my car is almost paid off, I’ll have to call the bank to get an exact remaining amount on this)
Income based payment plan Fedloan (on hold now due to COVID)
$150/mo car insurance
Home utilities
~$25K saved up
My father owes me around $2,300
So with all this being said, would it be wise to buy this house, and can I even afford it? What are my options here? Thanks in advance for all help!!
