Found A Great Deal On A Bank Owned Home....HELP!
I found a great deal on a bank owned home. The house is listed at $252,000 but I know the bank would take less. The home needs about 50K-60K in repairs. The after repaired value is around 400K-500K.
This is my first deal ever. I dont know what to do with this home. What happens if I buy this house and dont sell it in a month? I dont make nearly enough money to pay the monthly mortgage. I have a phone number of a hard money lender. Should I contact him?
Again, what happens if i fix this house up and cant sell it, or rent it out? I live in Michigan an the emplyment rate is way down. Most peoples homes are being foreclosed on. The agent I was speaking with recommended me fixing it up and selling it to another investor. What should I do guys?
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