Updates on 90 day challenge

Hey guys,

Just an update on the status of the 90 day challenge. Haven't yet done the pre-approval because I want to clear up some things on my credit (c&c balances mainly). But in the meantime we did visit a FSBO property who was selling a 2 bedroom 1 bath that had a gentleman and his wife living in via a lease option. Current occupant's Payment was 475/month for 15 years and I believe the seller wanted to sell to us at 35,000 with 5,000 down and 8% over 15 years. Clearly you can see the problem with this. The original owner didn't own it outright and still pays a mortgage on it. It seemed liked a good deal being that houses I'm the area usually run around 55k in good shape, but this will have to be one we pass on for now. Guess it's back to the drawing board. Plus we figured with numbers like that we'd be much better off getting a conventional loan. So back to clearing up the credit so we can get this pre-approval started. I definitely think the properties are out there though! Till next time!

Junior S.