credit is terrible!!! fico 500, and you are sitting on a property with substantial equity, how do you borrow?
Monday, 6. September 2010
I have a property. I am a real estate investor. I also am a house flipper. I got in over my head this last year. Properties that had 0k equity now properties are worth 0k less. One property is inelastically demanded and is worth twice what I owe. My credit was close to spotless until the market turned. Now credit is terrible, only over last 6 months. The one property that I have left I am completing the remodel on it and will be done shortly. Presently am cash poor, but have alot of equity and this one property everyone wants. Will move very fast if I put it up for sale. Prefer to keep it, but credit is messed up. Do not want to get a loan that is not favorable. Would prefer to do a complete remodel on interior of property. Summertime, being property is waterfront and beach… will be improved would be a better time to move it. However due to properties uniqueness, would enjoy keeping and making it into dream home. How do I get financed at a good rate and get money out to remodel
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Landlord Says:
Since you are an investor you likely have a great relationship with brokers in your area. Why not try and cut a deal with someone who knows you?
Katie143 Says:
In today’s market I don’t think you can qualify for a loan with a 500 credit score. Sorry.