I found this house that is a REO. its in a part of town that has had alot of growth and in a great area. the house appraises at 225k. the bank has 155k invested in it. ( i looked up the tax records) anyway they are selling for 179k. house has been on the marked about a month and already been reduced in price. here is my question one: what should i offer. the house needs some repairs (not many)
two: can i get a hard money lender to lend me the money so i can close faster and offer cash to seller to lower price.
three: if i use a hard money lender can i then refinance with a conventional loan to pay back the hardmoney lender?
im just getting into real estate investing and would really like some input.
also is there anyone out there interested in being a mentor. i don’t ask for anything but just to show me some of the ropes.
thanks
Newbie in Nashville