18 years old want to buy foreclosed home?

Im 18 and I want to buy a foreclosed home so I can rent it out. My mom would give me the money (because I dont have a job) so I can buy it and fix it up. And she would let me sell it and get the mone...

Charlie	I am a Mortgage Loan Officer. Since you are 18 years old you are able to purchase this property, however, you will need to get the full financing from your Mom. Unless you are able to find what is called a 'Hard Money Lender'. Most of them require proof of employment and want a large amount of a down payment which usually can run up to 20% of the purchase price to also cover closing costs. Keep in mind that you will also need to get funds to purchase the items necessary to do the repairs. If you can do it, this is a very good start for you. If you have any questions I don't mind answering them for you. My IM is cenjoseph. Good luck!:)

TheMom	If she gives you the full price for the house and closing costs then this is perfectly possible.

teresathegreat	It depends on the type of mortgage loan you get. You have to declare that you are going to rent the place out - banks are more likely to give you a better mortgage if you will be the primary person living there; if you rent it out, they know you are less likely to take really good care of their investment. Since you don't have a job, your mom would probably have to be the primary person on the mortgage. Beware of foreclosed homes. They may seem cheap, but they are usually in really bad condition, and it could cost you a lot more than you bargained for to fix it up. Be sure to get a thorough inspection and get estimate for all repairs before you agree to buy.

kemperk	possible; yes. NOT advised without lots of RE study in advance. a; the price you pay may be actually higher than the true cost to rebuild + 20% margin. b; it might take 3-12 months to find a buyer after you fix it up. Do you have enough savings to pay for the parts needed? if, for example, the house, in fine condition, would be worth 100,000 and the parts cost only 15,000 and you can buy it for 35,000, you can do well. now keep this in mind; being able to do the rehab work is one thing the law in doing repair work for resale--REQUIRES a licensed contractor OR---if the house is not done According to code-- [THE CITY INSPECTOR WILL TELL YOU ABOUT THAT], then whatever repairs you do will have to be re-done. YOU cannot resell a fixed up house without an "occupancy permit" or whatever you city/county calls it. This permit informs any future lenders and the insurance firm that will insure the property [you will never be able to sell a house without it being able to be insured for fire] that the house was built and repaired according to code. IF you get past that, you are home free. i only hired licensed building contractors. They know building codes. available to help

njyogibear	are you thinking of getting a mortgage? if so, they might give you a hard time. not having an income might not look so cool. and if a relative gives you money, the mtg. company assumes you have to pay it back. instead of dealing with deadbeat tenants, why not just take the money and put it in CDs or hi-yield online savings? --much less trouble and around 3.5 or 4 percent return.

josh_c	How are you going to fix up a house without a job? Is your mom going to finance that too? At this point I'm having a hard time understanding why she doesn't just buy the house in her name, finance your fixing it up and then sell it and give you money as necessary. I'm not exactly sure how it works, but there may be some taxes involved if she is "gifting" you that much money/property.

Tellie K	It should be, but you would have to discuss it with the city that the house is in, and they would have to inspect it to make sure everything is up to the codes of the city for someone to live there.

Carl L	make sure you can afford and have good insurance, if you get a loan youll have to pay it off but in time itll be worht it GOOD LUCK =)

where is everybody?	if it's paid in full and she wants to put it in your name, sure. if you can only do a down payment, no. you need a job and other things.

miss_ashleigh4u	It sounds like an amazing idea but think of the insane amount of work its going to be on you. You have to be there for your tenants 24/7. It also might be hard to find tenants. To be quite honest, I would be very hesitant to rent from someone so young. I would want someone with more experience and standing.

Helios	I bought my first house when I was 21 - scared the crap out of me. But houses back then were cheap - now they're just horrible expensive. It's not quick money, but it's real money down the line. I only made one bad real estate deal and that was buying a house outside my area which was hard to take care of. Now that I'm old and gray, I feel so fortunate that I bought that first house and all the houses thereafter. Renting out houses is like a license to print money. You can lose your butt, however it doesn't happen too often. If you need advice, however - try not to do repairs that aren't absolutely needed. You'll burn yourself out.

Liz	yeah it is go for it

eka_cg05	yes you can. if she gives you the full amout of money to buy the house, that would be better and it will save you alot of paperwork and on the log run it will save you money! but if you are wanting to get a loan, to do that you have to have credit, and a good paying job if the house is going to be on your name, because no bank will give you a loan with out a job. but your mom can get the loan underher name & and put the house under your name.

DJ S	Check the minimum age for buying or owning real estate in your state. If 18 is the minimum age, it is possible. In your case, because of your age, lack of credit history (I'm assuming) and no job, as long as your mom is the one who gives you the money and pays the whole amount up front, you're ok. After your mom owns the house, she can do what she wants with it, including hand it over to you, as you are legally an adult. If your mom takes a loan to get you the money, the house is technically hers, though she may be able to put it under your name, or co-sign on a lease for you. However, it is definitely possible (assuming your state has no restrictions).

Jer	Definitely. As long as you've got the money. The bank has a list of all their foreclosed homes that they're selling for cheap. Or you could always sign up for one of the many foreclosure listings that are online. You just basically type in your zip code and it gives you the address and details of all the houses in the area that have been foreclosed on. But I would get a job just so I wouldn't look like a shameless bum. :)

Anthony F	It would take a lot of work and determination ,I would wait a couple more years then put this plan into action.

Tim	As long as she gives you the full amount, becuase you won;t be able to get a loan.