Owner Financing.....is it a good deal for my first investment??

[Kathleen Diaz]

Hello everyone, I am brand spanking new in the real estate world. I don't own a single thing, but I'm looking to break into the market somewhere. I found a "for sale by owner" willing to work with me thru owner financing. The property is 3bd 1 bath about 1300sqft for $25,000.00. The comps in this area range from 60K-150K. I'm in the early stages of investigating this property. First question was "Is this home gutted? Or habitable?" to get a general idea of the inside of the home before I make the hour trip to view it. Any suggestions, tips, advice, don't-do lists that you all can offer would be greatly appreciated. I don't qualify for standard financing so this feels like it's my only option. I've really been digging for a deal like this.......and now that it's here I'm honestly nervous. FYI I'm in Massachusetts where everything is expensive.