Best Way To Get Started
I have been reading the posts here and on other forums for a few weeks.
My Fiance' bought a house last year that her parrents live in with her, and I rent a house. We want to buy a house to live in after the wedding, we also want to start doing some REI.
We have started looking at NOD and TS lists. I have thought that we could buy a foreclosure to use as our primary residence, and that would get us started with equity in our home off the bat. Then buy some properties for both resale and rentals.
Both of our credit scores are in the mid 600s,
What is the best way for us to get started. Any tips
find the houses in lis pendens at the courthouse....ask your realtors in the area and go for it.
I would suggest getting a property on a short sale if you are willing to take the time to learn the process correctly. If you are not pressed to buy another home then a short sale may work for you because it will take some time from start to finish. Ideally, if you could purchase a home with $20,000-$30,000 in equity and get an interest only loan since your score is in the Mid 600's I would say that's a great start.
I thought you could ony do a short sell when you could show that the FMV-Repairs was less than the Loan amount. I don't understand how this works unless you can do the repairs for less than your estimate. Also, In my area RE prices have double in the last 3-4 years.