Please Help....pleassssssssseeeee
I have a situation.....
I have been offered what could be my first realestate investment!!!
Im nervous....but here is my situation
The owner is selling her house for $70,000 she own it free and clear!!
she tell me the lowest she would take is 65G ...no less
the house needs about 7G of work to make it look very pretty.
and to add value in the house....
How is it that I find the MArket property Value..is there a book out there!!!??
Like a blue book for Cars..is there one for homes....
I am also thinking that I will also purchase the house and rent it out....since i have very bad credit...I will be using my father in laws credit...he has A1 credit......so we will be using his name along with ours....my wife and I......ahhhh
one more question....since we will use my father in laws name because my credit is crappy......does that mean that the mortgage payment will be less....oh yeah...we will be doing a no money down........If I put some money down how much does the Bank expect you to put down for a 65G home...????
Thank you all god bless :-?
Congtrats on your making the first step!
First, how would you find the market value of your property, here is a list:
1. http://www.domania.com
2. http://www.homegain.com
3. http://www.realtor.com (look for how much the houses are selling in your area) gives you an idea. But not too accurate since it is the offering price and not the closing sale price.
You may want to check out this previous topic also
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=38333&forum=18
And yes, it is better that you use your father-in-law credit if yours is "crappy" otherwise you will have higher APR and higher payments, with your father-in-law's A 1 credit it will save you a lot of money.
There is a lot of banks that can provide you with 100% financing, or 80% financed 20% down, 90% financed 10% down, or you can also make use of seller financing. Good luck!
as to using your father's in law's credit he should be very aware that if you do not make the payment that he will have to . If you are late on the payments it will effect his credit sooooo if you have bad credit be very aware that you can ruin your father in laws credit.
talk to a local realtor for sales prices of houses in that neighborhood and that should give you an understanding of the market price. You can buy houses without any money down these days. But 3% -5% are the norm for owner occupied houses.