Posted by Ronald * Starr(in No CA) on August 16, 2003 at 14:30:00:
This is a tough question to answer. Are you sure you are ready to be spending money for real estate purchasing?
It doesn’t sound like it to me. I can’t see the property, but when there is “a fire,” the damage is rarely “cosmetic.” Cosmetic means fixing with paint, carpet, new vinyl, door and drawer pulls, and landscaping. Usually fires produce physical damage.
Beyond that, you give us no idea of the value of the property, either as is, or in its fixed up condition. I don’t care about age, size, bedroom and bathroom count, and so on–unless it is very different from normal properties in the area. But not knowing the value leaves me stammering to find something to say.
You also do not tell us your goal: live in it yourself, rent it out, fix and resell soon for a profit. Goals determine structures of deals.
Beyond that, you give us no idea of what resources you have available to do something here.
My advice, not knowing anything is: Buy it will all cash from your saving account, fix it up with your superior contractor skills, get a loan on it based on your great credit, and then get in great renters because of your superior management skills. Then sit back and relax.
If you want serious answers, you have to give serious information first.
Good InvestingRon Starr*