Posted by Lyal on September 17, 2004 at 08:06:40:
Ruben,
I encourage you to read as much of this forum as your eyeballs will allow, take a break and read some more. Read the articles, money ideas, success stories etc. Then re-read your post and answer your own question (hint: ingredient number one in any DEAL is a motivated seller. Does this seller seem motivated?..)
All the best, Lyal
PS: No, no deal here.
Do you think this is a good deal - Posted by Ruben
Posted by Ruben on September 17, 2004 at 24:18:31:
I am looking at a house in the buffalo, new york area. It is selling for about $38,000 and is said to be valued at $41,000. The taxes add up to $1200 a year and a tenant already is living there. How could I finance this due to my no credit and no job. Also what else should I look for in this property and do you think its a good deal?? This would be my first purchase ever,
Thank you all very much.
-Ruben
Re: Do you think this is a good deal - Posted by Tony in New Jersey
Posted by Tony in New Jersey on September 17, 2004 at 13:42:11:
Ruben,
If you have no credit and no job your best bet is to borrow the money from someone who loves you…mother, father, sibling.
Short of that, no investor or bank is likely to touch it. I think I would spend my time looking for a job instead of real estate.
Re: Do you think this is a good deal - Posted by Tampajim
Posted by Tampajim on September 17, 2004 at 08:59:02:
Hey Reuben, just a reminder this is a mobile home forum so you might get a more complete response from another another venue. On the other hand there are a lot of us who do stick built SFR’s also and I’ll give you my 2¢.
First you have to know your market. If the true retail value is $41K most investors that I know wouldn’t touch it for anything over $32K My personal absolute highest number would be $28K. If this is really your first stab at RE investing may I suggest that you take a course or buy one of the numerous books available on RE. If you are going into stick built SFR’s would suggest Fortunato, Schaub, Britton and Miller among others. Mobile homes are a great place to start though and you can’t do better than DOW (Deals on Wheels) as a starting point. Take what Lyal says to heart this forum with archive ability is also a great place to study.