There is a home i can get for 40k through , a realtor friend, that has been keeping me up to date with a foreclosure in a great mauldin area, I currently live with my parents, I can not get a conventional loan because i Have only been in real estate a yr and a half, doing my research i could rent the house out for around 800 900 a month, because of the size and area. My question is because I cant get a loan, I found an older guy willing to buy it and mortgage it out to me for 400 a month but at an of course higher interest rate of 12 percent, for a year untl I can get a conventional loan, is this a good idea or bad idea?
Positives, it would give me a place to stay and posible rent out the other room or two for money,
nice piece of property in growing mauldin area!
after its paid for could bring a great extra monthly income.
Any guidance would be great appreciated..