With all the hoopla over first time buyers.....did everyone forget about first time cash investors? With home prices the lowest ever......many productive agents are getting calls from potential investors/home buyers who have less than $25,000 cash and want to buy their first investment property or home. Why not....there are many ads and sometimes friends, who say they have purchased one?
What they forgot to tell you was, where the properties were located and how much work and money was required to make the property live-able. What they also may have not told you is that there is a reason the property is priced that low. Pipe Dreams come in all sizes and prices. But can they be real! Yes, if you are willing to compromise and study your market. What to look for: Good bones....does the house have good bones. Is the foundation solid. Don't let water in the basement scare you off of what could be a good deal. After getting with a plumber....you may find it something as simple as a sump pump no longer working. Get a check list and an inspector to help you determine costs. Sometimes it worth it to go and buy the $75,000 home down the street if you can afford it.
The hardest part maybe finding a Realtor who is willing to work with you, after all we are paid a commission and it takes just as much work to find a property under $25,000 as it does to find a $250,000 property. But don't give up....there are many out there who will work with you if they feel like they can help. Help them out with realistic expectations and maybe your dreams will not be piped.
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