NEWBIE Needs Help.....
Okay....I am still trying to get my first deal out, a deal that I am in all alone anyway.....
Here is the situation....A fellow investor here in South Florida wants to wholesale a short sale he has to me....for starters, can he do that?? Next, the house is also eligible to be a section 8, or it already is...what is a section 8 excatly? the gov't gaurantees rent??? Okay....now to the deal....wholesale price of $45k, it is assessed at $107K, sold for 80 4 years ago.....only about 10k max needed for rehabbing....I don't know what it is going to appraise for after rehab, I would say $120K, but again, I am newbie....still none the less, the numbers sounds like a sweeet deal....the house is very good looking, new roof, only needs minor comsmetic stuff....the only kicker is that it is in an area that I was nervous just driving through, I was scared to even get out of the car.....I guess my questions are...can he sell me his short sale??....what is a section 8? and should I buy in an area where I feel like I need to be packing machine guns and 9mm in my trench coat??
Thanks a million...
[addsig]
Section 8 is the government program to assist those with low income. The rent is guaranteed. Here's a link to some SEction 8 sites in FL. One should be near you.
http://www.affordablehousingonline.com/housingauthority.asp?State=FL&offset=20
Sounds like a good deal. Develop an exit strategy. Are you going to rent or fix and sell. Talk with a Realtor. How fast are homes renting /selling in that area? You have to decide for yourself if you want a property in that area of town.