You should also search building and zoning departments for fines and code violations. We have seen foreclosed properties for sale at $60k but show up with over $400k in accumulated fines due to neglected code violations. We can do a full violation search for you and advise you on best ways to deal with them and negotiate them down. Most code violations,actions and legalization are easily solved and allow for great deals in today's market.
You have instant equity in your property investment, first is clean and update the property to star producing with your new tenant. Second is prepare your profit and loss statement and copy of bank statement, others income to present to a lender.
Best way is think like a lender and see by your self the abilities to repay and purpose of the money that you asking for. if sound reasonable to you, possible sound reasonable to the lender. The credit history may see considered by some lenders.
If you are concerned about safety, your best source of information is the local police department--why not visit/call, ask all your questions and hear all there is to hear firsthand, they'll gladly help.... more
You have to be a First Time Homebuyer. You can apply for the tax credit if you purchase a newly constructed home or existing home from April 30,2008 to July 1, 2009.
Go to "Frequently Asked Questions" Section on www.IRS.gov for more information on this tax credit.
In addition, you may have heard, there is a provision in the Stimulus bill, currently winding through Congress, that will raise the tax credit to $15,000 or 10% of the purchase price whichever is less.