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Fix credit score, I want to buy a house…help please?

August 18, 2011 5:00 am Published by

Question by MNNNN: Fix credit score, I want to buy a house…help please?
Fix credit score, I want to buy a house…help please?
Ok, so I got my income tax, 8k
I have a 90k (sales) a year job and my wife has a 55k (Paralegal) a year job… and since we want to joint purchase the property, we have a 145k a year salary combined

Before we got stable as how we are now, we were in pretty bad shape. We are looking to buy an apartment building that cost 500k, we already have 50k saved up… but we have HORRIBLE credit scores from stuff we did about 5 years ago… credit cards never payed, had my car reposes, phone, cell phone tv and light bill in collection…. in total, its about 11k in collection

We kinda let the bills go to hell since we justed figured we were making enough to pay everything off and would not need our credit, ever.

Well, we wanna buy this apartment building, with 6 apartment inside from a friend of mine, it gives a revenue of almost 60k a year… needs some work here and there, but I really want it, and he gave me that great price (Valued at 550k)

Here is my question: can we pay small amounts of monthly installments and have our credit score improve little by little over a period of time (we want to buy the apartment in about 6 months), or do I have to pay it ALL off?

what can I do? whats the best way to go about buying that apartment building/raising credit score?

thanks a bunch

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Best answer:

Answer by real estate guy
first you MUST pay off the judgments or NO one will loan you the money.

2nd, you will need at least 20% down, which you do not have. This is an investment property and you will need an investment loan. It may in fact be as much as 30% down.

Now, lets look at numbers.

550,000 cost, 440,000 loan It will cost you around 3800 a month in mortgage payments or 45,600 a year. This means that your total mortgage payment equals 75% of your total income. Assuming that the apartments are rented 100% of the time.

Do you pay any of the heating, electric, etc? If so, there is a huge expense (especially for heating).

As a rule of thumb, for every 10 years old the property is, figure 3% of the total income for repairs and upkeep (this on top of a regular 5%). So if the building is 50 years old, figure an expense of 25% of the total income = $ 1,000 a month or 12,000 a year.

I recommend that you DO NOT DO THIS. Apartment buildings are HARD to resell. If you really want to get into investment real estate, purchase separate units that can be sold off as needed.

What do you think? Answer below!



Keiser Report – Markets! Finance! Scandal! (E60)

August 17, 2011 5:00 pm Published by

On this edition of the Keiser Report, Max and co-host Stacy Herbert look at the latest scandals of downgrading America, investors seeking security in gold, bank profit abominations and federal ponzis. In the second half of the show, Max talks to Stefan Molyneux of Freedomain Radio about the Canadian economy and housing bubble, the oil spill in the Gulf of Mexico and how to fix the world.
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Video Rating: 4 / 5



What Is The Highest Credit Score Range

August 17, 2011 5:00 am Published by

What Is The Highest Credit Score Range

What is the highest credit score range? This is the most regular query of creditors who are more inclined to approve the credit applications of the most credit reliable companies. This is the most ideal credit score scale which is from 760 to 849 according to FICO method of credit score rating. This grade is read as excellent and is above the good credit rating range of 620 to 659.

While a credit score calculator could arrive at with the same evaluation, it is not as extensive like the credit score  of credit bureaus like Experian, TransUnion and Equifax in the United States.  These bureaus have also lately introduced their own VantageScore using a different version of a number range and letters. However, both methods are in agreement that a lower grade represents a risky customer while a higher score means a low risk client.  The question, what is a credit score is now more expressed in comparing the two methods with emphasis on the importance of knowing credit score meaning if you are rated extremely poor on the credit score scale of any of the three credit bureaus mentioned.

Though the FICO approach is universally accepted, the individual companies still have the freedom to choose which of the approaches they will use in determining the credit worthiness of their clients. There are firms in other countries that utilize other approaches in estimating what a good credit score is for their customers. What is vital is that client can have a preview of his credit score using the credit score calculator to know how his present data is rated by the credit community. This is easily supplemented by requesting a copy of his credit report from the authorized credit bureaus in his community.

