W/ a deadline and $20,000 interested in Florida; is it possible?

[Teho Kim]

Hello! I'm a new member soaking up all the knowledge possible through books, youtube videos, and the BP podcast.

My situation is that I am leaving the country in September but absolutely want my first property beforehand. I am deliberating between St. Petersburg, Tampa, or Orlando. Between now and then, I can manage to scrape together ~$20k. I feel like this limits me in the properties available (aka they are more expensive, 150k+ through a cursory glance on zillow). 

What does everybody think? I appreciate any insights. I want to avoid getting creative w/ financing but am willing to do if need be. Has anyone ever heard of doing an LMA line of credit on a Roth IRA?

[Nick C.]

Are you trying to purchase a rental? With 20k you're going to have to pay retail, as you have very little money to put into the property and no money for repairs. 

Even if you manage to pull this off something may come up that requires reserves after you leave the country. In addition, you may get bad management, it may sit vacant, can you cover the expenses with no income coming in? 

As tempting as it may be, I would avoid buying a property just to buy a property. You may get lucky and everything could go smoothly, but your situation does not sound like a recipe for success.