Posted by John on September 17, 2004 at 05:39:29:
The deal is a bad one.
Two reasons. The discount from the value is next to nothing. If there is
a major repairs you are upside down once you put the cash in to make
Second, the problem with such properties is they are hard to finance.
Not impossible but harder because lenders do not want to offer loans
that are less then $50K. There are exceptions. Local banks would be a
good place to look. Local to the property that is.
You say you have no credit. Do you mean no (limited) credit history or
bad credit? No credit is not that big of an issue. It is easier to fix.
Do you have the cash for a good down payment? After about 25% the
lenders start looking less at the credit.
I am doing similar deals south of this area. If you have other questions
just let me know. Email is best as I travel a lot.