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Showing results for tags 'real estate'.
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Defaulting on a new construction build contract - please advise
rc737 posted a topic in Credit Forum
Does anyone know if defaulting on a contract to build a new house affects your credit rating? We had signed a purchase agreement on a new house but the workmanship on the house has been really bad and it failed an independent pre-drywall home inspection, the builder is refusing to fix issues, so we are thinking of walking away and defaulting on our contract to buy the house. But I was worried this would impact our credit. -
I'm new to the real estate business. I want to open a llc to protect my investments and start a business credit to buy rental properties. I know I don't have credit, personal or business. But I can buy a studio all cash to start. Would it help create collateral for future business loans? Even though, it will be a new business?
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I'm saving money to buy a investment property. In a few months I will be able to have enough to buy a condo all cash. Someone in this forum told me to get a bank that would finance 25% of my deal and I will put down 75% to start a credit file under a new business that I will create. I've being working for cash for the last 2 years and my income was the minimum amount on these years. Now, my personal credit doesn't exist. I had some problems with bank checks and overdraw a few years ago, due to job losses, that If a bank check NCPS I can't even open a bank account. Even with all theses problems, I will open a LLC to invest in Real Estate and hope that can find help or guidance in this forum. Thanks
