In Maryland (Should I Buy and renovate or Rent?)
Hi everyone!
Currently I am thinking about buying and renovating a home in my area (Maryland), and financing through the bank through 203b loan (which covers renovation?). However, I only have about 12k in cash savings. I liveian an apartment right now and am torn between maybe using the bank to explore the other route and buy a rental property, renovate it with my savings then rent out and make 300-500 per month (after paying the mortgage).
It seems that every time I try to buy a foreclosed home right now, that may be a great deal, the bank will have so many people interested in the property that they will send it back to auction. And the way the bank does auctions they have so many fees IE: inspections, escrow money, (pretty much expenses that exceed 12k..) so if I do win the bid.. I don't have any money to make any other repairs.
How can I begin my journey?