Help!! My first house and maybe more!! Need advice..

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Thanks for reading this post:

I’m very much a novice and am looking to make my first deal so, excuse me if I say something that might not make sense.

Anyway, for the past 3 years I’ve worked for myself buying and selling antiques and collectibles, mostly what I do is estate buy-outs and buy independently as well as do work for a bunch of local auction houses here in St. Petersburg, FL but my ultimate goal is real estate.

I’m on the streets everyday all day in every nook and cranny in this area, I’ve come across many deals that aren’t even listed yet and some of the estates I’ve worked with I could have made a fortune by now had I had the money, foresight and guts to put myself on that limb. I’ve studied the real estate market, listen to tapes, read many forums yet still I’ve yet to make my first deal.

Is it I’m scared, maybe.. Is it because my cash flow fluctuates so much…is it because I’m scared I won’t be able to afford it, possible. What ever it is I’m over it and ready to make some deals..Now I realize that the market is a bit screwed up right now but I know one thing a good deal is still a good deal and I find them weekly, I just need help securing them.

First things first I pay almost $800 a month for rent and storage and that’s ridicules, I don’t have to much cash because all I have to buy and sell with is about 5-8K and without it I can’t operate plus I’m sitting on 10k in inventory. I’d like to make my first deal and plan on living it in for at least two years fixing it up and adding to its value.

So, here’s the deal I found this week, a place in an up and coming neighborhood which is on a long 50x126 lot and has a building in the back which the current owner is turning into a small one bed room apartment upstairs (big enough for me for now) and a small studio apartment downstairs. There is almost 38 feet in front of the building which I was hoping I could find or build a small cottage on and place at the front of the property and create a triplex. The owner is asking 125K after renovations are complete or would sell now at around 105K now. They are also willing to carry a note maybe enough for the down payment and a bit of fix up money but only short term.

My credit situation kind of stinks I’ve always paid cash for everything and I have only limited credit and two outstanding bills leave me with a 604 credit score, not good. I could pay off the outstanding debts if I thought that would change my credit but that takes time and I was refusing to pay for the on principle, for bad service. I’ve lived in the same spot for three years and have never even been a day late on my rent and I make good money but much of that isn’t shown. Anyway, that’s where I stand.

Maybe this deal isn’t the one but I know there is money to be made here plus at least I’d be paying towards something instead of throwing my rent money out a window every month and start out with a studio apartment to rent.

Maybe you can help me if nothing else with advice and guidance. Anything at this point would help as I’m feeling like if I wait to long I’ll never get in the game.

As for other deals, I hear of them everyday I make my living making good deals plus, houses that have been sitting here for months are prime for the taking with hard money. I’m willing to bird dog and make some down payment money even secure assignable contracts and sell them to other investors for 2% commission but I need a break, someone to help guide me and someone with access to hard fast cash.

The mortgage people I’ve spoken to seem to make big promises but I’m worried I’ll get worked over bad.

Thanks for reading this I hope you or someone you might know can help me please contact me if your interested in helping or talking more.

Ideadealer