Jump to content

How to buy a foreclosure like a champion with 0 income (but good score)


The last post in this topic was posted 2079 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts


 

 

I think what everyone is politely trying to day is-

You are way ahead of yourself

If you have cash you need enough to not only get a property but you will need money to take care of them

Once you get going you may roll with it and get a bunch and create a nice income

 

I would suggest reading reading and then watch a few videos and then read some more - educate yourself on how the finances work

what to expect as a landlord - holding costs - insurance etc

 

Run the numbers and make sense of it all - the whole time be stocking away as much cash as you can

 

You do have income if you have 2500 a month so you might be eligible for some financing but it will take better credit and 20% down

You will need to work with a local bank on deals that small - most banks dont touch anything below 75-100k - it just doesnt pencil out for them

local banks take them as part of their overall portfolio - and already have the overhead covered

 

Good Luck

Brian B

Mortgage Forum Lead

i was doing a lot of reading and studying last night and i ran across this o'leary video. I'm a much more aggressive investor then o'leary but like him and his staff i niether have no car or real commitments. And I love it that way beccause i can remain liquid and everything is in the cloud, even my capital.

 

The video explains many ways why a house or land is a poor investment right now. And if you are looking for equity park the money in corporate bonds. I like the idea because its parked so i can sign it off but again i will not have that hard report on my file saying that i have the property equity.

 

Is it true in thinking that its good to have the land / home equity. Obviously what o'leary is say is accurate but it's difficult for me to really imagine that your file can be very strong if they dont see that 30 year lock on the money

Land or home equity has zero to do with credit unless you take a home equity loan against your property in which most cases will report to CRA's.

 

Even then it wouldn't show approximate value of said property, only what was borrowed and how fast it is being repaid.

 

 

thank you for that. Even more reason for me to scrap the land home idea as thats what i was mainly doing it for. Ive been researing this more since i last post many day bindgee of research and the market is just horrible riht now for houses. if i buy im losing. no thanks yoou know?

 

I know about corporate bonds. I've worked in investment banking. After reading your posts I'm going to do you a BIG favor. Whatever exotic investment you are thinking of doing... don't. Simple as that. You will not make money. Period. If you want yield find a way to buy some blue chip preferred stock and then reinvest the dividends. Playing in junk bonds, flipping houses, leveraging assets is not for the uninitiated and will only end with you losing money. You have claimed that you play in the forex market but your naivete in other areas of basic structured finance has me skeptical. What currencies did you trade?

 

Eurousd. Sometimes maybe usdjpy. Who does loans for A bonds? i found someone yesterday that did 80% lloan on a corp a bond but i cant fin dthem again.

 

Since the title states "no income", the best advise would be to get a job.

 

yes haing no income personally on paper can be a god thing. For right now im running a great credit score while not reporting a damn thiing. If i reallly wanted tobe a huge jerk i could get medical cash cash assistance and an ebt card no problem. But for now i will just stick with my no filings and my free healthcare card (since I have no income). Also if i show any income and dont pay for that card the take it out of my taxes. but if i show nothing i get a free healthcare card and i get to go whenever i want they giive me basically whatever when i ask

 

-----------------------------------------------------

 

http://www.survivorshipatoz.org/hiv/articles/how-to-use-stocks-and-bonds-as-collateral-for-a-loan/

 

this article is a little confusing. it seems to suggest you can get up to 80% of a bond value back to you in a loan. I have yet to find an real lenders but im sure they must be som out there. It keeps saying broker so perhaps they are just reffering to the broker margin account

Edited by CrystalCreditBall
Link to post
Share on other sites

 

yes haing no income personally on paper can be a god thing. For right now im running a great credit score while not reporting a damn thiing. If i reallly wanted tobe a huge jerk i could get medical cash cash assistance and an ebt card no problem. But for now i will just stick with my no filings and my free healthcare card (since I have no income). Also if i show any income and dont pay for that card the take it out of my taxes. but if i show nothing i get a free healthcare card and i get to go whenever i want they giive me basically whatever when i ask

 

 

Free, huh.

 

Nothing is free, kiddo. Someone, somewhere is paying for your "free" healthcare. Enjoy it in good health. :glare:

Link to post
Share on other sites

 

 

yes haing no income personally on paper can be a god thing. For right now im running a great credit score while not reporting a damn thiing. If i reallly wanted tobe a huge jerk i could get medical cash cash assistance and an ebt card no problem. But for now i will just stick with my no filings and my free healthcare card (since I have no income). Also if i show any income and dont pay for that card the take it out of my taxes. but if i show nothing i get a free healthcare card and i get to go whenever i want they giive me basically whatever when i ask

 

 

Free, huh.

 

Nothing is free, kiddo. Someone, somewhere is paying for your "free" healthcare. Enjoy it in good health. :glare:

 

 

how do you get those ficos in our sig? im reg for myfixo.com.... do they autoupdate?

Link to post
Share on other sites

The last post in this topic was posted 2079 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.




  • Member Statistics

    • Total Members
      182,707
    • Most Online
      2,046

    Newest Member
    Creditbless
    Joined
×
×
  • Create New...

Important Information

Guidelines