My partner and I currently reside in Idaho Falls, ID. We both grew up here, and have lived elsewhere. The draw of Idaho Falls has us back, yet again. Thank someone for the bubble we live in that helps us with employment, and such. I have been with the love of my life now for 2 years, and we are currently looking into purchasing our first home. We all know that rates are at an all-time low, and it is a great time to invest and help with ones own future.
With this being said, we have found the home of our dreams. It is absolutely gorgeous. It is on the numbered streets in Idaho Falls, and in a great area. It is currently bank owned, and we would like to purchase it, live in it for a few years (at least 3-5), and when we move later on, obviously sell it. Well we are currently looking for a co-signer. One might be weary of such a crazy request. Well there are many benefits to doing so!
For one, when we move we will split the appreciation profit 60/40! You receiving the larger half. We would pay all the loan payments, until sold. You would help secure yourself a retirement, as we all know how shaky Social Security is, and we must depend on ourselves to do, and many more.
I have spoken with the past owner of this home, and such. She said she absolutely adores it! It has 4200 SF, 6 bedrooms, 4 bathrooms, Kitchen, Dining Room, Living Room, Family Room and much more. Because it is bank owned, they are asking for less than 142K. I did a background check, and the loan obtained by the past buyer, was 142, but the bank will obviously take less. We would take a loan larger than the amount of the cost to purchase to redo the flooring, and kitchen. Nothing more, nothing less!!! The home is currently valued at 176K, if updated in the kitchen and floors, it would go in the high end for the specific area of 186k. With appreciation, even with the economy, about 6% a year. You cannot go wrong. Idaho Falls still has a very strong market compared to the rest of the economy. You retirement funds, would be at time of saling, between 12-24K!!!
My partner and I currently both work full time. I work for a national restaurant chain to what would be equivalent to a supervisor, and my partner works for Qwest here in Idaho Falls. Our yearly income, is about 52K a year combined. Because we are young, we cannot obtain a loan, as our credit is not high enough. We would make a complete separate contract for everything and such, notarized, etc.
If you would like more information, or the chance to help your retirement, please feel free to email us at idahocouple@gmail.com
Thanks!
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Gato got runned over by Marcus many moons ago. Be ye daft, 2486? 
Let's have a new poll, alright, Joe?
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I must say this is a strange request, asking a complete stranger to co-sign on a house with you. I mean really, if both you and your partner don’t have good enough credit to purchase said house yourselves, you really have no business purchasing a house to begin with at this point in your life. No offense, but this is the main reason our housing market crashed; from people with no credit or lousy credit buying a home they couldn’t afford.
Your best bet would be to work on repairing your credit so you can purchase this house on your own. After all, there is two of you and two people have a better chance of obtaining a home loan than one person. Again no offense, but in this economy, nobody in their right mind is going risk ruining their own credit to co-sign a house for a complete stranger. One late payment is going to have a negative impact on the co-signers credit. Sorry, I just don’t see the many benefits you speak of for a co-signer to take such a huge risk.
I may be mistaken but aren’t you the say Kelynn Cherry who was supposed to open up a new club in Idaho Falls this summer with your partner called Club Cherry? Did those plans fall through or do you already have a co-signer for that business?
At 52k/yr, you don’t make enough money to buy that house, especially if it’s a fixer-upper. I suggest you look at least 35 – 50 grand cheaper.
This seems like a big house for a couple. I think you’d be better off looking for something smaller. The price range Marcus suggests is better for you. And AppleJack is correct in thinking no one in their right mind would commit to such a thing, co-signing on a loan with, no disrespect, total strangers. I had a pair of teenagers ask me, randomly on the street a few years ago, if I’d co-sign a loan for them on a car. I’m still laughing about that one. Also, as you’re looking only to live in the house/a house for 3-5 years before moving on, why do you want to buy? Go abot it the old-fashioned way. Start small, and then when you can afford it and you’re willing to stay in the same place for more than 5 years, buy something bigger. But only if you need it.
It doesn’t seem that you would have any equity after such a short time anyway, seems like slitting your throats, but then I’m no expert.
This is a very interesting calculator to see if you would be better off buying or renting:
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html
It really opened my eyes.
LOL….It didn’t even register with me that this place has 6 bedrooms, 4 baths!! OMG…I got quite a chuckle out of that after I re-read the post. Uhhhh….yeah…..6 bedrooms, 4 baths is ridiculously large for 2 people. It may be a good deal price wise, but it’s still out of your price range. Go smaller so you’re not struggling each month to make the payments, let alone all the maintenance it’s going to require. And believe me, I house that large is going to require alot. Not to mention the price it’s going to cost you just to heat the place in the winter and cool it in the summer.
Nobody is out to dash your dreams here, just suggesting you be a little more realistic.
Good luck guys.
Fishy.
4,200 square feet for only $142k? What were the problems found during inspection?
Working at Qwest you must earn at least $40k in salary and bonuses or you get shown to the door. You claim together to earn $52k, so if your spouse is earning $40k you are only earning $12k. Not a good sign. More likely you earn $20k and she earns $32k, which means she is not selling enough to last long at Qwest. Not a good sign. Regardless of actual salary, Qwest has one of the highest turnover rates in Idaho Falls. Still not a good sign.
