my friend and i are looking to buy a house, to start a part time real estate business...
i have relatively bad credit that i know i need to fix. I'm looking to improve my credit within 6 months and make a down payment. I'm a veteran which means i can use my VA loan guarantee.. my friend doesn't have great credit, but it's better than mine.. should i talk to a banker first to explore my options of the types of loans? or am i crazy to think this is going to happen?
2006-12-01 09:05:31 · 6 answers · asked by Justin H 1 in Business & Finance ➔ Renting & Real Estate
sorry, i should have explained a little more.. we're looking to buy a multi-unit. 2 or 3 family. do a little renovations while we live there.. fix it up and flip it or rent it.. thanks for all the answers!
2006-12-01 09:26:23 · update #1
I wrote several articles on this exact subject. These should help.
2006-12-01 09:09:03 · answer #1 · answered by Anonymous · 0⤊ 2⤋
First find a home that you want to invest in that is selling for a good price, below the appraised value, and approach the bank with the property, what you plan to do with it, what profit you expect to make and why/how.
I would ask your friend to sign the loan as a co-signer for 2 reasons....you will have a better chance of getting the loan, and you won't be left holding the bag if he bails. He will have a reason to make sure the biz takes off.
Nothing is ever "a dream" if you really want it to happen.
Mike
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2006-12-01 09:13:21 · answer #2 · answered by MN-Mike 4 · 0⤊ 0⤋
Shop around for a mortgage and find your house! And don't let them charge any bullsh*t fees like closing costs... those can be negotiated. And don't talk to a banker (unless you trust that person, most people in the mortgage business just try to make their commission and don't put your need first) -- do a little homework and find out which type of mortgage you feel you could qualify for and what suits your needs! Good luck!
2006-12-01 09:09:16 · answer #3 · answered by Fred L 3 · 0⤊ 1⤋
What kind of Real Estate business? Selling? you need a license and full time+.
Go see an agent and they can direct you to secondary market lenders.
Good Luck
2006-12-01 09:08:49 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If 6 months is all it takes then wait it out, the long term effect is too great.
Also, the market is dropping, you will get a better deal later.
2006-12-01 09:09:27 · answer #5 · answered by Anonymous · 0⤊ 1⤋
talk to a mortgage broker...they should be able to help you with all of your questions and concerns.
2006-12-01 09:15:09 · answer #6 · answered by dotdotdot 5 · 0⤊ 1⤋