Posted by Ronald * Starr on October 23, 2001 at 14:50:51:
Ron-------------
See if you can get a landlord or property management person to submit their information --name,address, social security number. It might be necessary to have their approval to do so.
Good InvestingRon Starr***
Use my credit to purchase RE??? - Posted by Kenny
Posted by Kenny on October 22, 2001 at 19:55:32:
I met with this person whom explained they could make me some money. Sounded good. But I like to here from the pro’s.
Here is the deal. They want to use my credit to purchase properties. They only do it if you credit score is above 700. They can close in 2-3 days no life history or first born sacrifies if your score meets the 700 and above. They give you 5k at closing and guanratee to sell the house in 60 days. At that point give you 5k more for a total of 10k just for using my credit. Sounds good but I know there is a catch. The property is in my name but they pay all the payments. According to them only two have to be paid. Maybe, maybe not. In any case they will continue to make the payments until the house is sold. Sounded pretty good just to use my credit. Seems like a legit business. I guess.
They had no contract for me to sign guaranteeing me anything. When I posed the question they told me they could draw this up right now. I was kinda sketical about it so I told them I would get back with them. I asked the question why aren’t you doing it. They replied it would be a conflict of interest. If this is something the pro’s do what would you require in writing?? I know I could lose the house if they don’t sell it or something goes wrong. Even mess my credit up. What would you do??? Tell them to go jump in the lake or let them use your credit to see what happens??? Should I ask for references?? They said they have been doing this for 6 years. Not the kinda deal I explained but finding investors to do invesment deals with them.
Thanks in advance.
Re: The Golden Rule - Posted by DJ
Posted by DJ on October 23, 2001 at 09:30:13:
If it sounds to good to be true…it probably is!
If it was me…I’d take the jump in the lake approach!
But that’s just me…
Re: Use my credit to purchase RE? NEVER! - Posted by dewCO
Posted by dewCO on October 22, 2001 at 22:11:39:
Don’t ever let someone you use your good credit–especially someone you dn’t know. You have lot sto lose and they probably have little or nothing. And, don’t ever get into a deal where YOU don’t have control! IF you can’t sell or lease when YOU want to forget it. That’s my 2 cents.
Re: Use my credit to purchase RE? - Posted by Ronald * Starr
Posted by Ronald * Starr on October 22, 2001 at 20:39:31:
Kenny--------------
The technique is legitimate and honest and so on. And it can work.
The question is, what about these fellow? I would certainly ask for references. IF they have been doing deals for 6 years in one area, they should have at least a half dozen references to give you. Check the reference people out, too. Ask for property addresses and dates of deals and look in the county recorders office to confirm them. Also ask the references for the references they were given when they started and try to contact those people. Maybe later things went bad with them. Also ask the reference people for the names of other people that might be able to vouch for the potential “partners.”
Check their names out in the court filings. Maybe they have been sued by former investors. Check their names in the assessor’s office to see if they own any properties in their own names. IF not, why not? is a legitimate question, I suggest. See if there are recordings in the recorders offices with their names such as judgments against them, defaults of loans, foreclosures against them. Go back at least 8 years.
Call the local district attorney’s office and ask if they are being investigated. While the proposal they make sounds legitimate, maybe they are scam artists, as Bill S. (Ohio) suggests.
Oh, and get credit reports on them too.
It seems strange to me that people who have been investing successfully in real estate for six years would need your money. But, I suppose it could be legitimate.
Good Investing*****************Ron Starr****************
Re: Use my credit to purchase RE? - Posted by Bill S. (Ohio)
Posted by Bill S. (Ohio) on October 22, 2001 at 20:18:02:
They sound like con artists to me. If I was to do a deal with them, it would be for a small down on a SPECIFIC property that I can look over, and I would get a mortgage on the property. If these guys balk at these terms, then they aren’t legit and you need to run away!
Re: Use my credit to purchase RE? - Posted by Kenny
Posted by Kenny on October 23, 2001 at 03:28:17:
How can I get a credit report on them?? Ask them for one??? I do have access to county records and I’m going to investigate them after I send this message to you.
Thx,
Ron