Financing for buying

[Juan Muniz]

Hello All

This will not be my first home. I owned a two family which I rehabbed and which I sold in 2003 and made 200K profit on. I am now looking into buying again and getting more into real estate.

The thing is that I left the USA and have now come back, have lived in Europe 15 years. I think this will be problematic as I can't prove work history. So from my knowledge, and past experience, a bank will not be an option?

I am looking at 2 properties right now. One is a 1 family for 80K, big lot, needs some TLC. The other actually used to be my parents home which they also sold around 2005. The new owner was foreclosed on and it is bank owned. Interesting enough it was listed at 180K but now is at 720K. There is no way that house, 2 family in not so good a neighborhood is worth 700K. Comps are at 200-300K. And this one needs alot of rehab from what I can tell from outside view.

So my questions are:

How can I find financing for the first property, which really is the one I am interested in. Comps in the area are double the price, so there is room there. I have money to put down. Is it posible to finance it in my situation? Plan is to live in it for a year or so as I do the work it needs.

The second one, it is a two family. But that price increase got me thinking. Lien? What could be happening there? The current owner is US Bank Trust in Oklahoma. It is boarded up and has been sitting there for over 3 or 4 years.

Thanks