So I found a Property. Advice for a first-timer.
Hey everyone,
So I came across a house that is for sale made in the 1940's. It appears that the owner is actually a REI but is retiring (or so his neighbor told me over the phone) so he is getting rid of his properties. The outside looks a little rough and the presence of asbestos which I assume would be in the house makes me wonder what I should be looking out for. It's a 2/1 but looks like it would be large enough for 3 people to live in.. it seems pretty big. But anyways, there is development going on in the area and am told developers have tried to buy their properties in the past. I also know the lower bid that the seller was willing to offer his neighbor which was the tax assessed value. I'm thinking I could potentially wholesale this property, but reallyyyy want a buy and hold investment. Property taxes are around 1.2k a year on a 110k tax assessed house. Retail value is probably 15k higher. I need to do some due diligence and find out comparable rent rates in the area but I suspect I could charge at least 400 easily per person. It's had a recent kitchen remodel ( looks okay..) and new carpets. So what are some things I should be looking out for on a house like this? It doesn't have central AC either. Another thing, I need people to help finance the deal if I decided to go through on it!!!! Ahhhh. I'm also not sure what to say and not say when calling their realtor. Any ideas for a young lad? Best financing options when I don't have a full time job (although I am doing summer full time at Dept of Commerce) but no credit? Should I get someone to look at hte property with me?