I am very new to this but wanted to get into REI for a very long time but just didn't know how to go about doing it. I have read Dean's book - "Profit from Real Estate Right Now" and it has re-kindled my excitement! Now I am trying to overcome the fear factor to make my first deal.
I have found a possible deal that looks good on the surface enough to get a closer look. Here's the deal:
3 Bdrm, 2 bath single familty home in quiet neighbor hood. Good location. Year built 2002. Just neeeds cosmetic work done and landscaping. REO property. Listed for $59,900.
County assessor website shows the other 30 homes in this neiborhood has an average appraisal value of $100,000. Some are even owned by other LLC businesses which might indicate some are rental properties.
I need help with a couple of questions to help me get over the fear factor...
1) Does this look like a good deal(at least on the surface for further investigation)?
2) What kind of investment strategy would be best for me to take? (assign or rental)
3) What would be the first step? How do I get funds to lock a contract for assignment or long term rental?
4) How do I approach the bank who has the REO?