Potential 1st investment... Advice needed!
There is currently a house available on the market for 9,700. A 3 bedroom 1 bathroom house. I later found out that asking price is 9,700 is because of mold. I am currently a teacher and make about 31,000 a year. The home was built in 1950 also needs upgrades in the kitchen and bathroom areas. It also does not have central air or heat and can use a fresh paint job both exterior and interior. My questions are as follows:
1. How much should I try to talk the seller down on that price know all of the work that will be needed to the place.
2. How big of a loan should I take out to cover the repairs so I don't have to pay for all of the repairs and upgrades out of pocket.