Buying an REO, 1st Steps

[Brandon Fallon]

I'm very new to this.

I found an REO which is owned by a credit union. I'm ready to contact the credit union and moved forward, but wanted to solicit some guidance.

This is my first attempt at purchasing an investment property. I would like to buy this and keep it as a rental property.

Any advice is greatly appreciated.

Thanks!

Brandon

[Aaron Pfeffer]

[This is my first attempt at purchasing an investment property. I would like to buy this and keep it as a rental property]

Consider the best route of purchase when doing this. What is the likelihood of getting a non-owner occupied purchase loan as part of the process? More specifically, do you have 30% to put down, will the house qualify for financing in it's current condition, and if yes to both questions...what is your relationship with the credit union so that you may get a loan from them as part of the negotiation of the sale? (If you plan on contacting them directly as other advice had mentioned).

If the property is in poor condition, are you prepared to purchase via cash/hard money and then refurbish into a habitable rental? And if so, then are you positive about your long term financing options? As in, will you undoubtedly qualify for a refinance loan down the road when you are ready to get your money back or pay off the original lender?