All Forum Posts by: James Bradford

Thanks @Adam McLellan

That's great advice! I am going to do some more research and try and come up with a better, more detailed analysis. In terms of my factual numbers what exactly would you say I should be looking for or figuring? I will be looking to find more info and posting later today after work.

Ok @Tyrus Shivers .

and @Wayne Brooks why do you say that?

@Tyrus Shivers

Got it. I'm thinking I will find try and contact the seller and see if there is any way I can schedule an appointment to check out the property when I get down there. In the meantime I will have my attorney write up lease and option contract. I'm going to shoot for lease option, but if I qualify for fha loan then I will likely go for that. Last question, do you have any advice on trying to contact the seller? I cant seem to find a way to reach them through zillow.

@Tyrus Shivers

Okay. I will try and get in contact with the seller. The fha loan is really the ideal situation, because I do plan on living there for at least the next year or two. And if you mean traditional or creative style financing, I think it would be best that I go with something creative because I don't think I may qualify the traditional way. I am 22 working two part-time jobs, don't have any credit that I know of, and am working at the moment to put together the funds for a down payment of some sort. I am not sure exactly what kind of financing I could come up with but I feel that traditional financing will not work.

@Tyrus Shivers

Oh and I also forgot I have been trying to find the seller but instead have contacted some real estate agents. One of them got back to me on the property about 30 minutes ago and will be having a mortgage specialist call me to help me get pre-approved for a loan. I am not sure at all if I am going about this the correct way. Please let me know if this is the incorrect plan of action.

@Tyrus Shivers

First off, thanks for the insight and response!

Your breakdown is similar to what I was thinking but I figured the seller might go for a lease option because the condo is up for rent/sale. If they are willing to rent it I figured they may be willing to rent it until I am able to buy. Ideally I would try and get approved for an fha loan to cut down at least on the down payment. Also, after I (and possibly my business partner) move out I was going to rent the rooms individually, to college students instead of renting the condo as a whole. The majority of housing near the campus rents rooms for about 600 per person in two bedroom properties.

haha My girlfriend goes to school in Orlando, so that is sort of what made me start planning. The weather has just helped me decide to speed the process up. lol

Hi everyone,

I have been looking and learning on the forum for about 5 months now and came across what seems to me like a pretty good start to my real estate business. I currently live with my parents in Illinois but am looking to relocate to Orlando. I have pretty much zero credit and have been working to save enough for at least a down payment. I think this would be an ideal situation if I could get into this condo (with my business partner) under a lease option contract. Which would ideally give me the time to raise the capital or find an appropriate way to buy the property and rent it out to students near UCF campus in the near future. Here is the listing.

http://www.zillow.com/homedetails/3533-Aristotle-Ave-Orlando-FL-32826/2122808717_zpid/

also it says it needs a little fixing, but I am pretty handy and will be going to visit Orlando at the end of this month so I could possibly check it out and better assess what problems are there that need to be fixed.

Thanks in advance for the advice!

James (Jai)