Could You Give Me Advice On A This Deal I'm Looking At?
I'm in the Houston TX area just starting out investing. I know that what I found may not be a smoking deal but here it is. There is a Fanni May repo townhome in a lakeside community. The area is nice but some of the units including this one are outdated. Others have been updated and are being well taken care of. My plan is to offer $68,000 (they are asking $79,000). They have done some imporvements so I figure with $5000 (being conservative) it would be a real nice property. So I wouldn't be getting it for %65 of FMV but I don't believe I would be paying full retail. It has been on the market for 6 months. My plans would be to use it as a rental property. It would rent for $1000 a month.
How would you finance it? I have a 685 (just checked it via eloan), about $16,000 I can access as a loan from my 401K. I don't have much extra income each month that I could devote to it. Eloan wouldn't even display any loans for an investment property for me (I wouldn't get it from them I was just curious). So would you folks with more experience do this deal and if so how would you finance it? Thanks for any and all advice.
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