Help buying a house?????

[MIZZOU_PETE]

Okay I need help from anyone that can. I think i read Ziggy was a real estate agent. But any way here is what I am doing. I am in college and wanting to buy this older house that needs some work. Well alot of work. It is very cheap. Around 28,000. How should I go about getting a loan. I'm not going to live there. Just rent it out. Should I use a first time buyers loan or can I wait and use that on a more expensive home. Also it is in a low income area so I thought I could maybe get a HUD loan. Any ideas???

[dollarbills]

i am not a loan officer, so i can't advise on that..........however, i can advise on rentals...........BE CAREFUL...........has this home been inspected in the last few years?

[Deck]

First time homeowner loans usually have a stipulation of you living in them for a while. so i don't believe that would work. Also your best bet would be to talk to a bank and see what they can offer. Its free and wouldn't hurt.

[dhunter]

28,000? serious? where is this at?

[jonnyblaze]

28K for a house. Where the hell is this?

[Pudge]

THE GHETTO! lol

[goterps74]

Originally Posted by MIZZOU_PETE

Okay I need help from anyone that can. I think i read Ziggy was a real estate agent. But any way here is what I am doing. I am in college and wanting to buy this older house that needs some work. Well alot of work. It is very cheap. Around 28,000. How should I go about getting a loan. I'm not going to live there. Just rent it out. Should I use a first time buyers loan or can I wait and use that on a more expensive home. Also it is in a low income area so I thought I could maybe get a HUD loan. Any ideas???

28,000.. WOW...

Where??

[Pudge]

I answerd that in post #6 THE GHETTO!

[skippy]

Originally Posted by Pudge

I answerd that in post #6 THE GHETTO!

Nothing wrong with the ghetto.

Elvis Presley even sang about the ghetto, so it can't be all that bad.

[Deck]

on a cold dark gray chicago morn another little child was born in the ghetto.

and his momma cried.

skippy- I like the cartman version better when he did it on south park.

[skippy]

Originally Posted by Deck

on a cold dark gray chicago morn another little child was born in the ghetto.

and his momma cried.

skippy- I like the cartman version better when he did it on south park.

and his momma cried.....Shawn Kemp, where are you???

[Dr. Jack]

Pete - Damn for $28k you can't even buy a crack house in Florida that has been torn down.

Property in Missouri (I think) is dirt cheap. I have seen some good propertly that sells for million here sell there for like 100k.

Go talk to your bank or a good mortgage broker and see how they can help you. They usually help first time buyers. GL

[skippy]

Originally Posted by MIZZOU_PETE

Okay I need help from anyone that can. I think i read Ziggy was a real estate agent. But any way here is what I am doing. I am in college and wanting to buy this older house that needs some work. Well alot of work. It is very cheap. Around 28,000. How should I go about getting a loan. I'm not going to live there. Just rent it out. Should I use a first time buyers loan or can I wait and use that on a more expensive home. Also it is in a low income area so I thought I could maybe get a HUD loan. Any ideas???

You need to have that place checked out.....such as....is that property condemned, was it used as a grow-op, etc etc.

Is there a bad history with that house?

How much work/money do you have to sink into it to make it rentable??

[MIZZOU_PETE]

Thanks for the help guys. The house isn't that bad. Jack you are right about property being alot cheaper in the midwest. I was looking at houses in Califonia and they were probably triple the price for the same house. Does anyone know anything about HUD.

[goterps74]

Originally Posted by MIZZOU_PETE

Thanks for the help guys. The house isn't that bad. Jack you are right about property being alot cheaper in the midwest. I was looking at houses in Califonia and they were probably triple the price for the same house. Does anyone know anything about HUD.

Pete.. As an investor who has has three rental properties, u cannot be too picky as a first time buyer. I hear what everyone is saying about getting all these inspections, but lets face it.. The price is right.The house would be ideal if u are a person who doesnt mind getting his hands dirty.

I would defintely recommend finding a morgage broker or if one of you have an option to talk to ur folks to go through their person and perhaps co-sign for u...

U cant lose in this deal. U will make some $$$.


Good Luck.