First purchase need help

[William Chica]

Hey BP members If come across a house going for 390,000 for a single family house. Now the houses around the area is going for about 500,000. But the house is in the auction I spoke with the agent and asked if it was possible to put an offer to the house , the agent said yes if the house is not purchased at the auction. I went to see the house it's needs renovation due to the fact the previous owner actually created ten rooms in that single family house. I was wondering is it possible to negotiateI with the bank for a lower price due to the house needs renovations. As well as I don't have the cash or collateral in my possession, I was thinking to do a standard loan with a bank for the house. I'm also asking if this is worth it. This will be my first purchase and I just want to make sure all my points are covered, if there is any feed back opinions, options I am open to hearing them. Also does anyone known a good peer to peer lending website. Thank you

[Curt Jackson]

I will have to take a look at what Brad suggested. But I would be glad to help you with your first deal. Help you evaluate it and assist on the lending side also. But don't get attached to the deal. Let's make sure the numbers make sense.