First Steps are terrifying.

[Keith Hackett]

Not sure this forum is in the right category?

Is finding a lender and working out a good deal really not impossible? The first step is confusing and because of that it’s terrifying.

Me: Credit Score 580 and that’s up from a 460 in 2 years (unpaid student loans). I think I have found a potential property but being the sole income in a 4 person household I can’t (won’t) put up my current savings as a down payment. After making horrible financial choices and having to work and struggle to get to where we are, we can’t just risk it all with kids involved. I was told by the last lender that no discussion can take place until my score is 620.

In comes hard money and private lenders. I’m stuck somewhere between being clueless on how to know if a deal is good or not and working it into being good and also potentially getting scammed. Where would I even find a lender that’s not my mom. (I’m 29 and I’m not sure if asking for a loan from my mom would make her laugh or cry but either way it isn’t happening.)

Side note: I would like to try at this property if for nothing more than practice. However if this deal isn’t what I think it is or even if it’s good and I miss out I will be ok. Another one will come. That being said I have poured over properties and calls and emails and I think just maybe this could be good.

The property: 3/1 single family with lots of esthetics issues. Carpet chunks missing, ugly (pink) unfinished paint jobs throughout the house, floor boards missing (not structural boards) etc.

The property says (paste): Nice 3 bedroom ranch with big back yard! A must see! Due to the condition, the property may have health/safety risk(s). Prior to entry /access, all parties must sign a Hold Harmless Agreement and the property may only be shown by appointment. This property may qualify for Seller Financing (Vendee) .

The unit is 9 minutes from a military base and being a family unit I think would be a great potential. It’s currently listed at $49,900 and monthly is estimated at $306.

The $306 is in my budget if 1: I can move into the unit. 2: there aren’t a bunch of hidden charges outside of utilities.

Questions:

How would I get safety inspection? How much would that cost me or the buyer and how does that usually play out depending on whether or not I buy the house?

What are my options as far as getting the repairs and closing costs and really everything financed?

Finance?

Finance?

Finance?

Conclusion: I have come a long ways and go a lot further if that’s what I have to do before attaining my first property. But if I don’t have to go for years more just waiting, I don’t want to.

If not safe I can’t move my family in which makes my budget unable to contribute at all. I don’t want to not take action. I need to learn real world. I don’t want to take any wrong action. I listen to Brandon Turners podcasts and feel like I am not taking action and I am just eternally studying but I feel like financially I am bound. So back to studying it is.

I have left a voicemail with the listing agent. A walkthrough could be the least I can do since I have to do something, anything to stop being behind my keyboard and books. MUST... TAKE... ACTION....

Advice and help are welcome. Thankyou.