Should I buy a foreclosed property so that I can have collateral to get a small business loan?
My score is a 604, I’m 21. I want to start a business but I dont have any thing to put up as collateral. I thought about buying a house for cheap and rent it out until my credit score raises. Is this a great idea? buy the way i rent an apartment.
Yes I have extra income to invest in a property. I have already considered the risks.
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Tags: Buying House, Collateral, Rent Apartment
rent property | , 26 May 10
By newjerseyguy, May 29, 2010 @ 6:51 am
Remember that a rental property requires insurance, maintenance and repair, taxes, tenant screening and management. Do you expect to have enough cash flow from the rent to cover all that plus the mortgage?
By lb_centaur, June 1, 2010 @ 9:30 am
You cannot BUY collateral per se. Collateral comes from owning things that appreciate in value or from being given things of value.