You say “Thank someone for the bubble we live in that helps us with employment”? What bubble? You have it perfectly backwards.
Why do 2 people need 6 bedrooms and 4 bathrooms?
Being young is not a reason you get denied mortgages, having bad or no credit is the reason. If a bank won’t give you that much credit, why should any local ‘civilians’?
Very fishy. I hope nobody gets suckered into this scam you are trying to run.
That house sounds like one that my daughter was looking at, and it seems like it’s been on the market quite awhile. She was drawn to it because it was cheap, but if that is the same one, there has got to be problems with it.
I looked at the house with my agent three months ago, its on 340 2nd, and I walked away from it. It is an ok location, right across from a old church, but it had some oddities. You will have to replace the sofits and windows soon, it has an odd layout, and every house surrounding it is a rundown renter.
I would have to agree that it is to big a house for two people – and add that the home value will not go up like you think it will with the condition of the neighboring homes. Look somewhere else, there are many nicer homes a income like yours can afford.
By the way it is only listed for $119K – why are you asking for $142?
Must not be the same one I was thinking of. The one she liked was further up the numbered streets, closer to 11th or 12th I think.
I believe she mentioned they wanted to get a loan larger than the asking price so they could make some improvements. They’re not thinking this whole thing through. It’s bad enough the two of them together cant get a loan, but their trying to get a larger loan than is needed and/or what they can financially afford.
I hope Kelynn comes back to explain some of her reasoning behind this odd request. Nobody is trying to dash her dreams of home ownership, but instead trying to get her to open her eyes to reality. Nobody in this economy is going to co-sign a home of all things for a complete stranger. Even if the economy was great I don’t see it happening.
I still like the title of this post…..Help us help you, early retirement, investment. Gotta give you credit for originality. lol You’d probably be better off standing next to that guy at the entrance of WalMart with his cardboard sign asking for money. Idiots have been giving him money for years so it’s worth a try.
I’m with you Apple Jack, I don’t understand why people give beggars money.
I’ve thought for years that someone should print out a paper listing all of the available resources in the area and it could be handed out to these people instead of cash. I thought that I had even seen on the news a couple of years ago that someone had come up with just that, but I haven’t seen anything else on it.
I have a friend that tried to hire on of these people a few years back for some odd jobs, and this person wasn’t interested. They obviously had no interest in work, just a handout.
On the other hand, I would be more than happy to throw change in a jar for a street performer, at least they are doing something.
Maybe this would be a good topic for an article if anyone is interested…
why haven’t we heard back from ms cherry on this? I thought she may be able to shed some light on this issue of hers or if she found someone to co-sign for her & her life partner.
I don’t think they got the response they were hoping for. If it were me, I’d probably just let it lie too.
I dunno. I kinda admire her courage and ingenuity. Nothing ventured, nothing gained. Perhaps someone already took her up on this offer and that’s why she hasn’t been back. Who knows?
Good point, I like the positive thinking
I doubt it.
Guest Fullofhimself laugh at Guest HandsomeRob
Guest AppleJack laughing at guestfullof himself laughing at anonypuppet.
I will cosign if I get to live there rent free! Concider my credit as payment.
I guess I’m curious to why you would ask complete strangers to cosign a loan for you? What about parents, friends, grandparents, cousins, etc.?
This must have been a scam. She posted this a week ago and hasnt replied to anyones questions since. I find that very odd.
Okay first of all I know Kelynn Cherry. I must say this request is a bit outlandish but a very creative way of going about it all. I do feel a need to correct you all though. First of all he is a male. And yes he is the one who was going to open a club. He wasn’t going to be the owner though. I was partnered with him on this. The only reason that has not happened yet is because of difficulties with a liquor license because yes this is a bubble. And I would say that he makes more like 35k a year and his partner at Qwest, 40k a year. Just thought I’d make corrections…. Oh and the house is on 11th and is priced low because it was a repo. And the windows are new
I don’t care who you are, if he is a she or she is a dude. Creative my ass. It was a stupid idiotic request to go online and ask complete strangers to risk ruining their credit by cosigning a house for he/she. There are plenty of govt programs out there available to low income families to obtain a home loan, unless of course your credit sucks. In which case you shouldn’t be buying a home to begin with.
I assume they already asked family members to co-sign before posting this, so there was obviously a reason their own family wouldn’t do it. Oh well, can’t blame em for trying.
I would imagine thats why their new club never panned out. If you cant get a home loan you sure as heck wont get a small business loan especially for a high risk business like a night club.
I don’t know about plenty, but Jimmy is right. Even in this economy there are programs out there that’ll give them a home loan as long as they have a credit score of 620 or higher.
Actually Applejack, if you read a previous post I think its clearly stated that he was opening the club on behalf of another company but it fell through because it is near impossible to get a liquor license in this. Its wise to know before you speak.
Get real tyler. if they didnt have the credit or money to buy a home, they sure as hell didnt have the money to open up a club which costs a lot than a home. I think the liqour license comment was just an excuse but thats just me.