Help with first time home purchase

[Sean F.]

Hello everyone,

I'm finally arriving at a point in my life where bad credit habits have been cleaned up and steady income and employment has been secured. I have always had an interest in Real Estate, Investing, and becoming and Entrpreneur. In my spare time I have found myself combing through the forums and hunting down deals in my local neighborhood. Feel free to check out my profile and read about how I got involved in RE.

Yesterday on my way to work I spotted a plain white open house sign that jumped right out at me. I followed it around to a familiar neighborhood where I had been eyeing a foreclosure that went for auction. Sure enough it was the same townhouse that I had been watching.

The property is a two story townhouse 2br 1.5 bath located in Hialeah, Florida on a small lake. I have an attachment to this type of property as I was raised in a similar townhouse on a beautiful lake just around the block that my parents still live in til this day.

I contacted the owners as the property is FSBO, they are a very nice retired couple that are the original owners of the property! they recently foreclosed on the borrower after he lost his job and stopped making payments after 6 steady years. I asked if he was willing to seller finance and said he didn't want to go that route again. He's asking 100k.

I will be attending the open house tomorrow, any ideas of how I should structure the deal? I would love to lease with an option.

Is anyone willing to perform a quick pencil search for me?

I'm sure i'm leaving out a lot of information, please ask if you need any specifics. This is also kind of my intro post after months of lurking around and absorbing info like a dish sponge.

Thanks for making it to the bottom of this!

[Steven Hamilton II]

Sean F., If you are looking for something that you can live in for a year or so and rehab at the same time consider a HUD property. You just have to make sure you stay owner occupied for the required timeframe; however, there are certain exceptions such as job change, marriage,... etc.