Question : Is it actually possible to buy property/real estate and rent it out with no credit history?
I am very interested in purchasing property and renting it out but have no credit history. Would that be a problem? Also is there a way you can get money back after it closes escrow. And do those TV programs about buying and selling real estate tell you information thats hard to find out for yourself?
- asked by Pholla
All Answers:
Answer #1
Yes, you will probably need to find someone thatowns the home free and clear, then ask them tofinance the loan. You will still need closingcost which comes in at a couple grand. Also needcash reserves. People don't always pay and thereare aways repairs and taxes. Don't want todiscourage you. I think it's great that you areinvesting vs all the young people I see blowingtheir money on trinkets (rims, cars, clothes, ...) As for the infomercials. Let me put it this way. If the money was so easy why are they sellingtheir system instead of practicing it?
- answered by Chris
Answer #2
you can buy property if you watch for ownerfinance with little money down. Some programs do, but you can find out almost any information abouttax sale property at your local court house.
- answered by furryfriend4u4705
Answer #3
There are three parts to determining whether ornot you can qualify for a loan. They are Credit,Income, and Cash. Generally you need 2 out of 3,but it's possible that you could get away withjust one.. First where are you getting the moneyto purchase the house? If you are paying cash orborrowing money from a family member who doesn'tcare whether or not you have a credit history,then you won't have any problems whatsoever. Alsodo you have any income? Even if you have little orno credit you can still get a loan (albeit at avery high rate) if you have a decent income. Thisis called a hard money loan and usually theintereste rates are like 15 %. If you have income,but little or no credit you still should be ableto get this type of loan.Once you have purchasedthe property (with cash or a personal loan fromfamily or hard money loan, etc.) you can rent itout without any credit history because the credithistory needed is for your tenant only. If you arethe landlord you do not need a credit history.Asfar as the buying and selling programs you see ontv, they are just in the business of selling yousome DVD or other product. My opinion on them isthey won't be the factor in your successprobabilities. What I mean by that is two things.First they won't help you succeed if you don'thave the ability to succeed in the first place andsecond if you do have the ability to succeed inthis field you would have succeeded without any ofthese programs.
- answered by mister_pisces
Answer #4
you can pay all cash for the place or get in withother investors to put up all the cash, but i'massuming you are really asking to get a loan tobuy real estate. I'd really don't think it'spossible in todays down market. also i don'tthink the numbers add up in most neighborhoods...ie. the payment on the loan with all deductionswould greatly exceed the rent you can get for theplace
- answered by Stanley
Answer #5
only if you have money to put down. you can alsouse alternate credit to establish trade lines i.e.utility companies, cell phone, cable, ...
- answered by mortgage help
Answer #6
Hard money lenders (investors) are the answer. Wedeal exclusively with a company in Michigan thatcan likely help you. Contact us via email here orthrough our website at:www.totaldebtsolutionsllc.com
- answered by the dream
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