College Student Needing Help With First Property

4 Replies

There's this nice house I've been eyeing near the university I go to. I've read up on the basics and want to know what are the questions I need to be asking myself to determine if it'll be worth it. It's definitely going to need some fixing (listing price is $30,000, not sure what repairs will be needed) but it's a 4 BD/ 2 BA which I plan to finance through a FHA loan.

I'm not sure what details I should list or if I should just post the listing below but any and all help would be much appreciated. 

    @Nigel Dollentas

    You'll need to provide more details if you want accurate advice. What is the goal of this property? Flip, BRRRR? Just rent it out?

    FHA loans require the owner to occupy the property for at least one year. If that is your plan, then you should be fine. But you'll need to find out how much repairs will be and if it is worth the cost and what the comps are.

    If you don't already have an agent, I'd suggest finding one to help walk you through the homebuying process.

    Originally posted by @Bob Okenwa :

    @Nigel Dollentas

    You'll need to provide more details if you want accurate advice. What is the goal of this property? Flip, BRRRR? Just rent it out?

    FHA loans require the owner to occupy the property for at least one year. If that is your plan, then you should be fine. But you'll need to find out how much repairs will be and if it is worth the cost and what the comps are.

    If you don't already have an agent, I'd suggest finding one to help walk you through the homebuying process.

    Probably similar to BRRRR. Occupy it for at least one year - and what do you mean by comp?

     

    Comp - Recently sold home in your area that’s similar to your home in location, size, condition and features.

    As for BRRRR, make sure your numbers are legit. If you post the listing, I'd do my best to assist.

    Originally posted by @Bob Okenwa :

    Comp - Recently sold home in your area that’s similar to your home in location, size, condition and features.

    As for BRRRR, make sure your numbers are legit. If you post the listing, I'd do my best to assist.

    I'll Dm you the listing.