REO first deal newbie need help

Iam from Addison IL.I made an offer for bank own property.Asking price was $199.000.I offer 140.000 they counter offer$189.000,I offer$150.000 and they accepted.This is my first deal 3bedrom 1bathroom 1car garage,needs some repairs.Similar house sold this year for$225.000.What to do now?What do I need to find out about property.I have bed credit ,It might be problem to get the loan.I need some advice.Thank you.Kris.

You made an offer and picked a price without knowing what you are going to do with it or how to cash it? You should always know your exit.

Based on your numbers, it sits at 66% ARV, how much repairs does it need? What do you want to do? rehab then resell? wholesale it? How much money do you have on hand?

This is my first deal.I am new to investing.I want to do some repairs and rent it.I have money to pay cash but I do not want to freez my cash.I did this one year ago when I paid cash for 2condo.I did not sell them yet.Kris

Ok so you want to know how to pay for it? will it cash flow?

You can get a loan from the same bank that you are buying from, from another bank, pay for it cash and refinance later.

I do not know if I can get loan.My credit score is 540.I tried to refinance condo to get cash back but I did not get the loan.I was thinking about HML to buy this house but I am not sure if I can refinance when I am done with rehab.

Well, you could probably get a HML, but you are right. If you cannot refinance, what are you going to do? retailing it would be one option.

Another thing you can do is work on your credit. I have a loan officer who cleans my owner financed buyers credit to help them refinance.

What do you mean retailling?

I called Lexington Law Firm to fix my credit but it takes time to be improve I do not know how lonng.

About repairs neeed I think 10-15k.Update kichen,bathroom,painting inside,repair floor in boiler room-water leak.

By Retailing I mean selling it to an end buyer. At 540, I would imagine you can get a loan with down payment. Check in the finance section

Thanks Fadi for advice.