I think i 've found a great deal!

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Hello everyone, im like fresh out the wound in the real estate business. I have found a person who is in default of their loan, around 3,500 behind in payments, have a 102,000 balance to the bank, and i'm pretty sure the house will sell for 160,00 once its finished.

My uneducated guess would say the repairs would take less than 10,000 to complete. And i'm pretty sure they would probably sell the house for 120,000. If all this is true, what do i do next?

I am not in the real estate business yet, this property just kinda found me, if you know what i mean. I have a really low credit score, no capital whatsoever. Do i even have a chance of making anything on this deal, or am i only dreaming if i think ANYONE in their right mind would finance a person with bad credit and no experience? Thank you all in advance.