Advice on this REO

[Simon W.]

Hi everyone,

Okay so I stumbled upon this REO that is being sold for $14,500. I haven't really thought about getting REOs till recently so don't know too much on how the process goes.

I do not plan to resell it because I want it as a rental property.

What I want to know is how much will it cost me in total to own this property?
I plan on paying all cash upfront. Or maybe put 50% down and do a 5/1 ARM? I have to be pre-approved by the lender themselves. Hence, why I plan to pay 100%.

So say I pay 100%.
What fees/expenses should I be looking at?

I just want to know how much in total it would cost me, so I can plan out the financing part properly.

Thanks!