I need everyone's opinion on this one. I found the bank owned home that just came on the market and there are currently no offers on the house. It overlooks a lake and they are only selling the house for $109,000. The only problem is that it needs some work. I am willing to do the work but I do not have the funds to purchase the home and revate it at the same time. Please help me because I am stuck on this house and it is a killer deal I just don' know where I would come up with the money to fix it and turn around to either live in it or make it a rental. Here are the details:
The previous owner decided they were going to instal skylights in the house. They were not professionally done and now leak. The house has mold and the drywall is now peeling off it is so damaged from the water. The roof needs to be replaced because it is a flat roof and has no pitch. This is contributing to the water leak problem. I would need to get a pitched roof put on the home or I will have the same issues again. Everything else like paint and flooring is not a big issue at the moment.
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