All Forum Posts by: Jeff Hogan

That is why my title referenced me being a newbie preparing to be schooled. I don't understand any of this...

but, on the face...it seems that getting a property appraised at 115k for 60k should be a good deal.

I'll research what you two gentleman are pointing me to.

Unfortunately I have poor credit. Below 600 so the only loan I can get is an FHA loan on my existing house (which is paid for). The minimum loan is 80k. The payment on that loan is going to be around $500. The property taxes on the home I want to purchase are around 2k a year and I am assuming homeowners insurance will be around 1k a year.

That's where I get my $750 a month figure.

I am pretty sure I can rent it easily for $850 a month.

Thanks for all the information I am getting here.

No. There isn't a 2nd mortage. Technically it's only $100 a month; but, I have to keep in mind I'm borrowing 80k and only spending 60k on the home.

I've searched through the forums a bit; but, decided to go ahead and ask my specific question.

I'm looking at a short sale....sounds too good to be true so it probably will be. It's listed at 59k and the home is assessed at 115k through the county website.

My question is two fold --

If I take a loan out I'll probably have to go up to 80k which would make my payments roughly 500 a month. Property taxes on this place are 2k a year ($125 a month) and then I figure another 1k a year for insurance.

It looks like it's going to be about $750 a month that I'll need to pay towards the loan. I'm pretty sure I can get $850 a month for the home.

Is it worth the headache for $100 a month?

What questions am I not asking myself?

Lastly...can I do this short sale w/out a realtor? I'm not one.