Whats Next?
Okay I'am pretty new to this Real Estate
game and what I have is a Corporation with a new credit profile and a low 500 personal fico score. There are two houses in my area that are bank owned but the bank does not want to finance because of the condition of the houses.
I want the houses but I'am out of money and my company credit is not established. The banks are offering the
the houses for 8k and 9.9k. also what would be the bad thing about putting these houses in a Corporations name?
There's nothing really bad about putting the houses in the corporation's name. There are tax and legal implications that you should discuss with your attorney and accountant.
However, you're in a tough spot with no money and a low fico score. I definitely understand your desire to get into REI right away, but I think you should spend some time on building up a small nest egg and getting your fico score up. There are ways to purchase real estate with little or no credit and little or no money. But when you have little or no of both, it's a tough spot to start from. And banks are not going to be very flexible with you. Look at subject to investing, do some birddoging, and work on building up your credit rating. Believe me, deals will always be there. You just need to get yourself ready to take advantage of them.
In addition to Alexlev's very good suggestions, if you are a good salesman, you might try selling your expertise by partnering with investors.
GL