US Bank REO for me and my family

[Joe Edwards-Hoff]

Hey all,

I've been reading and listening to books for so long on real estate investing and now that a possible house is here I feel like I've forgotten everything that I have learned...

My dad sent me to a link for a US Bank owned home in my town. 3 bed, 2 bath, near the college. $97K and it would rent for around 1100-1200. I have not seen it but pics look good and there has been some recent wwlork done. I'd like to move in myself, with my wife and child, for a starter home and then rent it someday.

Doing the math, it seems to have potential for profit. I figure if I dont factor in cashflow for right now, the numbers work, and I assume rent increases by the time I plan to rent it will give me my desired cashflow.

Please just help remind me what steps to take and what not to forget...

[Joe Edwards-Hoff]

Well, I offered 95k. Here goes nothing...