I have low credit score(medium) and I am still young with kids- trying to make the right choices.
2007-01-09 17:47:58 · 8 answers · asked by tlynn 1 in Business & Finance ➔ Renting & Real Estate
dude, go for it, if you can. Good luck!
2007-01-09 20:26:44 · answer #1 · answered by Meg 5 · 0⤊ 0⤋
No, if youhave enough cash, you should easily be able to bring your credit up. Then put about 20% down on two or three houses. Live in one and rent the others out. You should come close to paying the mortgages with rents and cover the remainder with your money. Eventually the houses will appreciate about a third and you can sell them and pay for one, but still have the money you started with. You can repeat the same formula gaining more wealth with each purchase.
2007-01-10 02:00:45 · answer #2 · answered by Ron B 3 · 0⤊ 0⤋
If you have that much cash, then invest it in a good balanced stock portfolio or bonds if you are risk averse. Get a 30 year morgage at 6-7% on the house and if you have a good balanced stock portfolio, than over the life of the morgage (30 years) the stocks shoudl yeild about 9-10% return vs the morgage 6-7% so you will make 2-4% on your money over the long term and it will increase your credit rating. If you are concerned about debt, then pay the house off in full and invest the savings as much as you can. The best long term stratagy is to invest as much money as you can in solid stocks and bonds.
2007-01-10 02:13:16 · answer #3 · answered by daddyspanksalot 5 · 0⤊ 0⤋
check out suzeorman.com. But make the wise choices, don't pay cash. You can hit two birds at the same time (pay for your house and build incredible credit) with that cash
2007-01-10 01:56:01 · answer #4 · answered by Amazon 2 · 0⤊ 0⤋
Never carry that much cash on you.
If you wish to establish a credit rating, talk to a mortgage councilor at a bank. Concider a short term loan.
Don't take financial advice over the net.
2007-01-10 01:54:09 · answer #5 · answered by hapynys 2 · 0⤊ 1⤋
The more that you can pay down on a house, the lower your payments will be. If you can pay for a house without going into debt, all I can say is congrats, and more power to you!!!
2007-01-10 01:56:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
why not put the money in an investment for your kids' college fund.
2007-01-10 17:50:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Always use other people's money!
2007-01-10 06:27:20 · answer #8 · answered by Anonymous · 0⤊ 0⤋