Help! Dilemma on my first property

[Nate Ollie]

Hey guys,

I'm looking for a little guidance on how to approach my first deal...

The property is my part of town, so I'm pretty familiar with the area. The property is listed for $35,000 but considering the work that needs to be done on it, my agent and I are confident that we can get it for around $24,500. ARV seems to be in the range of $55,000-65,000 (its been hard pulling decent comps for fixed up homes for this property). It's likely going to need a new roof and HVAC...those are the more expensive repairs. Other than that, the cosmetic work needed consists of new floors to replace the carpet, new walls, restroom, and kitchen appliances. My uncle can do a lot of the cosmetic work, so that will save some money on repairs.

That said, my initial plan was to wholesale it to another investor if the deal was in fact a good one.  Now, however, after reading a lot on BP and also The Book on Investing in Real Estate with No and Low Money Down, I realize that there may be other options that could work out better for me.  

I am currently living at home (my parents' home) and have never owned a home myself.  I can't help but to consider this to be an opportunity to do so, and get started with investing at the same time. I don't think traditional financing is an option for me considering my credit history.  But, after reading and learning, I thought that maybe seller financing could be a solution, or maybe even a lease option.  However, from what I gathered in my readings, seller financing and lease options were executed when the investor will be using the property for rental income.  In my case, I will want to live in it for maybe 2 years, and THEN rent it out.  

My question is, is this a viable way of going about my first real estate deal? Are there better or more creative ways to make it happen?   I greatly appreciate you taking the time to read this and any help you can give!

[Brian Gibbons]

@Nate Ollie

is it free and clear of mortgages? If there's a mortgage what's the balance due, what's the payments, is it fixed or arm, is it govt, conventional or private?

Once you know what kind of existing financing you look at a purchase offer, maybe subject to, rough, but it needs work never do a lease option

Think about doing a joint venture with the seller, it is also called the cooperative rehab , using private lender money to fix it, giving a note for their equity, buying it and getting on title, fixing it and resell ing it, then you would pay the equity to the seller

Good luck!