Cash Investment or wait?
I know that is question has been asked several times but I cannot find the post that I started reading..
To make a long story short. I have about 25K in cash and spoke to a rep at the bank about a loan. They said based on the information I provided, I would qualify for a loan (they didn't check my credit). So here we are months later and I checked my credit score to verify it it had gone up. Well to my surprise it had gone down so i'm not sure if I qualify anymore. I have seen properties come and go for about 20K and less that i'm interested in.
My question is do you think that it would be wise to purchase a SFH or Condo with cash and have minimal on hand for repairs at this time. I was thinking that this would be my first investment and I would gradually make repairs until it is up to par. I could do up to 1,000 per month on repairs from my current income. I just want to get in while i can find something decent before the market changes too much but not trying to do a major renovation.
Is that just a waste of money? or should I get my credit back to where it was? Currently my money is just sitting in the bank earning no interest. My thought would be to get a property, fix it and rent it out over the long run.