I am a 27 year old male with bad credit I really miss up when I was younger I looking to flip hoses and make profits of them but have no money down or credit any suggestions?....
2007-09-01 17:45:37 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
Make a purchase offer with the following : "And or assigns", find a buyer for the house and add on what you are able to do and still be unbder market value. To wit: Find a distressed property with a motivated seller. Be sure you get the house at well below market price. Give yourself a "Subject to financing" Clause and make an "earnest money deposit". Make sure you get a buyer for the home within the time limit. I have made thousands doing this exact transaction.
2007-09-01 17:52:47 · answer #1 · answered by satar032 2 · 1⤊ 0⤋
I don't want to shatter your dreams, but there is quite a credit crunch in real estate right now, because people like you had access to Easy ARM financing, Currently, many of the CDO packages (lenders packaged many loans together, promising investors that they were more lucrative investments with alot less less risk - they were wrong!) of real estate sub-prime mortgages turned into iliquid, and mostly unsellable, toxic waste. In many areas housing prices began dropping, causing banks to freeze sub-prime credit.
This means that alot of people can't treat their home equity as an ATM anymore. So, how do you flip a house when your selling price will probably be quite substantially below your purchase price for the near future??
2007-09-02 01:13:15 · answer #2 · answered by sheik_sebir 4 · 0⤊ 0⤋
go flip the pages of a dictionary and learn to spell first. Bad credit is not your biggest problem. Quit being so greedy.
2007-09-02 00:55:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Work on your credit and wait until it improves and you have some money saved up. And then realize that it's not as easy as it looks on TV - it's also easy to lose your shirt!
2007-09-02 01:38:53 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Holy sweet Jesus! Casey Serin has found a way to post from the future!
2007-09-02 00:49:08 · answer #5 · answered by robert f 3 · 0⤊ 0⤋
Wait until you do have good credit and money.
2007-09-02 00:52:33 · answer #6 · answered by G.V. 6 · 0⤊ 0⤋
I found you a free real estate investing guide below, it may help you.
2007-09-02 20:38:12 · answer #7 · answered by twv23512655 2 · 0⤊ 0⤋