2007-08-05 13:44:00 · 8 answers · asked by straightforward_60 2 in Business & Finance ➔ Personal Finance
To flip a house, you need to clear the bad credit.
Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved onarrange loans or other finance, and usually means you will pay more interest on any loan you take out.
2007-08-05 21:28:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
99% of home loan lenders wont touch you without at least a 590 or higher credit score unless you have a lot of collateral .your best bet is try to improve your credit score by paying what is collections first then go from there you can also dispute charges that have been there for 7 years or more and have theam removed it also depends on is your credit bad cause of non payment or random hits such as trying to open credit every time you aplly for credit (cards car loans etc,,,) it hits 2 points on your credit score...you could also try a co-signer but with the market the way it is it would be hard to flip in the 6 to 10 week bracket berfore a house payment would be due....good luck
2007-08-05 14:06:09 · answer #2 · answered by andrea r 2 · 0⤊ 0⤋
It's simply not going to happen. Your credit score isn't even good enough to qualify you to purchase a home to flip, much less to fund any costs involved with improving the home to standards, and then financing the holding period.
Unless you have some serious cash on hand that you're willing to risk in such a venture, I'd recommend that you consider a different way to make some extra money.
2007-08-05 14:12:05 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
I don't know what you have as debt, but if you can get a credit card at some place like home depot, I was told to buy something up to your credit limit, and return it within 3 days and it will be credited it back to your account and your credit rating will go up, never tried it. Want to see if it works!
2007-08-05 14:13:14 · answer #4 · answered by racheo2004 1 · 0⤊ 0⤋
First, the bottom fell out of the housing market. It's a buyer's market. So you are likely to be stuck with the house for some time -- maybe a couple years.
Secondly, you would have to find an investor willing to back you. Do you even have an knowledge, skills, or experience with remodeling and home repairs?
2007-08-05 13:51:15 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋
Convince a home seller to hold a private mortgage on this property, and as soon as you flip it, the seller gets paid and you get what falls between the cracks.
2015-04-06 03:29:57 · answer #6 · answered by Richard 1 · 0⤊ 0⤋
only way i know is to pay cash with the money you have stashed away from not paying your bills -- of course doing that you will have no interest or fee which is on the bright side.
2007-08-09 07:56:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Look up "Hard Money Lenders". They may be your only choice
2007-08-05 13:52:29 · answer #8 · answered by LEO53 6 · 0⤊ 0⤋