Posted by dealmaker on August 15, 2006 at 12:19:13:
First, NEVER buy ppty with someone you are not married to! There are several posts on this site and others about deals that have gone bad and now someone is looking to get out and has questions along the lines of; she paid the down payment and I’ve been making the monthly so how do I get my money back? etc, etc, etc.
Also, why would you want to buy while you’re in college? Generally you’re not going to stay in that area, although I realize you two are not “traditional” students. IMO your fiance’ has some credit issues. I wouldn’t go into a deal with him until his student loans are paid off and you’ve seen a bit more responsibility from her.
No need to get credit cards to establish credit. I’d suggest reading Dave Ramsey’s books, should be in your library or book store.
Posted by Luke Ache on August 15, 2006 at 10:53:05:
Hi all:
Me and my fiance are interested in buying our first property together but we have some basic questions about credit that never seem to get answered! First, I am 29, currently going to college, I have no student loans(paying cash for tuition), have no credit cards, basically I have no credit history or outstanding debt at all! My fiance is 36, just graduated from college, has about 15000 in student loans and just filed bankruptcy this last June. We hate credit cards, loans, etc. We want to live a very simple life, but we feel like buying a simple, average home would be a great investment. My question is: What do each of us need to do in order to qualify for a home? Can we buy a home now? or do we have to wait 4 years? How can I establish my credit without creating much debt? I appreciate your answers!
Great investment? My observations. - Posted by Wayne-NC
Posted by Wayne-NC on August 16, 2006 at 10:00:02:
“but we feel like buying a simple, average home would be a great investment.”
How do you know this? What constitutes a great investment? Not just ownership is one answer. A guess is NOT the way to go. Study real estate investing if that is your goal. Secondly, bankruptcy? Where did that college education lead to? There may be some extenuating circumstances involved, I don’t know but the surface doesn’t seem to bright. I think both of you should look inward before you look outward. However, your intentions seem good. Study the right stuff and that is a good beginning. What I am trying to do here is to open your minds and have you ask yourself some questions. Don’t quit though. Success comes in many forms to those who want it. Sorry to be so profound, but that’s the way I see it now. Lastly, you can buy a home (anyone can), just find the right seller. As far as being advisable, listen to dealmaker.