I am in between jobs and have been hearing a lot about fliping house's and have not been able to get a loan because of my credit
i would like to know how to get a govornment grant or some way to purchase a small forclosed house. i would also like to know where to get listings of forclosedhomes in memphis TN
2006-07-05 10:58:04 · 4 answers · asked by taz 1 in Business & Finance ➔ Other - Business & Finance
If you can't get a loan, you can't get a loan. Flipping houses can be great if you have the money, but you, between jobs with bad credit, are not the ideal candidate to start in this business. Buying foreclosed homes can sometimes cost more than you expect, and if there is a sharp dip in the housing market (which has begun, the market is really slowing, at least in the northeast) you might be stuck with a house you can't sell for what you want, especially if you have no experience in real estate. As to government grants, I hope to god the government isn't giving out grants to people trying to flip houses...I know some cities help people get low interest home loans if they don't own a house already, but it still requires having somewhat decent credit.
My suggestion is to abandon the get-rich-quick schemes, get out of debt (I assume debt is the reason for your bad credit), and get a new job. When you are more settled, and have some cash, if it still sounds like a good idea, do it.
2006-07-05 11:07:10 · answer #1 · answered by cay_damay 5 · 0⤊ 0⤋
Flipping Houses With Bad Credit
2017-01-19 08:47:14 · answer #2 · answered by ? 4 · 0⤊ 0⤋
here is some text from the site i am going to recommend
"Personal loans, business loans, credit cards and mortgages are all within your reach with us! No matter how bad your credit situation is, "
also some more text
We have over 80 Little-known Banks & Companies that offer Bad Credit Loans, Bad Credit Home Loans, Bad Credit Auto Loans, and Bad Credit Personal loans to people with Bad Credit or even a Bankruptcy. Many require absolutely NO COLLATERAL & NO CO-SIGNERS. Home ownership is not required."
http://www.wesayes.com
2006-07-07 16:46:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sorry, but you are late to the party. The era of flipping is over.
In the mean time, do a search on "the greatest fool theory". I'm being serious- it is an economic concept. It will help explain to you why thinking of flipping houses at this time is like thinking of buying tech stocks in Jan of 2000.
Lastly, you can take away an economic lesson from your lousy credit- get your house in order (first) to take advantage of opportunities.
2006-07-05 11:04:09 · answer #4 · answered by cigarnation 3 · 0⤊ 2⤋
You should pay attention to what Cigarnation told you. He is absolutely right! I know several people who have lost their "butts" trying to flip houses. The problem is:
It always takes longer than you expect.
It always costs more than you budgeted for repairs.
If it doesn't sell right away, the "carrying costs" are significant.
The current trend in interest rates will make it difficult for your customers to qualify for a loan to buy the house.
2006-07-05 11:38:07 · answer #5 · answered by Navigator 2 · 0⤊ 1⤋
I was wondering the same thing myself today
2016-08-23 01:14:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋
This is a good question
2016-07-27 03:51:32 · answer #7 · answered by ? 3 · 0⤊ 0⤋