All Forum Posts by: Ryan Neris

I've been considering a subject-to on the first one, or just wait a bit to be in a better position  (I'm under 580 so don't qualify for 3.5% just yet),I really didn't consider seller financing at all. I'll just head to the credit union tomorrow and see what they tell me. 

For #2 seller financing isn't an option since the owner will be gone before it's paid and his kids don't want the property, it's looking like a hard money deal. 

I would get a home inspection then a couple of restoration services to come out to help come up with estimates. Then present an itemized list of repairs along with costs to the lender.

Of course I'm always open to suggestions and/or guidance 

Hello everyone,

Let me preface this by saying I know enough to know there are many different variables but let's assume I don't know anything.

I'm looking for general advice on two potential deals:

I'm living in a duplex that is now off market,I want to make an offer but not sure how best to structure. The owner has had this property for about 7 years and was selling it for 70k. The rent is only 550 and the place needs some repairs which I can mostly do myself. The problem I'm having is my credit took a hit and I don't have enough for a 10-20% down payment. How could I go about this?

Second potential deal: 

Building directly across the street,60k FSBO. Owner is 90 years old and owns property free and clear. It's a duplex with 3 garages. There was some fire damage but again i know how to do most of the work. He wants cash only.

This Is In Philadelphia If that matters to anyone

So hard money,subject-to,seller financing?

I really have no clue

Thanks in advance,

Ryan Neris

Thanks for taking the time out to show others how it's done.

Sean,I've been doing a lot of reading ,watching videos and going to real estate investor meetings. What i keep telling myself is that I should be in a slightly better position financially (more money saved,better credit). The thought is l should be able to close a deal if need be. That's what I'm grappling with -my own thoughts and fear. 

Logan Allec,all of my bills are automated. I was on a payment plan and a different company bought my loan but didn't contact me until 4 months later. It's taught me to pay closer attention to my finances. I think I should be fine after a few payments.

Should I pay off my student loans  (around 6k) and build my credit up (currently around 530) before trying to invest in real estate?

I'm not sure how to get started without credit or cash.

Btw,I have a steady job and pay my bills on time. My credit dropped because my student loans were bought and I didn't find out until 4 months afterwards.