Here's one for all you real estate investors...

[John Hummer]

What would you do?

Owned home since 2003, assessed at $200, balance of mortgage is $113, same mortgage, 30 years @ 6.0%, 10 years in

Found non MLS waterfront property assessed at $445, fsbo at $279/obo

Have looked at home several times, it is unique property right next to town boat launch, on highly sought after lake.. Almost 3000 Sq ft, w/17k Sq ft lot, w private beach, 75' pier included, new roof, furnace, hvac, city sewage (no septic),

My father in law is a structural engineer he has seen and approved home, no major issues

Home does need updates, carpet, windows, etc. I am a contractor and estimate these repairs/updates at no more than $30k, nothing is urgent (home is livable, all appliances work, etc.)

Sounds like a no-brainer, right? Well here's the issue,

Lost job in 09, moved across country to start business, which was not successful, I won't get into details, but my credit score took a major hit..

Have since move back into home, started new business, been very successful, and I have met the woman I'm going to marry.

Would like to do something w this lake house, but I do not have the credit score possible right now. (I had some judgements against me, which has since been taken care of, but my credit score remains incredibly low.

I know I have no shot at a mortgage.

Here is the situation at is stands:

Owe $113 on house assessed at 200k, this house is in amazing shape, including brand new roof last year, and new flooring, etc. located in sought after community.. I believe this house would sell quickly

$45k in savings

$15k liquid assets

Looking at property that is assessed at $450, listed at 280, and needs $30k repairs. This home is NOT listed on MLS or listed for sale anywhere right now. I just have chance to buy it.

Is there anything I can do? Like I said, credit score is not high enough to get approved for a loan.

My first goal would be to fix this property up and live in it, as I have always dreamed of being on lake. If that is not a possibility, I would possibly like to update this home and flip it since I am a contractor.

I would really appreciate any ideas you could give me, I am really at a last resort with this, and if I can't figure out something I'm going to have to walk.

Thanks for your help in advance!!