I have my first prospect on a nice 3bd single family home owner is asking 86,500 for it..great looking property and lots of land... huge back yard. other houses in the area are going for 95k I know this could be a good investment..i'm sure i can get her down to 80k and possibly 78k.
My question is how does one go about buyin their first property? I bought the carlton sheets program... and there seems to be some good info there but he does not really walk you through your first buy.
Do make an offer to purchase before i look for financing? And if so what things should i include in my offer?
I was thinking i should do a property analysis form first but what do i do after that. I'm sorry for all the questions.
You should have a lender in mind before going anywhere, otherwise you'll waste bot of your time. It is quick & easy to get a pre-qualification / pre-approval letter, and I would highly recommend getting one before moving on. Otherwise, what proof does the seller have that you can come up with any funds? There are alternate methods of financing, but it seems like a traditional lender would be able to help you on this one.
Seems like you'll be able to make some money on this one if you can nail it down. Nice find. How did you come about finding it?
She had an ad in the newspaper for rent.. when i called she told me she decided to sell. Something just told me to look into it more so i did.
I would like to take the opportunity to help you with your dream. Seems like you have a very good property especially if the equity is rising in your area as fast as you stated. You have many choices to lending, interest only, fixed rates, but my favorite would be the option arm. Why? You can pay the lowest payment, usually starting around 1%, reason you you would want a product with 1% is because if your renter moves out or leaves you are still able to cover the mortgage payment without draining your personal accounts. If you would like to know more information about this product please email me.
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