This data on hand could help him to fix credit score if he is not enjoying a good rating scale and he would seek ways how to increase credit score. If  he can not mend his credit rating, his chances of getting a credit or a loan is hampered and that would distract his entire operations. Moreover, a below average rating on the credit score board would spell high cost of money for the firm.

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Learning Your Credit Score Freely Online

August 16, 2011 5:00 pm Published by

Learning Your Credit Score Freely Online

Earning command over ones credit ratings circumstance is much more engaged than just buying swift free credit score. Would likely not also will need an individual’s credit ratings reviewing data, are you just simply interested. No matter if you presently need the report or merely want to discover what it really is, a person that it is such a wise decision to help dig slightly further.

So what is considered jeopardized at this point? fully understand information about your credit track record in addition to user profile. Effectively, if you love being economical, together with sometimes a substantial amount cash, than the is an excellent way to do this. In fact, that which you find themselves finding cash for a wide variety of financial loans in addition to lines of credit possesses almost everything related what exactly is within your credit status, not simply an individual’s Free Credit Score.

There are various methods for getting ones credit ranking points without having to buy a credit standing. A zero cost demo provides you with the actual report information and facts that you want as well as use of every one of the specifics of a person’s credit report. There is certainly substantially that can be done using this type of facts.

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Begin by first looking at all three of the reviews for virtually every irregularities. Goof ups generally search that will easily decrease your credit history. It can be an obstacle to receive anything taken from your file, however it is worth it. Next, start getting any “big picture” observe of the records to start out to determine precisely what personal routines you may alternation in one’s destiny.

One more great benefit for this service is actually credit report keeping track of. Once you i believe manage on the studies, you’ll want to termed as soon every turn out drastically improved. This can be a great tool to trap id theft within the work. It is also possible to do this just about right away to avoid additional injury to the credit user profile.

It is a kind of indisputable fact that in this time regarding economic depression, huge numbers of people are burning off their own good credit rating positioned. It has turned into a global development and also in the event that some people will be impacted by the global economic crisis, no one wants to stay circumstances by which his/her are not able to control debts together with funds. Low credit score directs an adverse repercussion in order to upcoming people together with credit card companies and perhaps between unfortunately a financial crisis, every person will not need detrimental remarks on his or her credit report.

A person credit reports can be found by means of any of these 3 major credit score businesses: Equifax, Transunion along with Experian. The financing survey costs nothing in order to buyer for just after each year. Pursuing get credit score can be energized for the certain rate.

Manufacturing main element that the majority of men and women will need to know: to counteract adverse ranking on your credit worthiness, you need to pay your bills in time. Whenever possible, convert it into a practice to cover over deadline so as not for you to bring upon yourself funding costs or maybe late obligations. As a rule of your browse, it is quite difficult to believe in folks along with organizations baring all that will help you with all your credit repayments. It remains the best thing when you compensate in timely manner in addition , on otc supplements or maybe policy for an auto-debit of the loan repayments.

It is usually a big help for those who hold back a person’s costs along with decrease with simply with an overview. Many people will be perished in debt because of their increased procuring in addition to elaborate details they would like to have got.

Then again, in case hurt has already been specific to your credit score, you actually will need to remedy it either through your own hard work or simply from the assist associated with credit restoration specialists governed with the government foibles about fixing credit. You need to workout care over these varieties of firms showing almost all to take care of the money you owe through financial debt selections expenses on your part.

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discovering your credit history is not difficult if you ever visit ezcreditscores.com you may also read more about Free Credit Score plus free credit score calculator

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Fix Your Relationship

August 16, 2011 5:00 am Published by

Fix Your Relationship
Paying 50%, easily make loads of cash in the very hot relationship niche. A total experience roller-coaster ride. It’s a true, passionate story of lost love regained, with original songs included! Check our affiliates page for product promotion details
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Fix Your Relationship





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