If your credit is not the best, you must take giant steps to overcome this disadvantage. While taking a partner may not appeal to you, look at the benefits you can reap:
1. You can buy the income property you want when you have a partner with strong credit. Thus, you achieve your first goal income property ownership.
2. As you make each payment on the loans you get to buy the property your credit rating improves. So while you're earning an income from your property you're also improving your credit rating!
3. With the passage of each day your ownership portion of the property (called your equity) increases. Thus, your Net Worth (what you own) rises as you sleep!
4. As your credit rating score rises and as your equity ownership increases your whole financial life becomes better. You become a more attractive borrower to lenders. Soon they may be chasing you, begging you to accept their loans!
5. So, even though taking a partner who has good credit may "turn you off, it could be just what you need to start acquiring $1 million in real estate property in one year.
When I suggest taking on a partner who has good credit so you can get both the down-payment and long-term mortgage loans:
So you see, taking on a partner is really not an onerous task for you. Instead, it gives you an opportunity to overcome poor credit and get into property ownership quickly.
Your best chance of finding a suitable partner is often in your local area. Why is this? Because:
To find partners locally, take these easy steps:
1. Prepare a short Business Plan detailing what type of property you want to own, the typical profits a partner might earn, and what a partner's ultimate profit might be on sale of the property.
2. Contact members of local golf, country, and yacht clubs, telling them about your plans to invest in local, or nearby, income real estate. Tell them you have a Business Plan you will show to prospective partners.
3. Meet with people interested in becoming a partner by "lending you their credit. Show enthusiasm when telling these prospects about your proposed income property purchase. Be completely honest in all your projections of costs and profits. But at the same time know what you're talking about. Impress your prospects with your strong work ethic, your reliability, and burning ambition to make every income property profitable.
4. Call, or write, local medical, dental, and other health professional groups. Tell your contact that you'd like to present an investment opportunity to their members at their monthly business meeting.
Ask for 10 minutes of their time, during which you'll describe the real estate business opportunity to their members. You will also distribute data (your Business Plan) on the project. Many such groups are looking for speakers who can give an interesting presentation of the real estate business opportunity they have.
Once you have a partner with good credit you can move ahead to buy your first income property. Be certain to have the advice of a competent real estate attorney. That person should: (a) advise you on your partnership agreement, with particular attention to the percentage of ownership (make it as small as possible) you give up, and (b) the legal aspects of your property purchase.
Now let's look at other ways you can overcome bad credit, or no credit, and still get started in owning income real estate.
Our website is not responsible for the information contained by this article. Webworldarticles.com is a free articles resource thus practically any visitor can submit an article. However if you notice any copyrighted material, please contact us and we will remove the article(s) in discussion right away.
This article was sent to us by:
Lewis D. at
03272010
1. Things to Know Before Selecting an Apartment
All articles in this directory are property of their respective authors. Additionally, read our Privacy Policy
© 2010 WebWorldarticles.com - All Rights Reserved.