., 1984 construction available for me to purchase @ $84,000; estimated necessary repairs = $4k.

Insurance companies may be involved, and may pay a settlement to the lender for the damages, once the two of them agree on an amount.If this was a desirable area with sales going on, I would say the house would end up selling for something near its retail price in good condition, less the cost of the repairs.

I had an opportunity to speak with him a little bit, seems like a sincere enough guy and he seems to have some good marketing techniques. 8)

I'm interested in buying cheap houses(up to $100,000), doing some repairs, and holding for the long run.

I have some balconies that were repaired badly by a contractor some years back.

I know there are many repair books out there but most of them are pretty poor.

The borrower must front the cost of repairs and then be reimbursed from the rehab escrow account at each of the five draws allowed.I think, with the current mess, they'll bring back the 203(k) loan for investors, but with more oversight features to (attempt to) avoid the fraud associated with investor loans.By the way, the news is that 50 new FBI agents have been added to a task force in Southern CA alone to address mortgage fraud.

Now if we repaired it, instead of buying a new and then fridge went out again, then maybe.

If your going to hold them as rentals they cash flow much better, however there usually are more maintenance and repair cost associated with them.

You will begin to form ideas about what area of investing you are most comfortable with, and gravitate toward certain techniques - wholesale, subject to, lease purchase, etc.