Philadelphia, PA · Member since 2017 · 23 posts · 1 vote
I'm new to the real estateI investing and am looking to make my first real estate investment. But I'm stuck between two things. The town I'm looking to invest in is rental town. All the property I been looking at 3br and 1or2 bath house (that would rent for $1,000 to $1,200 month). I have 10,000 dollars to invest would get financing through conventiona loan. Here are my two problems. There are multiple homes listed from anywhere between 34,000 to 54,000 (3br and 1to2 bath). But on the other hand there are homes that was listed on the MLS but never got sold and then went into foreclosures. My thing i dont know which way would be best. Im looking to get passive income and expanded from there.
Thanks for any knowledge everyone willing to share.
Property Manager · Louisville, KY · Member since 2013 · 309 posts · 115 votes
8y
Assuming you would buy the foreclosures from the county auction, foreclosures are typically harder to finance. You'll have to line-up your financing before going to the auction.
You can find foreclosures on the MLS too. Once the bank buys them back at the courthouse they will list them with a real estate agent.
Tired landlords are a good source for deals too.
Deals are out there. It's a skill to recognize a deal when you come across one.
My recommendation, try to figure out how to finance a property from the auction, AND line up a financing option in case you come across something from the MLS or FISBO.
More options and hopefully that will translate to more chances of success.
Philadelphia, PA · Member since 2017 · 23 posts · 1 vote
8y
Thanks for the knowledge Brett. I just don’t want to blow through the 10,000 just on down payment alone. Would like to put some money into fixing up the property...