New owner operator and buying a house

A truck driver who was unemployed for 4 months who wants to buy a truck and a house at the same time. Wife doesn’t work and son is coming of college age.

I wouldn’t touch you with a 10 foot pole as a lender. I’d have to think about even leasing you on to my company. Your risk exposure to failure is going to be very high.

No hard feelings, you came here for an assessment and I’m giving it to you.

 

Man, first off best of luck to you. These are weird times.

But what he offered isn’t an opinion. You’re selling your land, unemployed, as a result have no income or collateral; and you’re asking about how to finance a house and a truck.

You need to get a job, figure out the housing situation, and then decide whether or not you can go O/O. Because right now you’re planning on something like 4-5K/month minimum with no assets and no income. It’s not possible.

35K isn’t a down payment for a house and a truck. That’s a maintenance fund. Now you need to get an income and start saving up for a dp on a house.


I respect your vision but you need to bend it to reality instead of the other way around. The credit simply won’t be there, and if it does somehow appear you won’t have the income to do other than make minimum payments.

 

Check our help wanted section. You can in fact make $100K year and own your truck.

 

The problem would be when there is a breakdown, especially considering you are planning on purchasing a 15,000 dollar truck, which is very risky in itself. Your assets and liabilities are terribly mismatched to a large degree and is a recipe for financial ruin in my opinion.

From what you had told us, you, nor your wife have any real stable income and no lender in their right mind would give you a loan. Not sure about your collateral position, but from the sound of it, you have nothing to offer should you heaven forbid wind up unemployed again. I wouldn't even rent you an apartment based upon what information you had given regarding your financial situation. You can count out truck financing as well. The only loans you might get are high interest loans designed to take advantage of your situation, only to repossess your home and truck in short order. Basically a hedge against you failing, which is very probable based upon your horrid business and financial plan. Truck aside, what would happen if the roof on your home was damaged? What happens if the heating system went down?

I wish you the best of luck. If you had said you were selling your home and after the purchase of your second home with cash, and $200,000 available for the purchase of a truck, insurance, plates, tags, etc., leaving approximately $80,000 left over reserved for your maintenance fund (even $45K in your maintenance fund on a low end) after purchase, along with a really solid business plan.....I'd tell you that you would be crazy not to do it. At the end of the day, if it didn't work out, your house would be paid for and you could work at a big box store and still be able to not only support your family, but see them as well.