OfflineI have a piece of property I was considering buying for a rehab.I have no credit,no job but have access to funds to purchase the home all cash.
My question is could I refiniance the home with no credit and no job after I make the repairs to bring the property value up?
__________________
It may be hard to get a refinance from a lender without an earned income, BUT that income doesn't HAVE to be your own. Is there someone you know that would want to earn a little $ by cosigning with you? They would not actually have to contribute financially to the partnership, just use their credit and income verification. If you are planning to flip this property, you can pay them for their help at that time. If you plan to hold the property, you could give them a percentage of the cash-flow until such a time that you can pay off the note and/or refinance yourself.
)
Another thought, If the person/resource you have access to for purchasing the property wouldn't mind waiting til you sell, you wouldn't have tp refinance at all.
Just a couple thoughts..
Good luck! Remember, where there's a will, there's a way (especially if you KNOW it's a great deal!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Good info,Thank you. Would it be better to rent it and get first and last months security deposits plus rent, or should I section 8 the property or stay away from that. Can you give me your thoughts on section 8 vs. renting according to their work history and job.Is there anything I should be aware of either way [red flags],taxes,inspection,county codes? Thanks
i was wondering the same thing get a home and trying 2 refinance the home. i have some1 with the money but want 2 give him money back with intrest asap if possible. so i could use him in other deals. advise please. need a bank with no seasoning. any recomentations. TKS Thomas
Thanks
looking for a good lawyer in the nyc area to handle an assignment deal can anyone help.
No.
Also, if you want to sell to an FHA buyer assignments are not allowed by FHA, period.
Good luck getting a conventional deal closed on assignment as well. Most REO contracts nip that in the bud because they know FHA and Fannie won't allow it.
If you have money in and the borrower wants to repay then it is CASH-OUT refinance. Private money liens are always cash-out. One year seasoning at most lenders, maybe 6 months somewhere. Fannie and FHA = One year.