Does this sound at all reasonable?
Our son is 30 and has a job that is barely over minimum wage. He is a slow learner and barely made it through high school, and that was with a lot of help, so it is doubtful he will ever have a good job. He shared an apartment with friends after high school, but one by one, they got married and when the last one left the apartment, he had to give it up and moved back home with us about 6 months ago. Living with just one roommate, he fell behind on his car payments and credit card, and just now caught up with those.
He clears $700-800 a month salary, and thinks he will have enough for deposits and first and last months rent in a couple of months if he can find a roommate. The cheapest rent he can find around here for a two bedroom apartment is $850 a month. He doesn't grasp that after paying half the rent, and half of the utilities, he will probably only have $200 left every month for groceries and all the other required expenses like car insurance, not to mention saving for emergencies and the next car.
Dh and I were thinking we could find a townhouse, duplex, or small house to buy really cheap (we don't have a lot of money either, only about $20K cash, so would have to take out a mortgage.
I see listings for houses that are going to be up for auction and they seem to be the cheapest, but I can't find any information about where or when the auction is, or how to see the house prior to the auction. A guy we know buys foreclosed homes from the bank, and says he pays cash for 50%-60% of the asking price, but he hasn't told how he finds these houses. These two options seem to be the only way we are going to be able to find a house in a safe neighborhood.
There are some parents who might like having their grown children living with them, but we are not those parents.
Long story to ask these questions. Any idea how to find these type houses, or any other type house we can actually afford? Our home is paid off, but I've heard it's hard to get a mortgage for a home that will basically be a rental.
Anyone have a similar situation or have any ideas?
Do we need to find a real estate agent to find foreclosures? If so, any agent or specifically a buyer's agent?