Mentor please help!!!

[Jerry Skeens]

I have found a home on resale for 20,000 it naturally needs rehab but I believe It is a great opportunity for my first property. I would love it I could find a mentor or someone that could help me with this decision. I have pics and info on the property. I need help thank you

[Ned Carey]

What you don't want to hear

Originally posted by Mark Gilbo:

Jerry your not ready to buy a home, you need more education on the subject.

That is not what you want to hear but it is what you need to hear. You are not ready to buy but you are ready to start taking action. Your first action is to get educated. A great place to do that is right here on Bigger pockets.

If you haven't seen it already Check out the Free Beginners Guide

Check this out How to Find a Mentor

You don't know what you don't know

If you can't even come up with the most basic analysis then you simply are not ready to buy. Real Estate Investing is not about guessing it is about knowing. You need to know values, estimate repairs, the formulas that determine a good deal etc.

So how do you get that knowledge.
1) reading here; there are many threads on the 50% rule, the 2% rule, the 70% minus repairs rule etc.
2) Read thread here where someone asks for help evaluating a deal.
3) Go look at properties and start to evaluate them. Go to open houses, auctions, talk to FSBO sellers, go to your local investor group and listen to the deals that get offered there. Look at enough properties, and with the proper basic knowledge you will start to understand values.

I am not trying to discourage you I am trying to direct you to the right path.

Good luck - Ned