I am looking to purchase a condo with an interest only loan. a monthly mortgage of $640.00 My credit score is not high enough to obtain the loan right now and the offer wont last long. I was hoping that someone that was interested in investing in me and the property. You sell me back the property in 2 years (or less) at market value, you walk away with possibly $14,000 in equity.
2007-07-26 07:19:46 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I can help you but it depends on where you live. I can tell everyone here that it is possible. I make a living doing this for people.
I will need some information and pictures of the condo. So email me from my profile and I will help you.
2007-07-26 09:33:27 · answer #1 · answered by justin w 1 · 0⤊ 1⤋
This isn't going to work. The buyer would need to get a mortgage paying all the cost, then when they sell it to you you would need to get a mortgage and they would have selling cost. What you are looking at is a rent to own situation. If you found one they would buy the home and rent it to you for more than market rent crediting the difference to the purchase price. What if your credit score doesn't allow you to buy for more than 2 years or interest rates are high then? What if you are unemployed and can't make your higher than market rent?
Don't worry about missing a good deal there is one anytime you are looking. Like trains there will be another coming along.
2007-07-26 14:29:08 · answer #2 · answered by shipwreck 7 · 2⤊ 0⤋
I doubt you'll get much interest in this. Try getting a co-signer instead. Maybe a relative or friend would be willing to co-sign the loan meaning they will put up their credit on the loan with you. You still make the payments but they will step in if you can't. They get nothing out of this but if they have faith in you and are a good friend/ relative maybe they will do it anyhow.
Also you can keep the 14K yourself - if the deal works out that way.
2007-07-26 14:27:45 · answer #3 · answered by Slumlord 7 · 2⤊ 0⤋
If the banks won't trust you with their money why would anyone else? You are asking for more then trusting you with their money, you asr asking them to trust you not to destroy the credit they earned, just like you earned yours.
2007-07-26 16:04:08 · answer #4 · answered by Landlord 7 · 1⤊ 0⤋
"Not Me" said the little piggy
2007-07-26 14:33:43 · answer #5 · answered by Blue October 6 · 1⤊ 0⤋
Read your screen name.
You have your answer.
2007-07-26 14:26:10 · answer #6 · answered by financing_loans 6 · 4⤊ 0⤋