How is this for a first deal?

[Kevin Cardinale]

So I have like this goal to buy 5 houses this year, that I set as my new year's resolution. I've only gotten serious recently though.

After going back and forth with emails and the elusive Las Vegas mentor not appearing out of thin air, I have taken it upon myself to try and work through what I have.

From what I have watched and read recently, they all say start small. So here is my small start.

I found a condo around the corner:

Condominium, PUD
Year Built: 1984
2 Bedrooms
2 Bathrooms
Approximately 1,116 Sq Ft
Lot size: 2,652 Sq Ft
Stories: 1
Rooms: 4
County: Clark
Heating type: Heating & Cooling
Heating detail: Forced Air
Roof type:
Parking: Carport 1 spaces

Last sold for $36,000 on 9/18/2009
Last assessed at $16,104 on 2010

I have not been inside yet. It is under a real estate agent, but there seems to be some conflict of who the agent is. There is a sign in the window which I called. But when I looked up the property online, it had another agent as listing agent.

Here are my thoughts, somehow get in the property and get a roommate (I am not too big on having my own space anyway) and the roommate pays for everything since rents in this area hover around $500.00. Stay in this condo for a year [for tax purposes?] and then move on, getting a 2nd tenant or offering the 1st roommate a chance to assume the 2nd room at a higher rate.

My big problem is how to get into the property without any credit or money myself. If I could get a tenant in there to pay $500, that would be a tremendous cash cow, if I could get the price down.

They are asking $26,900 but a lot of prices are now closing at assessment values.

This particular unit sold for over $50,000 years ago. The agent I called said she had 5 offers already, and I needed to put a bid in by Tuesday. I find it hard to believe since it's been on the market forever and other properties that have sold, not really comparable, have taken a 90% dive.

I am thinking the only thing I could do is ask my richer friends to fork over 35% down-payment for me, which I will pay them back at a nice 15% interest, and hope the 30% / 70% really applies, i.e. if you put down 30% of the asking price they do not even care about your credit / job worthiness. I would then use the extra 5% for any upgrades / repairs that need to be done.