2 Possible Deals...

Welcome to the DG family we're very happy to have you here with us! There's still some pertinent information that's missing here, the sq ft, the comps in the area, does it need any repair, what makes this great for a first time investor? Before you jump into anything make sure you do your homework. That means prove it's a good deal by checking some things out. A 1 bedroom for $83k isn't my idea of a good deal, when I see 3/1 for the same price everyday. I hope I didn't discourage you, I'm just trying to protect you from making a costly mistake. You only make money if it's a good buy, if its not you're stuck with it. Good luck, keep us posted on your progress. We're here to help!
God bless,

No Im Not Discouraged At All I Appreciate It... Your Only Helping Me Out Lol... So Thanks Again... Ill Make Sure That I Keep Looking And Do More Research On The Property... I Am Going To Start Re-Reading The Book More And More So I Can Understand Everything... But Please Give Me Advice On My Cuzzins Forclosure Its A Duplex... Ryt Across The Street From Me Now I Think It Would Realli Be A Good Deal Cuz Id Be Able 2 Move In And Rent The Other Place Out But I Jus Realli Need A Better Understanding Of How To Make My Move 2 Purchase It With No Money Down. Like Am I Going To Have To Pay The Amount The Current Owner Didnt Pay Or Just Part Or None ?

Thank U Elena So Very Much!!!

Upping...

For the foreclosure, find out how far behind the payments are, you need to find out how far along the process they are so you know what strategy to use to buy it. Then we can go forward from there. Because you have a couple of options depending on the situation. So do your homework and ask lots of questions so you have all the information to forge ahead.

Just because the condo is around the corner from you doesn't make it a good deal. As Elena pointed out, you need to know the comps of 1 bedroom in the area, sq footage, bathroom since you mentioned its a one bedroom. You also stated that you want to move in the other side while its rented out. Now, i'm confused! You mentioned its 2 possible deal, but you only provided info on 1 bed condo.

Let me put it this way, how many bedroom and bathroom? What is the sq footages? If is rented for $900.00 a month, is that include HOA? What about property tax and insurance, is that cover in the rent? What the property value? How are you going to move in on the other side if there's only one bedroom? We need more info!

You need to know as much information about the property in order for you to determine if is a good deal or not. Personally, i think if your going by what you stated in your first posted describing the property as "Great for investor or first time buyer" I'm sure it could be a good investment if the seller pointed out, but it may not be good one for you if you don't do your homework. Not trying to discourage you from getting your feet wet, but make sure you know what you're doing before you jump in.

As far as purchasing it with no money down, if you don't have the $$, i suggest you might want to do a assign the deal, but if the deal is not a great deal, then it would difficult to assign it. Good luck and happy investing!

Lloyd

I've learned from people around me who are renting properties on a smaller scale that renting a one bedroom apartment is a lot harder to rent than a two bedroom. The people who rent one bedroom apartments usually don't stay or take care of the property as much as a someone with a small family.

Now this may be isolated incidents, but this is what people around me say.

So you really have to make sure that one bedroom is in an area that is stable or in an upswing. And ask her why she is selling it!