The RE Game: Challenge 1

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Disclaimer: This is a fun real estate challenge for all you number savvy and estate creative peeps and is in no way related to current or real events. It is purely fictional and posed as a challenge to stimulate the mind into more creative ways to boost anyone's current real estate sales.

Let's say you want to purchase a house for yourself. (A personal living space) You presently have $1000 in the bank. You could potentially receive $20k from selling your current house, but remember, you still need a place to live. 

You are looking for a house worth $250k, but you don't want to pay more than $1000 a month for your mortgage. The current interest rate is 3%. You make $3000 a month working 9-5 with only $100 leftover at the end of every month. You want to move before the end of the year. 

Is this possible?

What is the minimum amount of money needed to accomplish this goal?

Rules:
> You can use any knowledge you have now about private lenders, money lenders, OPM, etc. (you cannot use any money you own)

> For this challenge, ignore taxes, home insurance, and utility costs. 

> You can search BP and use the tools provided (highly recommended)

Let me know if you have any questions. Good luck challengers! :p