Dilema, Please Help A Newbie Out..
I believe i found a potential HOME RUN deal, but not sure if i am ready yet..
Here is the situation. i am new to BP and REI. I just wrapped up reading How To Invest In Real Estate the Ultimate Beginners Guide to Getting Started. I have listened to dozens of BP podcast (Starting at Episode#1) since beginning of July 2019 and i tune into basically every Webinar, every Wednesday. I just wanna learn as much as possible as fast as possible. The book talks about getting your financial house in order before truely getting started in REI. I have been working on improving my credit score (since March) as #1 priority, which has been working. If i put on a pair of my wife's heels i would touch a credit score of 700. Since BP came into my life i have been obsessed with scoping out vacant, run-down or any property that looks like a potential investment opportunity. One property in particular has been "my precious". Single family, Split level, Built in 1965, 4Bed, 2.5 Bath, 1780 Sq Ft living space. It's been vacant for about 4-5 yrs. This house is in my neighborhood and i have been jogging passed it for years wondering why has someone let this property sit like this. The other day i stopped and looked thru the windows and saw garbage & debris everywhere. I walked around to the backyard to see a weathered deck surrounding a nasty pool. It needs a new roof, gutters and TLC to the landscape, needs new driveway & sidewalk. All in all from what i SAW, i think its a steal ...at the right price of course. I researched comps in the area that was selling between $250k-$275k. I want to jump on this gem, but where do i start? I found the owners info via the county assessors office but his mailing address is the same as the vacant property. Maybe his mailed is being forwarded...who knows. I have no idea how to estimate the visible repair cost (roof, gutters, landscaping, new driveway, etc.) I typed a letter to the homeowner to see if he is willing to sell. My question to you all is should i even move on this. remember i am new to REI, credit score JUST a hair under 700. Dont want this to be the start of Analysis Paralysis.
i am open to advice BP community...