I may have found my first investment

[Andrew Bondarchuk]

I've been listening to the podcasts, I've ordered some books, I'm going for my Real Estate license and I'm talking to people about investing everywhere I go. It's the only thing on my mind these days. I want to take a pragmatic and calculative approach and get my education first, but at the same time I'm looking for properties CONSTANTLY. If something good comes up I don't want the opportunity to pass me by. Well I think I found an opportunity and I want to know what your opinions are. Do I go for it or do I hold out?

Unfortunately I don't have a lot of information on this property. Here is what I do know:

Short sale

Asking price is $89k

Listed for 223 days (sellers could be motivated and may come down on price)

3/2 on a corner lot, 1,164 square feet

Roof looks good, outside needs new fence, some paint, landscaping

A/C needs to be replaced

Comps sold recently between $120k and $130k

If I make an offer at $80k, put in $20k for repairs, I could possibly sell for $130k and walk with $30k profit. Or finance at $100k to include the repairs and rent for $1k monthly, which should be $300 cash flow, roughly. 

I am scheduling a walk through this week so I'm hoping the repair estimate is accurate. Also, I have contacted a lender that focuses on new investors offering 90% of the financing for the sale and repairs, I just need to come up with 10% and closing costs.

I'd appreciate any feedback you may have for me.

[Andrew Bondarchuk]

Thanks for the recommendation @Justice Cannie. I'll check it out. My short term strategy is to learn as much as possible so I can start making informed decisions. This is in the aftermath of almost dropping $30k on a guru. I'm sure they have a lot to teach but I would have put myself in dire financial straits for that knowledge. So far I'm in to Amazon for $12!