How do I invest in real estate if I had a foreclosure in the past?
Posted on November 3rd, 2009 in Renting & Real Estate | 4 Comments »
Miss Piggy! asked:
I had a condo in Vegas that got foreclosed on a year ago. How do I invest in real estate with this on my record? I have about a 30% cash down payment for the properties I’ve been looking at.
4 Responses
Greenwich Real Estate
If you have 30% cash for a new place, exactly how did the old one get foreclosed on? Any sane bank is going to ask why you walked away and refuse to lend on a new property.
If the condo was rental property, you won’t be able to exclude the cancelled debt income (you kind of break even eventually, but you’ll have to pay the depreciation back).
Peterbilt Accessories
30% isn’t 100%. You will need financing. And if you don’t qualify, then you don’t qualify.
Semi Truck Collision repair
The easy answer is to find a credit partner. You provide the cash- he has the credit. Both of you or at least an entity the two of you control is on the deed.
Atlanta Georgia mls search
I know of a hard money lender that will finance you if you have the down payment. They will expect you to repair your credit in 3-5 years to payoff the balloon payment. Contact me if you are interested.