Usually foreclosures need a lot more than cosmetic work like flooring, cabinets etc. You need to really research this issue and process.
Good luck kidGo to a mortgage company and ask them how much they will loan you. From there you can work on the other stuff.THis is tough to answer without more specific information.
Foreclosures arent always "cheap" but sometimes you cna get them on terms from a local bank. I have bought several foreclosures from local banks and they did 100% financing o na land contract type of note. I held them and still use them as investment rentals.
I think it is possible for you but your income sounds kind of low to sustain the risk involved in holding property. What if the other half is vacant for several months? Could oyu afford it on your own?
Multi family properties are good for someone with lower income, here in central WI you can get duplexes for real cheap, less than 60k......... If oyu can get a decent livable one in your area, GO FOR IT!!!Given that you are 19 and that you have limited credit history
it will be tough to get a mortgage on your own. Talk to a mortgage broker or banker. Get the facts straight from the lenders do NOT trust any advise a real estate person tells you.
The mortgage company may want to have you get someone older to co-sign. Meaning if you do not pay the other person will have to or have their credit as well as yours destroyed.
Also you do not mention what kind of down payment you will have or what percentage of down payment you have.
If you have no down payment you will pay a higher interest rate for the mortgage and you will also have to pay high risk mortgage insurance. Usually adds about a third to the mortgage payment.
Can it work only if you can afford it on your own. Renters are fickle and to say you are always going to have units full and paying is not realistic.
Talk to the lendersNo. It is not possible.
At $12,000 a year, that is only $500 above POVERTY level for a single person.
No bank is going to approve you. Standard Fannie Mae/Freddie Mac guidelines automatically turns down all loans where the borrower is making $1.00 less than that per year.I compliment you on your thoughts and I'm going to suggest that you begin with an investment club. There are groups of investors in cities all over the country. Their members may be fewer now as a result of what is going on, but if you join you will get knowledge you need. Members include investors, real estate agents and brokers, attorney's, title people, mortgage brokers. Offer to help and you will learn, thing's like your sweat equity, running, advertising, all for a percentage of potential profit. You gain the experience and you'll know when you're being hustled later.