College Student Getting A Loan??

College Student Getting A Loan??

I found a great foreclosure near my school. Its going for 78,000 and has been through an auction already and did not sell. The FMV is 148,000 its a nice 4 bed 2 bath family home in a great neighborhood. I dont have much money but would like to find out what you guys think I should do.

Could I get a loan from a bank. I make about $520 a month from my Grad Assistanship and I live on campus for free. I would like to buy this place clean/fix it up and try and sell it for my first deal.

Is there anyway to get financing now and especially in my case??

2nd Option
Should I just try and work with the bank about getting a buyer and trying to do an assignment??

Thanks for the help everyone.

Mirza


I am probably about the same

I am probably about the same age as you judging by how you live on a college campus. Sounds like a great deal but from what I have learned, a down market isn't the greatest time to flip houses. It is more of a time to buy/rent/hold and sell when the market goes up (anyone please correct me if I am wrong). It might be a nice cash flow property if you rent it out though.

I personally want to try starting out with assigning properties and getting used to the whole process. I don't understand what you mean by working with the bank to get a buyer though. Why would you need the banks help to get a buyer?

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second note

I also don't know what kind of Real Estate market your area is in though. The national market might be down but there might be local areas that are already going up or haven't gone down yet.

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The house is is owned by the

The house is is owned by the bank so I would need to have them agree to the purchase and then I would have to find a buyer to sell it to. The market is slow but there are always new faculty and students that need housing so it is a promising area.

I think I will do assignments first as well but this deal is almost too good to pass to another investor.


talk to the bank, and find

talk to the bank, and find out if you can work something out with them to buy the home...It may have been on the banks books for a long time, and they may be willing to work something out with you...Can't hurt to ask...Just tell them you are looking to buy the home, and want to get in with no money down...You would like to get in and maybe get some cash back at closing so you can fix up some of the problems...and if it has been on the market for a while, you can even low ball offer it...

I have learned that ya gotta ask...The worse the bank representative will say is no...and they say no a lot...then who knows, a few months may go by and they still haven't moved it, and they may even accept something even lower than what you originally offer...

Although, assignments are great for making a little here and there...Nothin wrong with that...Starting off, if the bank lets you assign the property, then thats great...a deals a deal...just gotta go for it...

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TheMiz54

TheMiz54 wrote:
The house is is owned by the bank so I would need to have them agree to the purchase and then I would have to find a buyer to sell it to. The market is slow but there are always new faculty and students that need housing so it is a promising area.

I think I will do assignments first as well but this deal is almost too good to pass to another investor.

Then just pass it on to an investor for a higher price Smiling say... $20,000? I dont know about you, but I'd take that to start out Sticking out tongue

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Themiz54

If you get the house for yourself try to go FHA maybe you can find some to co sign for you. Live in one room get the 8k tax credit and rent the other rooms to your friends find roommates.
2nd option
If you can do a double closing to another end buyer it could be an investor.
Or if you can assing it for a profit some else
Thats why you should be working on your buyers list. You should go to investment clubs you can find alot of investors there for your buyers list.


RickM That sounds like a

RickM That sounds like a great idea. Do you know how to go about the FHA and getting the 8K tax credit. Whats the process involve?


Nothing to lose

TheMiz54,
From what i read you were given good info.It sounds like a great buy and hold/And there is a difference between FMV&ARV! Good-Luck young man,You have nothing too lose.TAKE A CHANCE and lock it up with proper exit clause;The EMD can come from any-where.

Randall

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Themiz54

Frist find a local bank or a Lender (that works with FHA) to get preapproved let them know that you want to buy a house for your self near your campus and you want to go with an FHA loan. remember you need to occupy the house. If you dont qualify ask your parents if they can help you or some one you know (co signer). Once you are preapproved ask your realtor to show you poperties that qualify with an FHA loan. And in order to get the 8k tax credit you have to close by november 31st (i think) ask your lender And be first time homebuyer.
And the 8k you can get it when you do your taxes just let your tax preperar know.
And with FHA sometimes you can get 100% financing or a 3.5% dowmpayment You have to occupy the house for 3 years


Themiz54

A good suggestion is to read Indiana Joe's post on his 9th and 10th deals on the front page. I will not repeat the great info you received previously. However, Joe mentioned some interesting and important recommendations you could put to the bank in negotiating a deal. Good Luck and God Bless.

Sandra

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Some great advice in here.

Some great advice in here. Is it possible to get the 8000 tax credit if you get a co-signer?

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.....

And remember the 8k can be used to help you with the down payment for other properties. You can even look for a 2 unit rent one live in the other


Primary mortgagor

$8000 tax credit applies to the primary signee (that is the person purchasing the home as a first time buyer) not their co-signer.

lkward13 wrote:
Some great advice in here. Is it possible to get the 8000 tax credit if you get a co-signer?

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