Do I need a lawyer?

[Justin Gray]

Hi! This is my first post and I need some help. I'm trying to get into real estate investing and I have been driving for dollars, and last week I found a house that I believe has good potential. It's a out of state owner in their 60s and the home hasn't been lived in for years. I dont know if they are willing to sell, but before I call them I was wondering if I should try to get pre approved for a loan and should I get a lawyer? I would like to try to do seller financing as my credit score isn't great because I haven't had a credit card very long. I grew up in a family that didn't believe in debt, so I didnt get one till recently. So if seller financing is a possibility should I get a lawyer to do the paper work and legal stuff or is it unnecessary? As for the loan, should I just call them and wait to see if they are willing to sell before I take it to a bank? Any help from someone who knows about this would be greatly appreciated!

[Aaron Howell]

You probably don't need a lawyer.  You probably could just work with a local title company to get things moving.  You might go ahead and get pre-approved for a loan just in case the owner won't do owner financing ( that way you learn the process somewhat and get some experience in what they require).

As for the house that hasn't been lived in I would say check what local houses are selling for and that will give you an after repair value (ARV) [basically an idea of what a fixed up house is worth].

If the owner is up for selling the property definitely get a home inspection so you know what you're dealing with.

Hope this helps.