Which loan is best to buy a home for an investment?

[Asa Ifill]

Hello Team!

I’m a beginner investor in RE and would like to become my own boss in the near future. I would love all criticism and thoughts!

I believe I have a great investment opportunity with a family member. They are trying to downsize to a 2 bedroom townhome and would like to sell their house.

The house is estimated @$212k says (usrealtyrecords.com) not sure if this is an estimate of the house with repairs or as is?

Anywho, they owe 98k on the home and it appraised for @174.5k in April 2019. I am thinking about offering them $117k for the home (what they paid for it). so they would have $19k to give them a good start for a down payment on a townhome/payoff some debt.

I would definitely fix the house up some and make it *up-to-date* add appliances/add fence and other things, but the house is in good shape, it was built in 1999! So, let’s say $20k for repairs. I would be wanting to get a loan for $145k to buy the house and also fix the home up some.

I would be a first time homeowner and I know they have some great deals for first time homeowners so I am looking for some guidance!

Ultimately, I would want to get a loan for the cost of the home also include the repair costs in that loan ($117k) + ($20k) = $137k.

Could anyone give me some advice about this? Are there any loans that include repair costs to the home as well?

Thanks for reading!!!