Posted by Judah hardmoney Hoover on December 18, 2006 at 18:31:03:
sounds fishy
Investor Co wants to use my credit to buy - Posted by inger
Posted by inger on December 18, 2006 at 13:38:21:
Hi
So, I ran into this young investor in PDX. He has a company richardsonequitiesllc.com for those of you who want to check it out-- that uses investors credit to purchase properties for folks that don’t have the means i.e. credit to do it themselves. He wants to use my credit to purchase houses in our city. I am hesitate because you are giving some access to your credit. He told me that I am responsible for collecting the rent from renters every month. I don’t have to come up with any money down, deposits, or anything. If we need earnest money,etc he takes care of it all.
What I want to know is it legal I think its kind of like a rent to own–I can do this myself right? What are you thoughts? What do you think I should do. I would be getting a lump of about $2500 upfront upon closing and then making a little over $250 a month, but what do if the renters default?
Inger
Re: Investor Co wants to use my credit to buy - Posted by James Strange
Posted by James Strange on December 24, 2006 at 21:09:38:
Lots of investors loan their credit for deals.
http://www.mortgagefraudblog.com/index.php/weblog/permalink/cape_coral_police_officer_arrested/
Infact just go to http://www.mortgagefraudblog.com and search for investor.
Re: Investor Co wants to use my credit to buy - Posted by dj-nyc
Posted by dj-nyc on December 19, 2006 at 13:32:16:
Inger,
If your credit is good enough for an Investor to use, why not go out and find a deal on your own and buy, rehab and sell or hold.
These deals are “scammish” and to add insult to injury, I am not sure what your score is but, $2500 is way too low a number to risk your credit, your name and your financial future for.
Just my 78 cents…
I vote no to this partnership…
Good luck,
dj-nyc