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#1
05-23-2005, 02:15 PM
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Question about investing/financing.
I want to invest, most likely in real estate. I am 18, have no job, no high school diploma/equivalent, and the only thing I own of value is a car worth about $2k. Anyone else see the problem? Eihli to banker: "Hi, I own nothing, have no job, no education, illegal income, and I'd like to borrow $75,000 to buy a house." Doesn't look good. What are my options, saving "get a job and ged", as a last resort? What options open up if I had cash to invest, and how much cash would it take to open that option? I'll save my questions about paying taxes on that cash for the internet forum, but if anyone here feels like they can help in that aspect, it would be appreciated.
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#3
05-23-2005, 09:18 PM
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Re: Question about investing/financing.
[ QUOTE ]
I want to invest, most likely in real estate. I am 18, have no job, no high school diploma/equivalent, and the only thing I own of value is a car worth about $2k. Anyone else see the problem? Eihli to banker: "Hi, I own nothing, have no job, no education, illegal income, and I'd like to borrow $75,000 to buy a house." Doesn't look good. What are my options, saving "get a job and ged", as a last resort? What options open up if I had cash to invest, and how much cash would it take to open that option? I'll save my questions about paying taxes on that cash for the internet forum, but if anyone here feels like they can help in that aspect, it would be appreciated. [/ QUOTE ] Bet it all on black. Repeat until you can buy the house cash or go broke. Seriously, what do you expect. Loans are not made on charity. You have to have something of value to give them if you expect them to give something to you. You need sufficient and verifiable income and/or collateral to qualify for a loan through the usual channels. eastbay
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#5
05-23-2005, 09:29 PM
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Re: Question about investing/financing.
Which is why I asked how much money I would need. If I can put 90% down on a 100k house, I'm sure someone would loan me the other 10k. And if I can't pay back the 10k, they keep my downpayment and a house worth 100k. But how far down does that go? Would I be better off not getting a loan and paying cash for a less valuable property, then using my equity in that to take out a loan?
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#7
05-24-2005, 09:13 AM
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Re: Question about investing/financing.
You seem to able able to put a few sentences together. Is there some reason why you can't even get a GED? If you can't muster the determination to get a GED forget about real estate. My advice is get your frigging GED and then leave SW LA for any big city with better job opportunities. Once you do that check back later for more advice.
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#10
05-24-2005, 03:21 PM
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Re: Question about investing/financing.
It is going to be quite hard for you to get a loan considering your current financial situation, but it can be done.You will probably have to use a "hard money" lender.I think that if you had 50% downpayment you should be able to find someone to finance you but be prepared to pay a higher interest rate.You should be able to go on google and type in "hard money" and get some information and possibly contacts of lenders.Depending on how much cash you have it might be best for you to buy a small house first for cash and then borrow against the equity of that property.Do not invest in a mobile home unless you can buy it for the land value only-I presume you are going to rent it out and a tenant can destroy a mobile home quickly.Good luck and you are to be applauded for thinking about your future at such a young age - buy one house a year for the next 15 years hold them until you are 40 and you will be a millionare. [img]/images/graemlins/laugh.gif[/img]
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