Need help with possible first investment!!
Okay so I've been soaking up knowledge from every source available over the last few weeks and I just can't get enough. There is a local building that I know for a fact many people have been wanting to rent out, but the last owner would not do it. It has 3 units, not sure if that includes the storefront or not. Anyhow I know that could be a good possible rental for me to start out with. However I was looking at the sale price and it was under $100,000, but I know its bank owned so its possible they would accept less since I think it was a forclosure. I didn't have it appraised yet, but according to the gis the aftermarket value was $250,000 since its right on a river. It honestly does not need that much work on the inside from what I can tell. I know the storefront needs to be re-painted at least. I really want to snag this up myself! My thing is, I've been retaining knowledge, for awhile now, but have not come up with an actual plan myself. I'm just a little confused on the process. Do I check it out first, make an offer, then have it inspected and apraised, and then find financing for it? I would most likely need a hard money lender since my credit is not good, and I don't have money to put down. I feel like its a really really good deal though. I want lookup and see if I can find some of the comps today, but this building is really different from others around it as it has a couple rental units and the store. I could even wholesale this place if I really wanted to! I may be jumping the gun, but I learn better by doing then just reading all the time. Need some advice!