Wich Lender?
how do you know wich lender to use when buying a foreclosure. And what type of loan? new guy!
how do you know wich lender to use when buying a foreclosure. And what type of loan? new guy!
It sounds like the best thing you could do in your situation is to get this property under contract and flip it to another investor. This way, you will get some money right away, and learn something on the way.
Keeping this property without having any capitol to work with, is a risky proposition. Buying it and doing some "quick cosmetic work" would require capitol, which you said you did not have. Also, why would you improve property that is already in good condition.
A few points:
- 1031 gives you 180 days to find another place.
- How do you know it is worth 80K and if it is why are they selling it for 50K? Something you need to know.
- Capital - do you have credit cards? Not that I endorse using them, but if you are sure you will get your money back, put the repairs on the card.
Looks like you have done your homework and have a good deal in front of you.
Not sure what ther rents are for your area, but if they would allow you to have positive cashflow, I would keep it.
Get a home inspection to itemize your repairs and get it under contract![ Edited by hoober on Date 02/10/2005 ]
Brian,
make sure you get this in your contract before you sign it.
“And/Or Assigns” indicates that I may, if I choose, assign this contract to another investor for an assignment fee. The amount of the fee is entirely up to me, and is largely dependent on what the property will bear. I cannot stress enough how important “And/Or Assigns” is to a real estate investor. It gives you the choice and power to either keep the property for yourself or sell/assign the contract to another investor.
I assume you have contract to use to favor your side so good luck and hope it goes well for you.
[addsig]
If anyone knows where I can go online to print a contract that would be a big help. Preferable something thats not 30 pages and is made for investing.....
Actualy I am going to need all sorts of paperwork sooner or later. Like lease agreements and all that good stuff....