New To Forum

[Carlos Gonzalez]

I'd like to say hello to everyone and would like to extend my appreciation to all the posters. I have learned a great deal by reading this forum for the past few weeks. I actually came upon it while browsing other real estate investment topics, but just now decided to become a member in order to interact with the community.

I currently have a question about a foreclosure I am incredibly interested in. This foreclosure is actually located a block from my house. While I am incredibly new to the real estate investment idea (studying it for about 3-4 months now) I believe that this could very well be the house that sends me on my way to financial freedom.

Some basics to the house are:

1) Foreclosure price currently at market for $85,900

2) After viewing the house, I found out that there are appliances that would need to be added, recarpeting for the downstairs, paint that needs to be redone and the tile in the kitchen would need to be replaced. They have actually added anti-freeze? to the plumbing system to keep the pipes from freezing. I'm not sure how much that would cost to fix. All in all I estimated the costs of repairs at $10-15k, which is an incredibly generous amount, but that would give me room for unforseen expindetures.

3) A family member of mine has the same exact floor plan to the house (although the foreclosure is more aesthetically pleasing and has a nicer feel to the inside) She also lives across the street. Her home is valued at $134,000. I have also spoken to my neighbors who have a fairly similair floorplan and although they are not fully aware of the exact going rate, they have expressed they believe their house value to be higher than $120,000

The main issue I am dealing with is I currently have very little money and my credit score, while not bad, lacks in potency for hard money lenders.

I think it would be a shame to let this opportunity go to waste. I would love to try and use this as my ship.

I am currently only running on two ideas, which are A) Wholesaling the house (I have looked all over different areas to see if the house is posted, but have only come across it once) and B) Finding investors to pool money in for the down payment in order to fix and rent the house or fix and flip the house.

If anyone could offer some guidance whether it be on how to handle the situation or if I should take a step back and learn more before trying to invest I would greatly appreciate it.

-Bert-