i want to invest in real estate but i have a medium credit score of 585. i paid all my debts just recently, but i also have a job that pays under the table, pretty much i have no proof of my 30-40k year job cause its based on tips and commission. i have 25000 to put down on property and id like to fix it up to re sell quickly. i was denied at countrywide, but i heard there were companies that you can get a loan from, with no credit check and no money down, higher interest, but for the short term, quick fix n go, i thought it would be great! anyone know who would do this??? anxious to make a project asap!
How can i buy real estate with bad credit and a job that pays under the table?
Wow, most of your answers are just spam.
You are not going to b\able to get a sub-prime loan these days. The loan you are talking about is the same one that is causing so much havic.
You credit is pretty low, so you are going to have a high interest rate. Even though you don%26#039;t have pay stubs you should have your last two years tax returns, and that is acceptable as proof of income.
Anyone offering you %26quot;no credit check%26quot; loans is running a scam and looking to grab your 25k.
How can i buy real estate with bad credit and a job that pays under the table?
Boy you are making me laugh! No Way! I work in a bank and this (your situation) is a no-go!
Count yourself lucky though as we are about to move into a real estate crisis, where houses prices will drop and fast. I suggest you save up what you can and take advantage of the real estate bubble when it pops, over the next year or so.
How can i buy real estate with bad credit and a job that pays under the table?
Rosie,
First, i have to warn you that if you are avoiding taxes, they will find you eventually.
Second, fix that credit. If you are going into the flip business, it is essential that you have access to capital to do repairs. Lets say you need twice the money you budgeted? You%26#039;d be screwed.
How to repair? Take 1K of that cash and walk to the band and get a CD. Then ask for a loan using the CD as collateral. They%26#039;ll give it to you, its secured.
You can do this at several banks over six months to boost your credit quickly. But MAKE SURE YOU KEEP TRACK.
If you want to get into real estate, you need a stellar financial reputation or you will never make it.
Take another $1,500 and take a real estate investment course and get your license or brokers license. It will help you keep your fees and costs down. Figure you lose 6% every buy and sell. That%26#039;s 12%. That is thousands.
After you have your license and can facilitate the transactions, you%26#039;ll be ready to invest in real estate.
If you don%26#039;t have the patience for all that? Real Estate is not your business. Thousands jump into real estate and lose their asses every day because they don%26#039;t have the patience to learn the business.
How can i buy real estate with bad credit and a job that pays under the table?
Most of those loan companies that loan with no proof etc. are rip-offs. If it seems to good to be true, it%26#039;s not true. Start doing your taxes correctly. Pay quarterly and start paying taxes and social security, you%26#039;ll have the proof of your income and can get a loan from a bank that is real, and you won%26#039;t be breaking the law. If the Social Security Dept. catches you, you and your employer will be fined and you both could face jail time. Get a tax consultant and pay your fair share. You can not play if you don%26#039;t follow the rules. You will get caught and it will not be pretty.
How can i buy real estate with bad credit and a job that pays under the table?
Man I hate to admit it but I invest in those companies that buy loans from banks at steep discounted rates from people defaulting on their morgage.
If I were you I would open a money market account and keep saving money to it.
At 5% you would be making roughly $100 extra a month off of your $25K in a money market.
That might not sound like a whole lot of money but compound interest is an amazing thing.
Keep saving and work on your credit score by taking out small loans against a CD if you want to set that up.
Once you prove that you can pay your debts your credit score will raise and you will be able to get a better financing plan.
Don%26#039;t be one of those forclosure people.
How can i buy real estate with bad credit and a job that pays under the table?
There%26#039;s always hard money. They do charge higher interest but with 25K down, you might interest them. Just remember to keep enough back to make those repairs - and be very careful not to pay too much for the house! The market isn%26#039;t wonderful right now.
This will only work for you if you have some expertise and can do the fix-up yourself. If you start hiring contractors you could lose your shirt.
Meanwhile - quit getting paid under the table. It is just too dangerous!
Good for you for paying all your debts - now take some of the advice listed in other answers and work on building your credit. You aren%26#039;t far from a qualifying score, so your biggest problem will be no verification of income.
How can i buy real estate with bad credit and a job that pays under the table?
For starters, a 585 score isn%26#039;t medium its toward the lower end of the scale (an avg score would be closer to 650-675) so right off the bat any loan offers are going to have a much higher interest rate. Also commercial loans (ie you aren%26#039;t buying for your personal residence) will want 20% down
Next, whatever you think you can do the fix up for, double it, it always costs more than you think
I would also question the wisdom of jumping into a %26quot;flip this house%26quot; scenario with the mortgage market about to get tighter than Scrooge McDuck
As to your pay setup, unless your employer is hiding income why would he pay you under the table? If he is paying you under the table then he can%26#039;t deduct it as an expense resulting in higher taxes for him. Have you worked for this employer long? I suspect you are in for a rude surprise when you get a 1099 come Jan/Feb 2008 and find out not only do you owe income tax but both halves of the SS %26amp; medicare tax (15.4%)
How can i buy real estate with bad credit and a job that pays under the table?
You can purchase a home %26quot;subject to%26quot; the existing financing. If you want to know more about how to do so you can email me or check my profile or 360 page and get my contact info.
How can i buy real estate with bad credit and a job that pays under the table?
Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on%26lt;!--bad credit, you must know to how to confront it. Of course, Even if you have bad credit, you can get loans. Many factors can contribute to someone getting a %26quot;bad credit%26quot; rating, among these are non-payment of an account or late payments over an extended length of time. You may find a bad credit loan here,
http://badcredits.awardspace.com/
You may find want you want. You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to--%26gt;arrange loans or other finance, and usually means you will pay more interest on any loan you take out.
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