Brand new and eager to start!

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Hi, everyone. I just joined the forums today and have spent the last hour or so reading several posts... I can't wait until I am as experienced as you folks are in making money in real estate!

My realtor has just found an 1100 sq ft. 1965 small brick ranch for sale at $149K. It's definitely a fixer-upper. They say it has a new metal roof, newer windows, and a newer bathroom, so the majority of the work needing to be done is more cosmetic (I hope)... a lady lived there for 20 years and is now selling. The yard is hidious and is very overgrown, the kitchen needs a redo, needs new floors, etc...

I've been interested in real estate for the last decade but have been very shy about actually jumping in. This house looks promising as it's in a great location -- I could fix it up, rent it or sell it depending on whatever happens. Typical houses in the area that have been remodeled comp for around $250K and rent prices range from $800-$1000 for this size house.

Do I just go into a local bank and ask for a real estate investment loan? Would that be the best thing to do? I currently own my home and have been there for 2 years. I have about $10K cash to put into the project but anything over that would need to go on credit cards. I'd like to pay as little as possible for the house... like $110K or something ridiculously low...I have A+ credit and have never had a problem with credit so the bank financing piece doesn't worry me too much but I'm essentially cash poor (I've been putting any excess cash into retirement accounts that I will not tap into)...

What advice do you guys have for me in this situation?