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Joe Spencer

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Need advice salukijoe200048 years 21 weeks ago

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Need advice

salukijoe2000's picture

I have found boarded up properties ranging from $5,000 to $15,000 on list prices. I don't have any money to put down. I am basically broke, only a few hundred dollars in savings. Do you feel I should go after these sort of properties or would it take too much resources and too much fix up money?


Anitarny's picture

find ot the status of your credit scores? What are they? Then see if you can pre-approved from a lender, if not then dig till you find property owner. Get all info on house go aback home, think about it a while and come up with a deal that will be a win win for both of you, with you putting no money up front to get in.

thanks for the reply

salukijoe2000's picture

I know my credit score is 720. I checked on free credit Do realtors typically get you in touch with owners or should I try another route?

with a...

Anitarny's picture

with a score like that anyone will finance you. Get pre-approval letter from mortgage broker and ask for lower interest rate than what they offer you. Ask them if loan amount is good for multiple purchases or just one at a time and go from there. PM if you need some help

They will finance me even

salukijoe2000's picture

They will finance me even though I don't have that much money saved up? I am basically living paycheck to paycheck right now. I pay off my bills in timely fashion, I just don't have much else left over.

Also, a realtor tipped me to

salukijoe2000's picture

Also, a realtor tipped me to commercial property near an outlet mall just off a busy interstate that is 2.6 acres of land. Comparable land beside it just sold for $3.50 per square foot or $630K. This land just went through foreclosure and is selling 93 cents per square foot or $129K. I have located a real estate investment club, but do not yet know of any investors. Any ideas on how I can get help putting money in on the deal?