Advice for my first possible property

[Lisa Juarez]

Background info: I am using BP to learn creative ways to buy my first property with no money. I have an FHA loan on my home that I refied to another FHA mortgage last Aug. I have time on my hands since spinal surgery last June left me somewhat disabled. My husband works full time. We want to relocate to MI & start buying properties. I am extremely gifted at finding great deals.

To start: There is a little 980 sq ft house 3 bed, 1 bath. It needs a lot of work but the price just dropped from $37K to $35K & is Broker owned. It needs a new roof, windows, appliances, flooring, & TLC inside. It is located inside city limits where many older homes are being renovated & sold. I would love to fix & rent it out, while living on-site. Should I

1. Ask the Broker/owner if he'd be will to do seller financing?

2. Ask to rent-to-own the house while renovating then refine with 20% equity after completed?

3. dump money from my credit cards to my savings & pay with "cash" & get a renovation loan to fix it up?

4. try for a renovation loan?

5. Ask my best friend's lawyer fiancee to partner or loan me the 20% down? (my last resort)

I need your advice please.

[Shane Baganz]

You're able to negotiate just about anything, right?  It's all about a win for you as well the seller.  If you're paying full price, perhaps they will reduce or let you not put anything down.  Sure, it's a stretch, but the more motivated they are, the better you can create a relationship, the more your chances improve.  

-Listen, they could sell the home at full value and receive a monthly annuity.   They sell the house and you solved their problem.  I'll be interested so hear how you ended up!  Please let me know?