It seems like you have decent if not great credit scores. Do you own the house you live in currently? If not, I would look for a fixer upper--especially if your husband is a painter and has contact with other construction/rehab trades to work on it. The financing for an owner occupied property is generally easier and cheaper to get.
Then fix it to build equity, sell and repeat or refinance and start building your real estate empire a little at a time.
We currently own our home. The equity in it came from first time homeowners grant we agreed to live in the home for five years if we sell or refinance before five years we have to pay back the grant pro rated.
You can do a loan for SISA Stated income , Stated Assets maybe is that what you want, hope this help
With that credit score you qualify for 100% interest only on the first (80%) IO and the second (20%) PI
I agree with smileyface, you can only go stated if the lender can verify that your hubby was in the same line of business for two years, if he painted somewhere before he started his own business, you should be OK there.
With that credit score, there are options for you, but I also like the advice of starting out as a birddog, think of it as paid training.
[addsig]
Yes, and yes, you can certainly assign contracts, be sure to find good enough deals to make some and leave some on the table for the investor.
[addsig]
Great info here, but how do you guys know all of this loan knowledge? Iam trying to learn the business have read some books, but they haven’t mentioned to much about different loans. Will RE finance classes teach about loans? I have been thinking about taking one.
It seems like you have decent if not great credit scores. Do you own the house you live in currently? If not, I would look for a fixer upper--especially if your husband is a painter and has contact with other construction/rehab trades to work on it. The financing for an owner occupied property is generally easier and cheaper to get.
Then fix it to build equity, sell and repeat or refinance and start building your real estate empire a little at a time.
We currently own our home. The equity in it came from first time homeowners grant we agreed to live in the home for five years if we sell or refinance before five years we have to pay back the grant pro rated.
I
There are loans out there for no stated income, no money down. You have good credit so you may qualify. Talk to some brokers
I meant loans for stated income (not no stated income)
You can do a loan for SISA Stated income , Stated Assets maybe is that what you want, hope this help
With that credit score you qualify for 100% interest only on the first (80%) IO and the second (20%) PI
They can get a NINA loan. No Income No Asset.
I agree with smileyface, you can only go stated if the lender can verify that your hubby was in the same line of business for two years, if he painted somewhere before he started his own business, you should be OK there.
With that credit score, there are options for you, but I also like the advice of starting out as a birddog, think of it as paid training.
[addsig]
So a bird dog locates house gets info then gets a fee if the investor closes on the deal?
What about assigning contracts?
Also has anyone ever made a deal like the ones advetised in real estate training courses.
NO Credit No cash NO money down
Also thanks for the help so far[ Edited by erbell on Date 04/15/2005 ]
Yes, and yes, you can certainly assign contracts, be sure to find good enough deals to make some and leave some on the table for the investor.
[addsig]
thanks
How do sellers usually react to making a contract assignable?
Great info here, but how do you guys know all of this loan knowledge? Iam trying to learn the business have read some books, but they haven’t mentioned to much about different loans. Will RE finance classes teach about loans? I have been thinking about taking one.